Homepage / ECONOMY / In all sectors, Turkey shines with great export potential
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ECONOMY

In all sectors, Turkey shines with great export potential

The country’s foreign trade volume reached $390.84 billion during 2017, marking a 14.56 percent annual increase. Turkey is the world’s largest exporter of woven carpets, construction iron, radiators, women’s suits, blouses and shirts

 

 

 

 

Turkey continues to realize the highest integration with the global economy and markets in the field of goods trade. With this integration Turkey became the 25th largest exporter of the world in 2017. Turkey continues its efforts to reach the target of 500 billion dollars of export that it has set for year 2023. The 2023 export strategy that has been implemented in this framework constitutes a significant road map for foreign trade.

THE BIG PICTURE – 2017

Turkey’s exports between January and December of 2017 amounted to over $157.05 billion — a 10.2 percent rise compared with the previous year.

The country’s foreign trade volume reached $390.84 billion during 2017, marking a 14.56 percent annual increase, according to provisional data produced by TurkStat and the Ministry of Customs and Trade.

Turkish imports climbed 17.7 percent to $233.79 billion, amounting to a foreign trade deficit of $76.73 billion — rising 36.8 percent — over the same period.

TurkStat said Germany was Turkey’s top export market, at $15.12 billion, or a 9.6 percent share of total exports, while $73.94 billion worth of Turkish exports were delivered to EU28 countries from January to December this year.

In the same period, Turkey imported the most from China ($23.37 billion), Germany ($21.30 billion), and Russia ($19.51 billion).

MANUFACTURING DOMINATES EXPORTS

The manufacturing industry accounted for the biggest share of total exports, at 93.7 percent, followed by agriculture and forestry (3.4 percent), and mining and quarrying (2.2 percent).

High technology products in manufacturing industry exports represented 3.9 percent. Export shares of medium-high and low technology products accounted for 34.6 and 33.3 percent, respectively.

Intermediate goods represented the lion’s share of imports with 73.3 percent, reaching $171.45 billion, followed by capital goods (14.2 percent, $33.11 billion) and consumption goods (12.2 percent, $28.48 billion).

TurkStat data revealed that Turkish imports mostly came from the manufacturing industry (81.6 percent, $190.74 billion), of which $78.43 billion were medium-high tech imports, followed by medium-low tech ($62.14 billion) and high-tech ($28.82 billion).

Among Turkish cities, Istanbul exported the most in 2017 — $81.48 billion — followed by prominent industrial provinces Bursa and Kocaeli.

In December, Turkey’s exports rose 8.6 percent year-on-year to reach $13.87 billion, while imports climbed to $23.08 billion — a 25.4 percent hike. Foreign trade deficit was $9.2 billion.

In 2016, the country’s exports totaled $142.53 billion, imports $198.61 billion and foreign trade deficit stood at $56.09 billion.

MAIN PRODUCTS

Turkey last year became the world’s largest exporter of woven carpets, construction iron, radiators, women’s suits, blouses and shirts. The country ranked third in bus and minibus exports, fourth in dishwashers fifth in washing machines, seventh in television, eighth in the men’s suits and refrigerators, ninth in leather, welt clothing, electric heaters and commercial cargo vehicles, and tenth in engine parts.

In terms of market diversity, Turkey’s furniture sector had the greatest success as it exported products to more than 177 countries. It was followed by the iron and steel with 172 countries, glass sector with 165 countries, refrigerator and ceramic with 159 countries, dishwasher and electrical heaters with 152 countries, shoes with 149 countries and motor parts with 143 export destinations.

Between 2000 and 2017, Turkey has had more than 201,651 exporters who did business for at least over a one year period.

INTERESTING HIGHLIGHTS

In 2017, Amasya exported flour to Congo, Erzincan exported wall insulation material to Brazil, Kocaeli ship paint to Palau, Malatya shipped bakery equipment to Bangladesh, and Samsun sold sterile surgical products to Laos.

A few Turkish companies leading the global market in different sectors. One company controls almost 72 percent of the global boron market, while another Turkish company holds 22 percent of the market in sodium dichromate. One Turkish company controls 8 percent of the world silk cocoon market and another control 8 percent of the dimethyl terephthalate market. Turkish companies also control 7 percent of the prepared or canned snails market, as well as 5 percent of the battleship exports.

One Turkish company achieved more than $1.2 billion in automobile exports to Italy, one-fifth of the total exports to the country.

ORGANIC FOOD

Another interesting point is that Turkey’s organic food exports rose 17 percent year-on-year in 2017. The country earned $87 million last year in revenue from organic food exports to 68 countries. Exports also rose by 10 percent on a weight basis compared to the previous year, hitting 21,000 tons.

Turkey exports raisins, dried figs, nuts and dried apricots the most. The actual export volume of organic food is at least fivefold the amount on record.

 

 

Foreign Trade Facts File – Turkey

Turkey is the 25th largest export economy in the world. In 2016, Turkey exported $139B and imported $188B, resulting in a negative trade balance of $49.1B. In 2016 the GDP of Turkey was $857B and its GDP per capita was $24.2k.

The top exports of Turkey are Cars($8.32B), Gold ($8.25B), Delivery Trucks ($4.57B), Vehicle Parts($3.81B) and Jewellery ($3.75B), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Cars ($9.8B), Unspecified ($9.6B), Refined Petroleum ($7.34B), Gold ($6.45B) and Vehicle Parts ($5.09B).

The top export destinations of Turkey are Germany ($14B), the United Kingdom ($11.7B), Iraq ($7.64B), Italy ($7.58B) and the United States ($6.62B). The top import origins are Germany ($24.9B), China ($16.7B), Russia ($13.7B), Italy ($10.6B) and the United States ($9.4B).

Turkey borders Armenia, Azerbaijan, Georgia, Iran, Iraq, Syria, Bulgaria and Greece by land and Egypt, Cyprus, Romania, Russia and Ukraine by sea.

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