Turkish exports top $142 billion this year
Turkey’s exports this year have reached $142.7 billion this year - surpassing 2016’s total.
Experts predict that this year’s total exports will top $156 billion. Bordering eight countries and located at a crossroads between Western Asia and Southeastern Europe, Turkey’s always been an important trading partner within the region.
In 2016, Turkey shipped $142 billion worth of products around the world - almost 1% of global trade. In 2014, exports topped $157.6 billion, an all-time high. This figure dropped by $14 billion in 2015 and fell by a further billion last year. The falling levels came about due to regional security problems and political instability. However, with these problems addressed exports are once again on the rise.
Where are Turkish exports going?
Turkish exports have found new markets this year, and strengthened existing ties. Germany increased its Turkish imports by 11.3 percent, the UK by 16.4 percent and Italy by 14.5 percent. The highest increase was Romania, who upped their Turkish imports by 45 percent. Overall, the EU’s share in Turkish exports stood at around 50 percent. Exports to Oceania countries, the Far East and South America increased this year.
Automotive sector reaches new heights
Turkey’s automotive sector is helping to push Turkish exports, breaking its previous record with $26 billion worth of imports in the first eleven months of this year. Automotive exports accounted for almost a fifth of Turkey’s overall exports in November. Germany is the largest market for the industry, and exports to this market grew by 3 percent. Exports to the US grew by 145 percent. Turkey’s newest trading partners Growth is set to continue next year as Turkey seeks to expand its trade reach. Last week, Turkey and South Korea expanded their Free Trade Agreement, signalling a greater relationship between the two countries. The country is also forging new links with African and other Asian countries.
Turkey’s Top Trading Partners
- Germany: $14 billion
- UK: $12 billion
- Iraq: $7.6 billion
- Italy: $7.6 billion
- US: $6.6 billion
- France: $6 billion
- UAE: $5.4 billion
- Spain: $5 billion
- Iran: $5 billion
- Netherlands: $3.6 billion