TURKİYE TRADE OVERVIEW 2022
Turkey is a rapidly developing economy that has been increasing its participation in international trade. The country's strategic location at the crossroads of Europe and Asia, as well as its well-developed infrastructure and skilled workforce, make it an attractive destination for foreign investment and trade. Turkey's main exports include textiles, clothing, food products, machinery, and chemicals. The country is also a major producer of steel, cement, and other construction materials. In recent years, Turkey has been focusing on diversifying its exports and developing high-tech industries such as electronics and biotechnology.
Turkey's main trading partners include the European Union, the United States, and the Middle East. The country has been working to deepen its economic ties with other countries through free trade agreements and other trade agreements. Turkey is a member of the Customs Union with the European Union, which allows for the free movement of goods between Turkey and the EU.
Despite its many strengths, Turkey still faces challenges in its trade and economic development. These include a high current account deficit, a large informal economy, and political instability in the region. Nonetheless, Turkey remains a key player in the global economy and a major destination for foreign investment and trade. In December 2022 Turkey exported $20.8B and imported $30.7B, resulting in a negative trade balance of $9.96B. Between December 2021 and December 2022 the exports of Turkey have decreased by $-359M (-1.7%) from $21.2B to $20.8B, while imports increased by $3.33B (12.2%) from $27.4B to $30.7B.
TRADE
In January 2023, the top exports of Turkey were Cars, tractors, trucks & parts thereof. ($2.21B), Machinery, mechanical appliances, & parts ($1.7B), Electrical machinery and electronics ($939M), Knitted clothing accesories ($809M), and Iron or steel articles ($756M). In January 2023 the top imports of Turkey were Mineral fuels, mineral oils and products... ($8.26B), Precious stones, metals, & pearls ($4.78B), Machinery, mechanical appliances, & parts ($2.93B), Electrical machinery and electronics ($2.04B), and Iron & steel ($1.72B).
ORIGINS
In December 2022 the exports of Turkey were mainly from Ýstanbul ($10.5B), Ýzmir ($1.23B), Ankara ($1.18B), Bursa ($1.11B), and Kocaeli ($944M), while imports destinations were mainly Ýstanbul ($15.7B), Gizli Veri ($4.93B), Ankara ($1.73B), Kocaeli ($1.66B), and Ýzmir ($927M).
In January 2023 the exports of Turkey were mainly from Ýstanbul ($8.76B), Ýzmir ($1.16B), Bursa ($946M), Kocaeli ($871M), and Ankara ($778M), while imports destinations were mainly Ýstanbul ($16.5B), Gizli Veri ($5.91B), Kocaeli ($1.5B), Ankara ($1.42B), and Ýzmir ($919M).
DESTINATION
In December 2022, Turkey exported mostly to Germany ($1.6B), United States ($1.28B), United Kingdom ($1.03B), France ($1.01B), and Iraq ($1.01B), and imported mostly from Russia ($4.45B), China ($3.52B), World ($3.18B), Switzerland ($2.34B), and Germany ($2.22B).
In January 2023, Turkey exported mostly to Germany ($1.61B), United States ($1.07B), United Kingdom ($919M), Italy ($810M), and Russia ($790M), and imported mostly from Russia ($4.73B), Switzerland ($3.95B), World ($3.94B), China ($3.46B), and Germany ($1.72B)
GROWTH
In January 2023, the increase in Turkey's year-by-year exports was explained primarily by an increase in exports to United States ($279M or 32.2%), Egypt ($182M or 69.5%), and Netherlands ($179M or 46.7%), and product exports increase in Iron & steel ($437M or 56.4%), Mineral fuels, mineral oils and products... ($221M or 52.7%), and Aluminum articles ($217M or 74.8%). In January 2023, the increase in Turkey's year-by-year imports was explained primarily by an increase in imports from World ($3.16B or 259%), Russia ($2.78B or 156%), and China ($699M or 32.1%), and product imports increase in Mineral fuels, mineral oils and products... ($6.14B or 243%), Iron & steel ($924M or 56.1%), and Plastics & articles thereof ($491M or 43.5%).
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