Türkiye’s exports to Syria rose 26.4% year-over-year in the first half of 2026, extending strong trade momentum with its southern neighbor as shipments of cement, food products and energy-related goods increased sharply, official data showed.

Exports totaled $1.28 billion in January-June, according to data compiled from the Türkiye Exporters Assembly (TIM), while export volumes climbed 36.6% from a year earlier to 3.18 million metric tons.

Trade between the two countries gained momentum after the ouster of longtime dictator Bashar Assad in late 2024.

Ankara was the main backer of the opposition forces that overthrew Assad and has since pledged to help Syria’s reconstruction and economic revival.

Mill products accounted for the largest share of exports at $103.9 million, followed by cement at $102.3 million and electrical and energy products at $80.1 million. Cement exports more than doubled from a year earlier, rising 116.8%.

The southeastern region of Türkiye remained the largest contributor to exports to Syria, accounting for $461.8 million during the period. Export volumes from the region increased 34.6% year-over-year, while export value rose 11.4%.

Celal Kadooğlu, a board member of TIM and head of its Syria Desk, said exports to Syria had increased by about 70% in 2025 and that the upward trend had continued this year.

He said closer integration of Syria’s banking system with the international financial system, improving security conditions, and preparations to fully reopen the Islahiye and Nusaybin border crossings would further support bilateral trade.

“The positive steps taken by the leadership of both countries reinforce our goals for the future,” Kadooğlu said.

He also expressed confidence that Syria’s revised customs tariffs, introduced in June and covering more than 1,000 products, would be reassessed in line with the two countries’ common trade objectives.

Kadooğlu said high tariffs on certain product groups had significantly increased exporters’ costs, noting that customs duties of up to $1,000 per metric ton could raise the total cost of a standard 20-ton truck shipment by around $25,000, including additional charges.

Reducing those costs through bilateral dialogue would both strengthen Türkiye’s export potential and improve access to essential goods in Syria at more affordable prices, he said.

Kadooğlu added that revising customs tariffs in line with mutual interests and reinstating the bilateral free trade agreement would be important steps toward making trade between the two countries more predictable and sustainable.

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Peugeot will begin producing its Rifter light commercial vehicle in Türkiye beginning in the third quarter of 2026, a senior executive said on Monday.

The Rifter will become Stellantis-owned brand’s third light commercial vehicle produced at Turkish carmaker Tofaş’s plant in the northwestern Bursa province, following Expert Van and Expert Traveller models.

Peugeot Brand Director Gupse Kaplan said the move marked an important milestone for the French automaker, underscoring Türkiye’s growing role as both a major market and a strategic production hub.

“This development demonstrates Peugeot’s confidence in the Turkish market and the country’s strong automotive manufacturing infrastructure,” Kaplan said in a statement.

“With the addition of the Rifter to our locally produced light commercial vehicle lineup, we are taking our operations in Türkiye to a new level.”

The company said local production would improve its competitiveness by providing logistical and supply chain advantages.

Kaplan said manufacturing the Rifter in Bursa would strengthen the model’s market position by combining its SUV-inspired design with light commercial vehicle functionality for both business users and families.

The addition of the Rifter expands Peugeot’s locally manufactured light commercial vehicle range, with the company citing Tofaş’s production quality, efficiency, research and development capabilities, and vehicle engineering expertise as key factors behind the decision.

Peugeot entered Türkiye’s C-segment light commercial vehicle market in 2003 with the Partner model and has since sold 213,921 vehicles in the segment, including the Partner, Partner Tepee, Rifter and Partner Van.

Of those sales, 174,756 were passenger-oriented combi vans, while 39,165 were panel vans.

Since the launch of the Rifter and Partner Van in 2019, Peugeot has sold 84,556 units, comprising 67,404 Rifters and 17,152 Partner Vans.

The automaker sold 11,527 light commercial vehicles in Türkiye in the first six months of 2026, giving it a 9.8% market share, compared with 26,661 units and a 9.4% share for full-year 2025.

The Rifter was the second-most popular model in its segment in 2025 with 18,154 units sold, and maintained its position in the first six months of this year with 8,350 units sold.

The Rifter remained Peugeot’s best-performing model in the segment, accounting for 72% of the brand’s total light commercial vehicle sales. Together, the Rifter and Partner Van represented 82% of Peugeot’s light commercial vehicle sales in the country during the first half of the year.

Kaplan said the Rifter became the segment leader in June with sales of 2,278 units and expressed confidence that local production would further improve the model’s performance.

She added that Peugeot aims to expand its light commercial vehicle operations in Türkiye and sustainably increase its market share by leveraging local manufacturing.

“With 30 years of light commercial vehicle experience, the Rifter’s strong market performance and Türkiye’s automotive manufacturing expertise, we see significant growth potential,” Kaplan said.

“We aim to strengthen our position in our segments and sustainably increase our share of the light commercial vehicle market through local production.”

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Ukrainian forces have been targeting Russia’s energy infrastructure in what Kyiv says is an attempt to limit the resources available to fund Moscow’s military.

Here is a summary of the attacks, beginning with the most recent, and their effects:

Tyumen

A Ukrainian drone strike sparked a fire at the Tyumen refinery in western Siberia, more than 2,000 km (1,200 miles) ​from Ukraine, but the blaze was later extinguished, local Russian authorities said on July 25.

The refinery has a nominal capacity of around 8 million metric tons per year. It processes roughly 6 million tons of crude annually, producing about 0.5 million tons of gasoline and 2.5 million tons ⁠of diesel, according to industry estimates.

Yaroslavl

Ukrainian forces attacked Russian oil facilities in Yaroslavl, some ⁠250 km northeast of Moscow, on July 27, President Volodymyr Zelenskyy said.

The refinery in Yaroslavl has processing capacity of 15 million metric tons per year, or around 300,000 barrels per day.

Salavat

Salavat petrochemical complex, in the Urals region of Bashkortostan, halted operations on July 14 following a Ukrainian drone attack, industry sources said.

Afipsky

A fire broke out ​at the Afipsky oil refinery in Russia’s southern Krasnodar region as a result of falling drone debris, the emergency services said on ​July ⁠14. The refinery can process over 9 million metric tons of oil per year.

Syzran

Russia’s Syzran oil refinery on the Volga River in the Samara region halted operations after a Ukrainian drone attack on July 12 damaged a primary processing unit, industry sources said.

On May 21, Ukrainian drones struck the Rosneft-owned refinery. The refinery halted operations after the attack damaged a primary processing unit. It had previously suspended oil refining after attacks on April 18.

The refinery has a processing capacity of 8.5 million tons per year. In 2024, it processed 4.3 million tons of crude into 800,000 tons of gasoline, 1.5 million tons of diesel and 700,000 tons of fuel oil, according to industry sources.

Saratov

Russia’s Saratov oil refinery stopped oil processing on July 9 following damage from a drone attack, two sources said.

In 2024, the plant processed 5.8 million tons of oil, or 2.2% of Russia’s total refining output, producing 1.2 million tons of gasoline, 1.9 million tons of diesel and 1 million tons of fuel oil.

Ilsky

Russia’s Ilsky oil refinery in the southern Krasnodar region caught fire after a drone attack, local officials said on July 10.

The refinery’s design capacity is over 6 million metric tons of oil per year.

Omsk

Ukrainian drones struck the Omsk refinery on July 6, causing a fire. Russian air defenses destroyed most of the drones involved in the attack, Governor Vitaly Khotsenko said. It was ⁠not immediately clear ⁠how much damage the refinery had sustained.

The design capacity of the Omsk oil refinery is approximately 22 million metric tons of oil per year.

NORSI

Ukrainian drones hit NORSI, Russia’s fourth-largest oil refinery, owned by Lukoil, for a second time on July 2, and crude processing was suspended, according to sources.

They said the attack had damaged a primary refining unit, CDU-6, which is usually able to process 25,700 metric tons per day, accounting for 53% of the refinery’s overall capacity.

NORSI, which is Russia’s second-largest producer of gasoline, can process 16 million metric tons of oil per year, or around 320,000 barrels per day.

Slavyansk

Ukrainian drones struck Russian targets including the Slavyansk oil refinery in the southern Krasnodar region on June 28, local authorities said.

Slavyansk refinery is a private plant with a capacity of about 100,000 barrels per day.

Ufa

Ukraine’s forces struck an oil refinery for a second time on July 1 in the city of Ufa, near the southern Ural mountains.

The refinery can process more than 7 million tons of oil per year.

Orenburg

Ukraine’s military said on June 24 it had struck Orenburg gas processing plant, which has a ⁠capacity of 45 billion cubic meters of natural gas per year.

Moscow

Moscow oil refinery halted operations after a Ukrainian drone attack on June 16, sources said. On June 18, another attack damaged processing units and sparked multiple fires.

The facility in the capital’s southeastern Kapotnya district has an annual capacity of around 11 million tons of oil.

TANECO

Russian Tatneft’s TANECO oil refinery halted operations after a drone attack on June 12.

It is one of Russia’s most technologically advanced refineries, ​equipped with hydrocracking, catalytic cracking and delayed coking units.

TANECO processed 17 million tons of crude oil in 2024, producing 2.7 million tons of gasoline, 8.5 million tons of diesel fuel and 1.3 million ​tons of petroleum coke, according to industry data.

Kuibyshev

Rosneft’s Kuibyshev oil refinery halted processing on June 10 after a drone attack.

The refinery processed 4.7 million tons of crude in 2024, according to industry sources.

Tuapse

Ukraine struck a refinery in the Black Sea port of Tuapse on May 27, Ukraine’s military said. A drone attack caused a major fire at the refinery ⁠on April 28, officials said, causing ‌the facility to ‌halt operations.

It has a capacity of around 12 million tons per year and produces naphtha, diesel, fuel oil and vacuum gasoil.

Ports/oil ⁠facilities

The Caspian Pipeline Consortium stopped receiving oil from July 20 following the suspension of loadings due to attacks on oil tankers ‌at its Black Sea terminal, which was set to resume oil loadings later on Monday, three industry sources told Reuters.

Ukrainian drones struck the Filanovsky oil platform belonging to Russia’s Lukoil in the Caspian Sea, Kyiv’s security service said on July 25.

Ukraine ​struck two Russian oil depots in the Tver and Stavropol regions, ⁠both about 500 km from the front line, President Zelenskyy said on July 9.

Ukrainian drones on July 8 struck the Krasnodarskaya ⁠pumping station, part of the natural gas supply chain to Türkiye via the Blue Stream pipeline, but gas supplies were not affected.

Ukrainian drones struck an oil pumping station in Russia’s Bashkortostan region, ⁠more than 1,500 km from the border, Kyiv ​said on July 8.

Ukrainian drone attacks on July 6 damaged the Baltic Sea ports of Vysotsk and Ust-Luga, a major oil exporting outlet, and caused a power blackout in the Crimean city of Sevastopol, home to Russia’s Black Sea Fleet, authorities said.

A loading complex caught fire in the Black Sea port of Novorossiysk after a drone attack, authorities said on June 8.

Higher reservoir levels in Türkiye helped drive hydroelectric power generation to a record in the first half of the year, boosting the renewable source’s share of electricity production to more than 32%, according to official data.

Data compiled from Turkish Electricity Transmission Corporation (TEIAŞ) water reports showed dam fill levels reached 71.3% as of July 19, up from 61.4% a year earlier and 51.7% two years ago.

The total active water volume in dams across the country rose to 72.53 billion cubic meters, compared with 30.24 billion cubic meters in the same period last year, reflecting a 139.9% increase in water inflows.

The stronger water supply translated into a sharp rise in hydropower generation.

Electricity output from hydroelectric plants increased 68% year-over-year in the first six months of the year to 57 billion kilowatt-hours (kWh), up from 33.9 billion kWh a year earlier.

As a result, hydroelectric power accounted for more than 32% of Türkiye’s total electricity generation during the period.

Renewables are a key part of Türkiye’s broader push to diversify energy supply and reduce its heavy import dependence.

Supported by strong investment and favorable weather conditions, renewable generation climbed to new highs this year, led by a sharp rebound in hydropower after last year’s drought and rising solar output.

Türkiye experienced its driest year in half a century in 2025, when hydropower’s share in electricity generation fell to as low as 16%.

Hydroelectric power plants accounted for 32,314 megawatts of the country’s 125,800-megawatt total installed power capacity in the first half of this year.

Türkiye ranks among the world’s top 10 countries and second in Europe in terms of hydropower capacity.

Elvan Tuğsuz Güven, chair of the Hydroelectric Power Plants Industrialists Association (HESIAD), said last week that hydropower generation helped Türkiye avoid nearly $5 billion in energy imports so far this year.

Industry representatives have this year been highlighting the potential of pumped-storage hydropower, which stores excess electricity by pumping water to elevated reservoirs and releasing it during periods of high demand.

According to preliminary studies by the State Hydraulic Works, Türkiye has 13.9 GW of pumped-storage hydropower potential, equivalent to around 11% of total installed capacity.

TEIAŞ data showed water inflows accelerated particularly during the spring months, with May recording the highest monthly inflow at 19.3 billion cubic meters.

Reservoirs also received between two and three times more water than a year earlier during February, April and June.

During the first 19 days of July alone, inflows to the country’s main reservoir basins totaled 3.44 billion cubic meters. Daily inflows peaked at 217.4 million cubic meters on July 1 and reached a low of 147.2 million cubic meters on July 16.

Major hydroelectric reservoirs benefiting from the higher inflows included Keban, Deriner, Altınkaya, Hirfanlı, Boyabat, Oymapınar and Alpaslan-1, while other facilities such as Adıgüzel, Alkumru, Batman, Dicle, Ermenek, Hasan Uğurlu, Karacaören, Kemer, Kralkızı, Özlüce, Sarıyar, Torul, Yamula and Yedigöze also recorded improved water availability.

The report showed cumulative inflows during the first seven months reached 72.53 billion cubic meters, exceeding both the long-term average of 55.93 billion cubic meters and the official program target of 37.18 billion cubic meters.

Water inflows reached 195.1% of the planned target and stood 29.7% above the long-term average.

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Shares of CXMT, China’s largest memory chipmaker, shot skyward Monday as they began trading in Shanghai in mainland China’s biggest initial public stock offering in recent years.

CXMT’s shares surged 466% in their first day of trading. The company has become the most valuable one listed on a mainland Chinese exchange, with an estimated market capitalization of about 3.3 trillion yuan (more than $487 billion).

But that’s still smaller than those of South Korean and American memory chipmakers like Samsung Electronics, SK Hynix and Micron Technology.

CXMT, or ChangXin Memory Technologies, is among many chipmakers that have profited mightily from the boom in artificial intelligence. Its business is thriving as China pushes for greater self-sufficiency in leading-edge technologies while contending with limited access to advanced chipmaking machines due to American-led restrictions.

The company raised at least $8.6 billion with the offering, priced at 8.66 yuan ($1.3) per share, in its listing on the Shanghai Stock Exchange’s Nasdaq-like STAR market, also known as the Science and Technology Innovation Board.

It was mainland China’s second largest IPO after the $22.1 billion share offering of Agricultural Bank of China in Shanghai and Hong Kong in 2010.

Founded in 2016 in the eastern city of Hefei, CXMT is one of the world’s largest makers of DRAM, or “dynamic random access” memory chips, a kind of semiconductor used in everything from AI servers to autos and consumer electronics like smartphones and personal computers.

“CXMT plays a critical role in China’s AI push, particularly in the face of U.S. export controls,” said Kyle Chan, a fellow at the Brookings Institution and an expert in China’s technology policies.

U.S. restrictions have also barred China from importing powerful HBM, or high-bandwidth memory chips – a type of DRAM chip.

Trade curbs key challenge

The company’s revenue surged to 50.8 billion yuan ($7.5 billion) on jumping demand from the rapid rise of AI in the first three months of 2026, a more than 700% rise year-over-year.

Soaring use of AI has led to a global memory chip shortage, driving up prices for some computers and smartphones. One big question, Chan said, is whether CXMT could help with the broader shortage.

CXMT is seen as China’s best shot at developing its own cutting-edge HBM chips to power Chinese AI models, Chan said. But it also faces many challenges, including supply chain bottlenecks in scaling up manufacturing capacity, since its access to the world’s best chipmaking tools is highly restricted, forcing it to depend on Chinese equipment makers.

According to Counterpoint Research, a technology research firm, CXMT was the world’s fourth biggest DRAM memory chipmaker in 2025 by shipments, taking up roughly 8% of the global market. Samsung Electronics accounted for 36%, SK Hynix 29% and Micron about 24%.

In the first three months of this year, CXMT accounted for approximately 9% of global shipments. By 2028, its market share is forecast by Counterpoint Research to reach about 11%. But the research firm estimated CXMT will likely need at least a 15% global market share to be competitive in the long term.

“Trade restrictions on tools are remaining as the key challenge for CXMT,” said MS Hwang, a research director at Counterpoint who specializes in memory semiconductors.

Some U.S. lawmakers have also recently called for President Donald Trump’s administration to block American companies from buying CXMT’s memory chips over national and economic security concerns.

CXMT is one of many Chinese companies the Pentagon claims have links to the Chinese military. Beijing has rejected such designations in most cases.

CXMT’s public share offering followed a $26.5 billion IPO by South Korea’s SK Hynix on the Nasdaq earlier this month.

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Shipping traffic through the Bab el-Mandeb dropped on Sunday after Yemeni Houthis attacked Saudi oil facilities along the Red Sea coast, while transit through the Strait of Hormuz remained low over the weekend, according to data on Monday.

Eleven ​commodity vessels passed through the Bab el-Mandeb Strait on Sunday, the ​lowest ⁠level in months, the shipping data from Kpler showed.

Red Sea traffic has been disrupted off the coast of Yemen since last week by the Tehran-aligned Houthis, who want to blockade Saudi exports, expanding the U.S.-Iran conflict that has already choked oil supply through the Strait of Hormuz.

The shipping disruption caused prices of physical crude cargoes in the Middle East, Europe and Africa to jump to two-month highs last week.

Seven of the vessels that passed through Bab el-Mandeb were oil tankers, with three of them entering the Red Sea. Two of them are very large crude carriers (VLCCs) heading to the port of Yanbu to load Saudi crude, while the third is ⁠a Russian-linked ship, the data showed.

The four vessels that exited the Red Sea on Sunday included the Hong Kong-flagged VLCC New Explorer carrying 2 million barrels of Saudi and Emirati crude for eastern China’s Ningbo port, a tanker carrying 1 million barrels of Russian crude for China and a tanker with about 750,000 barrels of Saudi crude onboard for Pakistan, the data showed.

Another Hong Kong-flagged VLCC, New Pearl, carrying 2 million barrels of Saudi crude is exiting the Red Sea via Bab el-Mandeb strait for eastern China’s Zhoushan port, the fourth ⁠Chinese supertanker to leave since the Houthis declared a naval blockade.

Associated Maritime Hong Kong, the manager for New Explorer and New Pearl, did not immediately respond to a request for comment outside office hours.

Houthi military spokesperson Yahya ​Saree said the group struck sites belonging to Saudi state oil company Aramco in the cities of ​Jizan and Yanbu on Saturday.

Hormuz

Fewer than 10 commodity vessels passed through the Strait of Hormuz daily over the weekend even though the U.S. and Iran have paused strikes ⁠in the ‌Middle East, ‌data from Kpler showed.

Seven vessels transited on Sunday, including three Iranian-linked ⁠oil products tankers that exited the Strait.

On Saturday, there were only three vessels that passed through with their transponders switched off. These include a VLCC heading ​to Qatar to load oil, ⁠a liquefied petroleum gas tanker going to the Ruwais port in the ⁠United Arab Emirates (UAE) to load a cargo and a tanker carrying Qatari naphtha that was heading ⁠to Japan, the ​data showed.

On Friday, seven vessels passed, mostly exiting the Gulf, including two VLCCs carrying crude from Iraq and the UAE and a tanker carrying fuel oil.

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