Turkey has made a floating start to 2022 as the exports of Turkey hit a record high in Jan 2022 with a total exports value of $17.6 billion. International trade sales increased by 17.6% Y-O-Y to $17.6 billion, an all-time monthly high according to Turkey import-export data.
The minister said the increase in the acceleration of production in last year has helped maintain its pace in 2022. However, due to the rising energy prices and unexpectedly winter conditions, Turkey's imports spiked 55.2% to $28 billion in Jan 2022.
Turkey import and export data shows that Turkey’s energy imports accounted for $9 billion. As of Jan 2022, Turkey’s trade deficit has increased 240.7% Y-O-Y to 10.44 billion.
The foreign trade volume of Turkey has increased by 38% to 45.6 billion in January 2022 compared to 2021. Turkey’s exports increased nearly 33% Y-OY to an all-time high of $225.4 billion last year.
While the overall international trade volume of Turkey leaped to $496.7 billion, Turkey’s imports jumped up to 23.6% Y-OY to approximately $271.4 billion.
Data of Turkey imports suggest that Turkey”s exports value might hit around $250 billion by the end of 2022.
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Turkey’s Major Imports
In 2020, Turkey imported goods worth $219.4 billion from all around the globe, an increase of 10.5% from 2016 and an increase of 9.3% from 2019.
Turkey import and export data 2019 show that products such as Mineral Oils & Fuels, Machinery & Computers, Vehicles, Precious Metals & Gems, Electrical Machinery & Equipment, Plastics & Articles of Plastics, Steel & Iron, Pharmaceuticals, Organic Chemicals, and Technical, Optical & Medical apparatus were the top imports of Turkey.
Commodity | Value in USD ($) | Total Share in % |
Mineral Oils & Fuels | $28.9 billion | 13.2% |
Gems & Precious Metals | $26.6 billion | 12.1% |
Machinery including Computers | $25.2 billion | 11.5% |
Electrical Machinery & Equipment | $17.1 billion | 7.8% |
Vehicles | $15.3 billion | 7% |
Iron & Steel | $15.1 billion | 6.9% |
Plastics & Articles of Plastic | $11.7 billion | 5.3% |
Organic Chemicals | $5.9 billion | 2.7% |
Pharmaceuticals | $5 billion | 2.3% |
Technical, Optical, and Medical Apparatus | $4.7 billion | 202% |
These top commodities of Turkey accounted for 70.9% of the overall import value for this country in 2020.
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