Turkey experienced a period of exceptional growth and institutional transformation in the run-up to the global financial crisis. The country invested in infrastructure, education and health in addition to adopting a number of market-oriented reforms. Data shows that in the years prior to 2008, Turkey grew at a pace similar to that of China.
Russia’s ban on importing EU agricultural products will cause the loss of more than 300,000 tonnes of apples grown in Poland, a quantity more than the whole crop of the Netherlands or the UK, and risks causing a European glut of the fruit.
Poland’s apple and pear growers face substantial losses due the Russian embargo on farm imports from EU nations and other western countries which this year imposed sanctions on Russia over the Ukraine crisis. Read more
Chinese exports increased by 4.3 per cent in December compared to the same month last year, while imports rose by 8.3 per cent. That gave China a total of $4.16tn in combined exports and imports in 2013, a figure that the US will find difficult to match. This leaves no doubt that China, the world’s second-biggest economy, is now the world’s biggest trading nation on an annual basis.
Chinese and US trade values were similar in 2012, slightly larger for China according to their respective national data but slightly bigger for the US according to the World Trade Organisation and the International and Monetary Fund. Read more
Angela Merkel has been making much of Germany’s predominant role in the EU’s trade relationship with China – the oft-touted ‘special relationship’. The EU overtook Japan as China’s main source of imports back in 2011, and Germany is the biggest contributor to that. But Europe’s elevated status is not due to its own export growth; rather, it is due to Japan’s continuing performance slide.
Source: IMF/Haver Analytics