The economy of Turkey has an Economic Complexity Index (ECI) of 0.176 making it the 52nd most complex country. Turkey exports 389 products with revealed comparative advantage (meaning that its share of global exports is larger than what would be expected from the size of its export economy and from the size of a product’s global market).
Turkey and the EU have developed a strong economic relationship even if Turkey is not yet an EU member, but it signed a Customs Union agreement with the European Union in order to encourage trade and economic relationships.In recent years, the EU has ranked 1st at the top of Turkey’s imports and exports, while Turkey is the 7th in the EU top imports and 5th for exports.
The following product groups represent the highest dollar value in Turkey’s import purchases during 2019. Also shown is the percentage share each product category represents in terms of overall imports into Turkey. Mineral fuels including oil: US$41.2 billion (20.5% of total imports) Machinery including computers: $21.5 billion (10.7%)
Turkey had a total export of 168,023,390.68 in thousands of US$ and total imports of 223,039,038.05 in thousands of US$ leading to a negative trade balance of -55,015,647.37 in thousands of US$ The Effectively Applied Tariff Weighted Average (customs duty) for Turkey is 2.50% and the Most Favored Nation (MFN) Weighted Average tariff is 4.56% ...
After experiencing an economic boom during 2002-2007, Turkey’s economy took a beating in 2008, following the global financial meltdown. One of the major issues that the country is facing is the declining exports to European countries. Turkey’s trade, exports and imports were hit badly in the year 2008, when the trade deficit stood at -31%.
Exports in Turkey decreased to 13422.03 USD Million in March from 14630.26 USD Million in February of 2020. Exports in Turkey averaged 3342.12 USD Million from 1957 until 2020, reaching an all time high of 15940.56 USD Million in May of 2019 and a record low of 7.10 USD Million in August of 1958. This page provides the latest reported value for - Turkey Exports - plus previous releases ...
Imports in Turkey increased to 18813.45 USD Million in March from 17635.10 USD Million in February of 2020. Imports in Turkey averaged 5072.11 USD Million from 1957 until 2020, reaching an all time high of 23245.30 USD Million in May of 2013 and a record low of 15 USD Million in August of 1958. This page provides the latest reported value for - Turkey Imports - plus previous releases ...
As of 2016, the main trading partners of Turkey are Germany, Russia and the United Kingdom, UAE, Iraq, Italy and China, many being top in both export as well as import. Turkey has taken advantage of a customs union with the European Union , signed in 1995, to increase industrial production for exports, while benefiting from EU-origin foreign ...
After several years of rapid growth in the EU-Turkey bilateral trade in goods were curbed by Turkey’s economic difficulties in 2018, in 2019 trade continued to show a mixed picture. While imports retrenched further, exports expanded, bringing Turkey’s overall trade deficit to a ten-year low of €26.3 billion.
The following export product groups represent the highest dollar value in Turkish global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Turkey. Vehicles: US$26.2 billion (15.3% of total exports) Machinery including computers: $16.5 billion (9.6%)