Economic Relations and the Import-Export Balance in Greek–Turkish and Cypriot-Turkish Trade During the Years 2010-2021

Abstract

The purpose of this paper is a brief presentation of Greek-Turkish and Cypriot-Turkish economic relations and, more specifically, of bilateral imports-exports during the years 2010-2021. Greek exports to Turkey increased and the trade balance was positive for Greece for a long period. During the last few years (2019-2021), the trade balance between Greece and Turkey was negative for Greece. Also, the trade balance with Turkey was negative for the years 2010-2021, with deficits for Cyprus. However, transactions are not important in comparison with the whole trade balance. The Greek-Turkish and the Cypriot-Turkish commercial cooperation have little importance for Turkey, with low and no significant transactions in value. The need to improve bilateral political relations and resolve bilateral problems to improve closely-linked trade economic cooperation and development is becoming apparent. The present study is mainly limited to a brief and descriptive presentation of the bilateral State relations, while future research can be extended to a statistical analysis of each industry or sector analysis.