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Ukraine was one of Turkey’s largest trading partners among the CIS countries.
In order to complete the legal framework of bilateral commercial and economic relations, Turkey and Ukraine have signed a number of agreements, including Agreement on Trade and Economic Cooperation (1992), Agreement on Mutual Promotion and Protection of Investments (1996), Agreement on Prevention of Double Taxation (1996), Cooperation in the field of Customs and Mutual Administrative Assistance Agreement (1996).
In terms of merchandise trade, Ukraine ranked 20th among Turkey’s most preferred exports destinations in 2011.
Turkish exports to Ukraine in 2011 were $1.73 billion, up 37% ($1.26 billion) from 2010, and up 499% from 2001.
The top 5 exports categories (2-digit SITC) for 2011 were: fruits and vegetables ($251 million); textile yarn, fabrics, made –up articles ($220 million); road vehicles ($113 million); ready-to-wear and accessories ($100 million); electric vehicles and machinery ($97 million).
Ukraine ranked 13rd in Turkey’s imports of merchandise in 2011.
Turkish imports from Ukraine totaled $4.8 billion in 2011, up 26% ($3.8 billions) from 2010, and up %535 from 2001.
The top 5 imports categories (2-digit SITC) for 2011 were: iron and steel ($1.85 billion); vegetable oils ($463 million); metal junk ($445 million); fertilizers ($307 million); seeds and fruits ($299 million).
Turkey’s deficit in merchandise trade with Ukraine was $3.08 billion in 2011, a 20% increase ($2.57 billion) over 2010.
Contracting and Consultancy Services
Ukraine offers attractive opportunities for Turkish contractors. Turkish construction companies have undertaken to date 144 projects worth $ 3.8 billion in Ukraine.
Turkish foreign direct investment (FDI) stock in Ukraine was $2 billion USD as of 2011.
Manufacturing industry and financial services are the leading sectors in Turkish direct investments portfolio in Ukraine.
Ukraine's FDI in Turkey (stock) was $85 million as of 2011.