Greek-Turkish trade relations strengthened through shipbuilding sector

Trade relations between Greece and Türkiye are on an upward trajectory in the the wider ship building and repair industry, with a simultaneous rise in imports and exports, while tugboats and propulsion ships.

At the same time, Turkish shipyards are boosting their position in the global market, expanding their activities from shipbuilding to repairs, conversions, 'green' ships, and recycling of ships.

According to market research data by the General Consulate of Greece in Istanbul and its Economic and Trade Affairs Office, Greek imports from Türkiye in products and categories related to shipbuilding industry totaled 38.34 million euros, while exports to Türkiye totaled 23.86 million euros.

In 2024, further rise was registered, with imports from Türkiye totaling 44.25 million euros up to October (inclusive), and exports 32.20 million euros.

A particular emphasis was placed on a jump in imports related to tugboats and propulsion ships, which - based on data through October - rose from 11.2 million euros in 2023 to 42.63 million euros in 2024. A rise was also registered in the imports of floating constructions, from 40,000 euros to 175,500 euros in the same period.

In terms of Greek exports, there is a rise in ships for the transport of passengers or goods (code HS8901), from 5.45 million euros to 18.45 million euros, while there is a drop in orders for yachts, from 17.78 million euros to 12.98 million euros.

In addition, specific company agreements should be noted: Med Marine (shipyards in Eregli) signed with Igmar (Spanopoulos Group) in 2024 for the construction of a multi-purpose tugboat, and agreed with Vernicos Scafi Tugs and Salvage Maritime Co for a newly built tugboat to be delivered in March 2025 under a Greek flag.

In March 2023, it should also be noted, Greece was the 3rd supplier for Turkish orders for new boats (after China and Japan), a fact that strengthens the picture of the two markets' connections.

AMNA