Davies Turner, the UK’s largest independent freight forwarding company, remains positive about the trading outlook for Turkey despite the country’s ongoing economic crisis and depreciating currency.
The company Chairman, Mr Philip Stephenson, says that the weakened Turkish lira and escalating tariff war between the US and Turkey might make life harder for British exporters but easier for importers.
A so-called trade war broke out in mid-August after US President Donald Trump doubled US tariffs on imports of Turkish steel and aluminium, in turn precipitating a sharp fall in the value of the lira. If sustained, this would have the effect of making imported goods more expensive for Turkish consumers, but could make the country’s exports to the UK and the rest of the world more competitive, said a release.
“If it becomes more difficult for not only UK, but European exporters to sell to Turkey, it could put a strain on the rotation of trailers between Turkey and the UK,” added Mr Stephenson. “Ideally for Davies Turner, balanced traffic flows in both directions are best, supplemented by collecting extra southbound freight from our partners in countries in the near-continent.”
Davies Turner operates daily two-way overland and multimodal trailer services between the UK and Turkey with Turkish partner EKOL. Mr Stephenson said so far this year it had been “business as usual and the company was sheltered from fluctuations of the Turkish lira because most of its large international Turkish-related freight and logistics contracts were in euros or pound sterling, the release added.