Turkey, the transcontinental country bridging Europe and Asia, boasts a thriving economy that has experienced remarkable growth over the years. With its strategic geographical location, diverse industries and strong trade connections, Turkey has a big share in the global market.
In this blog post, we will understand Turkey’s economy, exploring its major imports and exports that contribute to its economic prowess.
Overview of Turkey’s Economy:
Turkey is the 29th largest export economy in the world having a total export volume of $177B. Its total imports are around $202B to meet the domestic demand while the trade balance of Turkey is negative. According to World Bank data, Turkey’s economy is classified as an “emerging market economy” by the IMF, with a GDP of $761 billion and a GDP per capita of $9,225.
Exports: Driving Turkey’s Economic Growth
Turkey has emerged as one of the largest exporters of goods, fueling its economic growth and bolstering its global standing. The country offers a wide range of export products capitalizing on its diverse industrial sectors. Let’s take a closer look at some of Turkey’s major exports:
- Cars ($10B)
-
Jewelry ($6.8B)
-
Refined Petroleum ($6.53B)
-
Motor vehicles parts ($5.94B)
- Delivery Trucks ($5.8B)
Major export partners of Turkey are:
- Germany ($19.8B)
- United States ($14.8B)
- United Kingdom ($14.2B)
- Italy ($11.6B)
- Iraq ($11.1B)
Need more in depth information about Turkey export data, check out Import Globals.
Imports: Meeting Diverse Demands
While Turkey has a robust export sector, it also relies on imports to meet the diverse demands of its population and industries. Let’s explore some of Turkey’s major imports according to Turkey import data:
- Refined petroleum $12.4 billion
- Gold $11.3 billion
- Scrap iron $6.47 billion
- Petroleum gas $3.72 billion
- Coal briquettes $3.53 billion
- Vehicle parts $6.45 billion
- Cars $6.11 billion
- Broadcasting equipment $2.78 billion
- Propylene polymers $2.78 billion
- Packaged Medicaments $2.53 billion
Read Also: What are Operating Expenses and Why They are Important For Businesses ?
Most of Turkey’s imports are from:
- China ($31.6B)
- Germany ($24.2B)
- Russia ($20.1B)
- United States ($12.4B)
- Italy ($11.3B)
Conclusion:
Turkey’s economy showcases a remarkable blend of exports and imports, propelling the country towards economic prosperity. The major exports, including automotive products, textiles and machinery have enabled Turkey to establish a strong presence in the global market.
Simultaneously, energy, machinery, chemicals and transport equipment imports contribute to meeting the diverse needs of the Turkish population and industries.
As Turkey continues to foster its trade relations, diversify its economy and invest in innovation, it remains well-positioned for sustained economic growth and enhanced global competitiveness.
If you are looking for more in-depth data about Turkey’s imports and exports then there is no better option than Import Globals. It is a well known data provider about trade activities of several countries including Turkey.
