Foreign trade volume in Turkey increased in 2020, while export figures increased by 9.8% compared to the same month of the previous year. According to the data of the Statistical Institute of Turkey and foreign trade figures established with the Ministry of Commerce, import and export statistics in Turkey showed an increase compared to the same month of 2019. According to 2019 statistics, the exports of Turkey were 171.1 billion dollars.
The global economy has been affected by the global health crisis recently, which will not be taken into consideration because it is an extraordinary situation. It should be taken into consideration that the global health crisis experienced worldwide has been handled rather well in Turkey and that the economy and foreign trade have been maintained with a wide range of economic measures.
According to TUIK data of Turkey presented in February, export figures increased by 2.3% compared to February 2019. Import figures in Turkey showed an increase of 9.8%.
What is Turkey’s Main Export? | Opportunities Offered to Investors!
Turkey’s foreign trade figures show a continuous increase. The state has taken a number of measures and offered incentives with the aim of ensuring an increase in export in Turkey. New projects are constantly being developed by the state in order to provide opportunities for local and foreign investors.
According to foreign trade data released by TUIK in Turkey, the products imported the most are natural gas, oil, automotive and electronic equipment. It’s planned to start production operations in Turkey for the sectors experiencing the highest loss based on foreign trade data. Thus, new operational areas will be provided for investors in Turkey and foreign trade volume will expand with incentives provided by the state.
Foreign Trade Analysis | Export and Import in Turkey
Trade agreements and activities of countries are of great importance for the global economy. We’re sure that there’ll be a large resource for you to find out the products you can send to Turkey or the volume of your sector in the market and to better understand foreign relations. Reserved conservative economies remain behind the developing economies. They’re even called 3rd World countries.
Turkey rapidly passed the status of developing country and rapidly climbing towards the status of developed countries. Besides its production activities and global collaborations, it contributes to the development of the global economy with its liberal policies. Turkey is aimed at eliminating the sectors that make it dependent on outside financial sources so investing in Turkey and using it as a site for conducting your trade activities will allow you to have new opportunities and rapidly get return on your investments!
Which imported products are on demand in Turkey?
Investigating the sectors in which products are imported most commonly is very important to identify the needs and get to know the market. According to Turkey’s foreign trade data and global economic relations, Turkey has an outstanding relationship with Iran and Russia. In addition to natural gas, oil and the automotive sector also has a large volume. Turkey has established commercial links through spare parts and automotive sectors.
However, the automotive industry is the sector with the least amount of trade deficit because foreign companies establish partnerships with local investors in Turkey. In addition, products such as textiles and garments, electronic appliances are the sectors with high import and export figures in Turkey.
Import of Natural Gas in Turkey | Export in Turkey
According to the latest import statistics of Turkey, natural gas imports declined by 10.9% compared with data from last year. These data indicate that natural gas consumption has decreased in the houses. According to December 2019 Sectoral Report, of natural gas imports of 5 billion 416 million cubic meters, the part of 3 billion 664 million cubic meters was realized through pipelines.
The remaining part of 1 billion 751 million was completed with liquefied natural gas facilities. Natural gas, which has the largest foreign trade volume in Turkey, is of great importance for many areas ranging from industry and transport to agriculture.
Import of Oil in Turkey | Export in Turkey
As known, 48.3% of the oil reserves in the world are located in Middle East countries. Turkey is situated close to countries holding 70% of the world’s producible oil reserves. Turkey has a strategic geopolitical position in this regard.
When the import figures in Turkey are examined, oil is the product that is increasingly important, about which commercial developments take place. Generally, if we examine the crude oil import statistics of last year, the country that performed the highest amount of oil imports was Iraq, which made 1 million 36 thousand and 100 tons of oil imports. It’s followed by Russia and Saudi Arabia. Oil import figure in Turkey was 3,642,373 tons in December 2019. Almost all of Turkey’s foreign trade made with Iran is oil and gas.
Import of Automotive and Spare Parts in Turkey | Export in Turkey
The majority of the foreign trade volume in Turkey is comprised of automotive and spare parts. It will be important to reflect on and conduct research on the automotive industry because it provides high added value for the economies that produce automobiles and spare parts. By virtue of rapid developments in technology and increased flow of foreign currency into the country through export, the automotive industry revitalizes the entire country’s economy.
In view of import and export data in Turkey, manufacturing and exporting as well as global partnerships are noteworthy. If we examine the import and export data in Turkey, Turkey should be named among the leading countries in the export of spare parts.
Competition in the automotive sector, which has the biggest share of global trade, is very strong and constantly increasing. For this reason, it is observed that production and direct investment are becoming global in the world. Positive implications for imports and export in Turkey have reached such lengths that cannot be disregarded. Automotive companies with foreign capital that have made direct investments in Turkey enabled the foreign trade in Turkey to be converted into a mutual business cycle in the automotive sector.
Foreign Trade Relations with Countries | Export in Turkey
Turkey’s foreign trade relations are analyzed by examining the import and export data. We will examine the data and rates of increase on foreign trade relations with China, Iran, Germany, Saudi Arabia, Russia, USA, South Korea, France, UK, Israel. When the total business volume is analyzed, China takes first place with a 15-fold increase over 16 years.
Technology products are primarily imported from China. When the products exported from Turkey to China are examined, the products that are export the most include marble, limestone, water marble etc.
Following China, the country with which Turkey has the strongest foreign trade and about which the import data in Turkey increases most rapidly is Iran. Turkey imports chemical products the most from Iran. Products exported to Iran are mostly fiberboards containing wood or woody substances.
According to statistics, the majority of Turkey’s worldwide foreign trade volume is covered by Germany. The products that are exported by Turkey to Germany the most include racing cars and automobiles. Germany, which is shown as one of the biggest commercial partners, is at the top in the field of export. The products imported the most from Germany are the same as the exported products. The second most imported products include raw and semi-processed gold. The largest share of the import volume in Turkey belongs to Russia and Iran, followed by Germany in third place.
When the field of imports in Turkey is analyzed, the country with which Turkey has the most frequent bilateral relations is Saudi Arabia. When foreign trade figures with Saudi Arabia are analyzed, it is observed that there has been a 3.9-fold increase in exports. When the import figures are examined, there’s been an increase of 16.7 in profits.
