Turkey International Trade Scenario – Widening of Foreign Trade Gap
ECONOMY OF TURKEY – A BRIEF OVERVIEW
Turkey is one of the founding countries of the big and major international organizations such as OECD, G20, E7, and NICs. As per the statistics for the year 2023 are concerned, the nation is ranked 19th on the basis of nominal GDP, whereas, as per PPP (Purchasing Power Parity), the country is ranked 11th. Turkey lies in the slab of the “upper-middle mixed-income” group and is one of the rapidly emerging nations across the globe. Turkey is the leading producer of multiple products such
as agricultural products, garments, automobiles, electronic items, and construction goods.
In the years 2018-22, the value of the Turkish Lira declined significantly due to a major debt crisis and rising inflation. This had a major impact on the GDP of the nation (PPP and per capita). In the past many years, the developments that have been done in the nation are commendable and are happening on regular time intervals in all major domains such as employment, poverty reduction, infrastructure, and international trade.
TURKEY TRADE INSIGHTS & WIDENING OF TRADE GAP
In this section, we will give you a wider look at trade insights of Turkey over the past five recent years so that you can know that how the values in Turkey Trade Data behave.
IMPORTS AND EXPORTS TO AND FROM TURKEY (2018-2022)
As per the Turkey Trade Data report for the past 5 years, the values mentioned in Turkey Import Data went up by 63.06% from 2018 to 2022, whereas the values mentioned in Turkey Export Data went up by 51.36% in the same time duration.
Now talking about the current scenario, In the month of April 2023, the trade deficit of Turkey widened and touched USD 8.7 billion which is a clear rise of 42% when compared to the previous year as in the month of April 2022, this trade deficit was nearly USD 6.14 billion.
But why the trade deficit swelled up so much in the month of April? The simple reason is the fall in the rate of mining, manufacturing, and quarrying due to which the exports from the nation declined by approximately 17% and reached USD 19.3 billion. On the other hand, the imports to the nation also fell by 4.8% to USD 28.1 billion.
In the month of April, the trade gap observed by the nation was USD 3.82 billion which didn’t include energy-generating products and non-monetary gold. The ratio between exports and imports has also decreased by 10% as compared to last year.
The crude oil imports to Turkey also experienced a major decline in April of 33.8%, i.e., from 1.99 million tons to 3 million tons. The countries to whom Turkey exported its produce the most as per Turkey Export Data were:
Germany (USD 1.59 billion)
The United States (USD 1.16 billion)
Iraq (USD 970 million)
Italy (USD 954 million)
The United Kingdom (USD 945 million)
Just like that, if we refer to Turkey Import Data report for the month of April 2023, then the nations from whom Turkey Imported the most were:
Russia (USD 4.18 billion)
China (USD 3.69 billion)
Germany (USD 2.17 billion)
Italy (USD 1.15 billion)
The United States (USD 1.12 billion)
It is also known that the total shipments from Turkey fell by almost 3% from January to April as compared to the last year and reached USD 81 billion, while the imports rose by 7.1% and crossed USD 124.3 billion mark. This factor also contributed to the rise of the trade gap in April 2023.
CONCLUSION
As the economy of Turkey is experiencing a huge trade gap as of now, it is estimated that this decline is due to the earthquake that hit the nation a few months back due to which the infrastructure and other economic activities collapsed. As things are getting rectified quickly, this trade deficit would also get over soon.
For more information about Turkey Trade Data or any other country, feel free to reach out to us. TradeImeX provides the solution and database of every nation across the globe like Vietnam, the Philippines, and Indonesia with complete authenticity and zero error.
Source URL: https://usexportdata.blogspot.com/2023/06/turkey-internationaltrade-scenario.html