An unlikely casualty of a hard Brexit - Turkey's exports

Already mired in recession, Turkey stands to lose access to its second-largest export market for years to come if Brexit goes wrong, with its autos, textiles and appliances facing the biggest risk. Britain and the EU agreed last week to delay Brexit until Oct. 31. But if Britain ultimately leaves without trade arrangements - a so-called “hard” or no-deal Brexit - most of Turkey’s $3.7 billion (£2.8 billion) trade surplus with the UK would be wiped out, according to a United Nations report. Turkey would feel the most pain with $2.4 billion in lost exports a year, followed by South Korea and Pakistan, the report said. Exports are considered vital to Turkey’s recovery from recession after last year’s lira crisis knocked some 30 percent off the value of the currency. If Britain leaves the bloc without a replacement trade deal, Turkey, covered by the EU’s customs union, would lose open access to the UK market.