Details of Turkey Import and Export Trade 2023

The Republic of Turkey is a nation in West Asia Anatolia with its border leading up to Southeastern Europe. The country shares its borders with countries like Bulgaria, Greece, Georgia, and Azerbaijan and is spread over an area of 783,356 square km. The West Asian country Turkey has a population of around 80 million people and is home to a diverse range of culture and hospitality. The majority of the Turkey population, 90% practices the Turkish language as their mother tongue accompanied by 70 more native languages facilitating the diversity of the region.

The Turkish economy has recorded its name as one of the largest economies in the world, with revenue of 784 billion dollars catering to its economic stability. The nation is also dependent on its trade rate for economic stability and the global expansion of its trade market. The Turkey customs data presents data accounting for the $1.5 trillion GDP of the nation in 2023 recording it to be the 15th largest economy worldwide. The stratified location, growing, export industry, diversified economy, and trade agreements are the factors that facilitate the economy of the nation to grow at a rapid rate.

Top 5 Import Products of Turkey 2023

The country located between Europe, Asia, and Africa plays a significant role in the global trade market with its expanding business reach. The top 5 products of the Turkey import of 2023 are as follows,

• Petroleum products (HS code – 27)
Petroleum products have been in high demand for the past few years in the Turkish industry for energy generation; its total import rate is 53 billion US dollars.

• Machinery (HS code – 84)
Machineries play a significant role in multiple industries ranging from manufacturing and construction to agriculture and transportation. The total import value of machinery is worth 52 billion US dollars.

• Electronic equipment (HS code – 85)
The role of electronic equipment in the exponential growth of the trade makes it hold the third rank of the list; the imported value of electric equipment is 45 billion US dollars. Electronic equipment is required over wide sectors from normal households to industries.

• Vehicles (HS code – 87)
Vehicles, the primary source of the transportation sector are imported at a higher rate for indulging the economy, its total trade accounts for 35 billion US dollars. The increasing number of demands of the transportation industries for automotive products at a global rate makes the country import more vehicles.

• Plastics (HS code – 95)
The import rate of plastic products in Turkey had a hike over the past few years, with a revenue generation of 27 billion US dollars in 2023.

Top 5 Import Destinations of Turkey 2023

The Turkey Import Data enlists the below five countries as the topmost import destination of Turkey with proper values as discussed below,

• China – By leading all other nations, China continues to be at the top of Turkey's import partners with its vast resources. Tech products and machinery exported are worth 27 billion US dollars of the total revenue.

• Russia – Russia mainly exports natural gas, petroleum products, metals, and chemicals to Turkey, worth 22 billion US dollars in 2023, being the top import partner of Turkey.

• Germany – The largest European economies export pharmaceuticals, machinery, and electric equipment worth 16 billion US dollars to Turkey.

• United States – The export trade value of the United States accounts for 20 billion US dollars with electronic devices and vehicles like products.

Top 5 Export Products of Turkey 2023

The Turkey Export Data enlists the below-mentioned products as the topmost export of the country accounting for a share in the economic growth,

• Automotive industry products (HS code – 52)
The automotive industry products like cars, motor cars, and their parts are the leading export of the nation. The total export of the automotive industry products is worth 21 billion US dollars.

• Textile and Clothing (HS code – 62)
Fashion trends are the top demand among all other sectors at a global rate, making the country export more textiles and clothing for higher revenue generation. The total export value of textiles and clothes in 2023 is 18 billion US dollars.

• Machinery (HS code – 84)
The rapidly advancing rate of the industrial sectors globally with the multipurpose requirements of machinery makes Turkey export more such products. The total traded value of machinery is worth 12 billion US dollars.

• Chemical products (HS code – 38)
Chemical products have proven to be helpful in many industries, ranging from healthcare to cosmetics. With its great significance, the total traded value of chemical products is worth 11 billion US dollars.

• Iron and steel (HS code – 72)
These metals are required in construction sites and building materials, increasing their demands accounting for revenue of 8 billion US dollars. Iron and steel have multipurpose uses ranging from the formation of household bases to the different industrial chores.

Top 5 Importing Partners of Turkey 2023

The Turkey trade data shows the results of the following 5 states as the top importing partners of the nation contributing to its economic growth. China and Germany top the list with an overall revenue of 25 billion US dollars and 15 billion US dollars, holding a major share of the growing economy.

• China – China leads the top importing partners list of Turkey with the vast category of resources available. Electronic equipment and steel products are the top products accounting for 25 billion US dollars.

• Germany – Being a rapidly growing country with its industrial sectors Germany exports products worth 15 billion US dollars to Turkey with pharmaceuticals and chemicals.

• Russia – Natural gas, coal, and wheat exported from Russia to Turkey hold a value of 12 billion US dollars of the total annual revenue.

• United States – The United States trades medical and surgical equipment like products to Turkey worth 10 billion US dollars of the total revenue.

• Italy – Italy trades products worth 8 billion US dollars with Turkey, machinery and pharmaceuticals lead the list contributing to the economic value.

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