Turkish imports are on the rise. What about exports?
Over the past few years, the value of goods and services imported into Turkey has exceeded the export value, which has caused a trade deficit. In 2022, the country recorded the lowest foreign trade balance since 2013, totaling over -109.5 billion U.S. dollars. Nevertheless, the value of goods and services exported from Turkey has generally followed an increasing trend and peaked in 2022 at 254 million U.S. dollars. The main commodities exported from the country included vehicles, vehicle parts, boilers, machinery, and mechanical appliances. Furthermore, the value of services that Turkey sells to other nations has exhibited an increase in numerous sectors. In 2022, transport services registered the highest export value, followed by other business services, telecommunications, computer, and information services.Key trade partners of Turkey
Turkey was one of the founding members of the World Trade Organization (WTO) and has been part of many other major international trade organizations, such as the Economic Cooperation Organization (ECO), the International Chamber of Commerce (ICC), and the United Nations Conference on Trade and Development (UNCTAD). This greatly contributed to the country’s multilateral trade system, diversifying its trade partners over the past years. In 2022, Germany, the United States, Iraq, the United Kingdom, and Italy made up the top five export partners of the country. For the past decade, Germany has consistently been the leading importer of Turkish merchandise every year, with the trade value amounting to over 21 billion U.S. dollars as of 2022.In addition, Turkey has a trade agreement with the European Union, namely the Customs Union, which came into force in 1995. The alignment of customs tariffs and laws enriched the trade movements between these two parties. In the past few years, Turkey recorded the highest revenue of both imports and exports with the EU. In 2022, EU countries imported over six billion euros worth of motor cars and vehicles as well as four billion euros worth of articles of apparel of textile fabrics from Turkey.
