Despite the negative consequences of the global market recession, Turkey’s exports reached a new high of USD 254 billion in 2022, with an increase of around 12% annually. Additionally, imports reached USD 363 billion.
At a time when the rest of the globe is dealing with significant political and economic issues, Turkey has been able to maintain uninterrupted investments, grow the labour force, and expand exports.
Turkey’s Exports Hit Record High in 2022, Imports Also Increase
Despite global issues that cast a shadow over trade prospects, Turkey still ended 2022 with the greatest export results. Turkey announced a record-breaking year for exports in 2022, with exports totaling USD 254 billion. The value of Turkey’s imports rose last year and reached USD 363 billion. For more insight, view the chart.
Turkey’s Major Imports and Exports in 2022
In terms of product categories, Turkey’s top export was non-railway or tramway vehicles, and its top import was mineral fuels & oils. As per Turkey import data ,oil and mineral fuel imports increased significantly from the USD 50,691 million recorded in 2021 to USD 96,548 million in 2022.
Even in exports, the value of shipments of mineral fuels and oils increased steadily from USD 8,516 million in 2021 to USD 16,374 million in 2022. The top 10 imports and exports from Turkey in 2022 are listed below.
Turkey’s Top Import and Export Partners in 2022
Germany was Turkey’s largest export destination in 2022, taking in items worth USD 21,144 million. Iraq came in third with USD 13,750 million, the United Kingdom with USD 13,010 million, and the United States of America with USD 16,882 million.
In 2022, Russia accounted for roughly 58,853 million USD in imports, followed by China (41,353 million USD) and Germany (24,032 million USD). The top 10 trading partners of Turkey as of 2022 are listed below.
Despite 2022 being a difficult year for both the developed and developing economies around the world, the performance of the Turkish economy is noteworthy thanks in particular to the commercial success of exporters.
Turkey, one of the top nations offering benefits in exports and production during the process of reorganising global supply chains, has continued to revive previous highs in foreign sales.
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Turkey’s export data for 2022 paints a picture of growth, resilience, and adaptability. The country’s diverse export sectors, expanding market reach, and government support have collectively contributed to its export success. As Turkey continues to navigate the dynamic global trade landscape, its exports are set to play an increasingly vital role in its economic development.