Exports to Turkey which are covered by a German government credit guarantee, called “Hermes”, increased by one third between 2016 and 2017, reaching nearly 1.5 billion euros, according to a report in a German newspaper.
The export increase comes in spite of the German government limiting the volume of trade with Turkey it guarantees under “Hermes” at 1.5 billion euros in September last year, because political tensions were increasing between the two countries.
A German MP said that “Putting a limit on the “Hermes” credit guarantee is not a sanction. The coalition government does not want to see trade between Turkey and Germany harmed.”