In 2021, Turkey emerged as a significant player on the global economic stage. Ranked as the 19th largest economy globally, it was actively involved in both exporting and importing, securing the 28th and 26th positions, respectively.
Despite dealing with a complex economic landscape, Turkey also held the 42nd rank on the Economic Complexity Index (ECI), showcasing its economic prowess. In this blog post, we will dive into Turkey’s import-export data to uncover its economic importance and how it shapes the nation’s economic well-being.
Turkey’s Exports
Turkey’s export sector is a powerful driving force behind its economic growth. Among the top exported goods, several categories stand out, reflecting the diversity and strength of its international trade. The key export items in 2021 included:
Cars ($10B): Turkey’s car exports played a significant role in its export portfolio, with Turkish-made vehicles making their way to global markets and significantly contributing to the nation’s economic growth.
Jewelry ($6.8B): The jewelry industry in Turkey flourished, with its craftsmanship and designs captivating global markets. High-quality jewelry became a symbol of Turkey’s excellence in artisanal work.
Refined Petroleum ($6.53B): Turkey’s export of refined petroleum products played a crucial role in its export revenue, highlighting its position in the energy sector.
Motor vehicles; parts and accessories ($5.94B): Alongside complete vehicles, Turkey excelled in exporting vehicle parts and accessories, underlining the strength of its automotive industry.
Delivery Trucks ($5.8B): The manufacturing and export of delivery trucks added further depth to Turkey’s trade portfolio.
These exports reached various corners of the world, with Germany ($19.8B), the United States ($14.8B), the United Kingdom ($14.2B), Italy ($11.6B) and Iraq ($11.1B) being Turkey’s primary trading partners in 2021.
Turkey’s Imports
Turkey’s import sector is equally dynamic and vital to its economy. Key imports in 2021 as per Turkey customs data included a range of goods essential for the nation’s development and consumption. The top imports comprised:
Refined Petroleum ($10.8B): Importing refined petroleum products was a significant part of Turkey’s imports, meeting its energy needs.
Scrap Iron ($10.3B): Imports of scrap iron supported Turkey’s industrial processes and manufacturing, serving as a raw material for various sectors.
Cars ($6.98B): While Turkey exported cars, it also imported them, reflecting domestic demand for automobiles.
Petroleum Gas ($6.82B): Imports of petroleum gas were crucial to meet Turkey’s energy requirements and support its industries.
Motor vehicles; parts and accessories ($6.57B): In addition to automotive exports, Turkey imported vehicle parts and accessories to sustain its production capabilities.
These imports came from diverse origins, with China ($31.6B), Germany ($24.2B), Russia ($20.1B), the United States ($12.4B), and Italy ($11.3B) being major trade partners.
Economic Significance
Turkey’s import-export data goes beyond numbers; it reflects the nation’s economic strength, dynamism, and its interconnectedness with the world. These statistics indicate that Turkey has diversified its trade portfolio effectively, excelling in various sectors, from automotive to jewelry.
Furthermore, this data significantly influences Turkey’s economic health. A positive trade balance, driven by strong exports, fuels economic growth and enhances the country’s global economic standing. Conversely, a trade deficit signals areas of concern that policymakers must address.
Conclusion
Import Globals is a reliable source for discovering accurate and up-to-date information regarding imports and exports. They are committed to providing trustworthy data, making them a top choice for businesses, scholars, and politicians seeking insights into the complicated world of international trade.
You gain access to a great resource by accessing Import Globals’ global import data or export data, which will help you navigate the ever-changing global trade scene, uncover new opportunities, and encourage economic progress.