According to the results of 2017, Turkey ranked first among Middle Eastern countries in terms of the volume of trade turnover with Ukraine, its share accounting for 50% in the region. Specifically, the trade turnover between the two countries increased by 20.1% to $3.78 billion last year. Within the period under review the export of goods from Ukraine to Turkey rose by 22.9% to $2.52 billion.
Turkish investments in the Ukraine's economy have increased by $22.6 million over the course of 2017 to $312.2 million as of January 1, 2018.
It is worth noting too that Turkey is one of the Ukraine's main trading partners, ranking third in the list of top 20 promising markets for Ukrainian exports.
At the same time, Turkey has been a magnet for direct foreign investment and dollar-denominated loans by international banks. According to James Rickards, editor of the Strategic Intelligence newsletter, this investment enthusiasm is understandable, given Turkey's well-educated population of 83 million and its rank as the 17th-largest economy in the world, with a GDP of just under $1 trillion.
However, Turkey's debt is huge, one of the highest debt burdens of any emerging market. Turkey owes $450 billion to foreign creditors, of which $276 billion are denominated in hard currency, mostly dollars and euros. The remainder of $174 billion is denominated in Turkey's local currency, the lira.
Recent polls show that the 68% of Turkish citizens believe Turkey's alliance with Europe and the United States is breaking down. Importantly, 71.5% of the respondents believe Turkey should enter into an economic, political and security alliance with Russia.
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