Turkey's Exports Achieved a New High Of $17.6 Billion In January, Marking a Strong Start To The Year

 Turkey has had a strong start to 2022, picking up where it left off last year, with exports reaching a new high in January, according to the commerce ministry.

However, energy imports nearly doubled in comparison to a year before, causing the country's trade imbalance to skyrocket, according to figures released by Trade Minister Mehmet Muş.

Muş told a gathering in the capital Ankara to present preliminary estimates that foreign sales increased 17.6% year on year to $17.6 billion (TL 236.82 billion) in January, an all-time quarterly high as per Turkey import-export data. Us stated that the export acceleration attained in 2021 has continued.

However, due to the extremely harsh winter weather and soaring energy prices, imports increased by 55.2 percent to $28 billion last month, according to the ministry.

The research and Turkey trade statistics revealed that energy imports accounted for about $9 billion of this total. Turkey's energy imports, which were $2.6 billion in January last year, started to flourish at the end of last year as demand increased and global energy costs rose. In December, they totaled $7.2 billion.

Turkey import data shows that Turkey is nearly entirely reliant on Russian, Azerbaijani, and Iranian energy imports to satisfy its energy demands. Due to a technical breakdown, Iran curtailed natural gas supplies last month, resulting in restricted electricity and gas production for Turkey's industrial zones.

In January, the country's trade imbalance increased by 240.7 percent year on year to $10.44 billion.

"Compared to the previous year, our international trade volume climbed by 38 percent to $45.6 billion in January," Muş remarked.

The increase in exports was fueled by a 57.8% gain in iron and steel exports, as well as a 2.5 percent increase in equipment and boiler exports and a 1.2 percent increase in automobile exports.

President Recap Tayip Erdogan wants his government's new economic policy, which focuses on low-interest rates, better exports, and credit, to lead to a current account surplus.

Turkey’s market analysis reports and Turkey import-export data reveal that Turkey's imports rose by about 33% year on year in 2021, reaching an all-time high of nearly $225.4 billion.

Imports increased by 23.6 percent to roughly $271.4 billion year over year, while overall international trade volume increased to $496.7 billion.

According to Erdogan, the country's end-of-year export objective has been revised upwards to $250 billion from roughly $230 billion.

Turkey's exports have reached all-time highs in 12 of the previous 13 months, after being battered by the epidemic in 2020, which hampered trade with Ankara's main trading partners.

Turkey Trade Statistics 2021

Based on Turkey Import statistics, Turkey's trade deficit in December 2021 was USD 6.79 billion, the highest since May 2018, as imports outpaced exports as commodity prices rose and the currency fell. Exports increased by 24.9 percent to a new high of USD 22.28 billion, boosted by sales of manufactured goods (25.8%) and agricultural commodities (16.2%), while mining and quarrying exports decreased (-2 percent).

Stats Related	Total Value	Unit	Reference Year
Total Imports of Turkey	$29069.50	USD Million	December-2021
Total Exports of Turkey	$22277.99	USD Million	December-2021
Trade Balance	$-6791.16	USD Million	December-2021
Current Account	$-3841	USD Million	December-2021

Since 1947, Turkey's trade balance has been negative. The trade deficit grew by 36.8% to USD 76.7 billion in 2017, as imports increased by 17.7%, the highest rate since 2011, while exports increased at a slower rate of 10.2% according to Turkey import-export data.

Turkey’s Exports Recorded a Hit Of $17.6 Billion At The Start Of 2022

 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.

For an in-depth analysis of Turkey’s import and export trade data and activities, you can buy customized import-export from Exim as we are one of the largest leading and emerging global import-export customs trade data services and solution provider companies in the world.

Exim offers world-class on-point global trade market analysis reports and customs trade data. The data allow you to track and monitor the supply and demand of your product and services in the world trade market.

You can also track the performance of your services and products based on the demand and consumption on a global level and form your business strategy accordingly offering you more business opportunities for your global trade business.

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.

For more info on Turkey's import-export trade data and activities, you can connect to us on our official website as Exim provides top-notch import-export marketing intelligence reports on all global countries. The data assists businesses and companies in their various business-related decision-making processes.

The data also help our clients evaluate the most effective and profitable trade strategy according to the global market demand and consumption rate. 

How To Start An Import-Export Business In India; And The Documents Required For Trade

 The Indian economy is one of the fastest, largest, and most growing economies in the world. With the globalization of business and trade, India is seeing massive growth in the industry of import and export as the India export and import data 2020 suggests. Attracting new entrepreneurs.

 New entrepreneurs entering the industry of import and export are likely to have minds full of doubts and questions ranging from the document required and the legal guidelines to follow etc.

If you are someone who wants to step into the business of import-export but has no knowledge of the respective field, then this article is for you. In this article, we will focus on how you can start an import-export business in India.

 

1. PAN CARD

To start a new import-export business, you need to provide a certain set of documents including your PAN CARD to complete legal formalities related to your import-export business.

 In order to register your import-export business, you and your partners must provide a valid & authentic identity and address proof.

For every registered business entity, it is necessary to apply for a PAN CARD with the income tax department.

2. CHOOSE THE BUSINESS ENTITY TYPE

Before you start your import-export business, you need to determine the form of the business entity you want your company to be.

After that, you need to choose a name for your business entity and get it registered accordingly. You can form a Partnership firm, a Sole Proprietorship firm, A Private Limited Company, an LLP, or A Public Limited Company.

3. OPENING A CURRENT ACCOUNT

The bank account used by the business entities to transact that off with the customers, vendors, manufacturers, and customers is called a current account.

Without having a current account business dealing would not be possible.

Hence, having a current account is a must in the business industry.

Documents needed to open a current account can vary depending on the type of business entity.

4. IEC CODE

The IEC ( Import Export Code), is a 10 digit unique registration code issued by the DGFT (Directorate General of Foreign Trade ), under the Ministry of Commerce and Industries.

 For anyone looking to start an import-export business is required to have an IEC Code.

5. CHOOSING PRODUCT

 

The first thing that you need to start an import-export business is a Product. Before you start your import-export business, you need to select the product you want to import and export as choosing the right product is the key to your import-export business.

This is because there are people who want to start their import-export business but are unable to do so just because they don’t have a product.

A product is the most important thing in the business of import and export. You can not start your import-export business without a product.  

Now the question arises of how to select a product for your import-export business?

 You can use SWOT ( Strength, Weakness, Opportunity, and Threat) analysis to select your product. SWOT analysis will help you understand the strengths and weaknesses of your product.

It will also help you know the potential threat to your product in a market that is full of competitors.

 This will help you enhance your marketing strategy to bring out more opportunities for your import-export business.

6. RCMC (Registration Cum Membership Certificate)

Once you have an Import Export Code (IEC), you need to obtain RCMC which can be acquired from the Export Promotion Council. Our country India has plenty of export promotion councils that work and help you promote the export of different services and products.

To avail benefits under the Indian Foreign Trade Policy, it is mandatory to register under the RCMC.

These councils provide assistance and access to events that help you enhance & promote your import-export business. It takes around a week to get the registration done and it is valid all over India.

7. SELECTING THE RIGHT MARKET

Make sure that you are targeting the right market for your import-export business.

To check if the product and service you are importing or exporting are in demand or not, do a market research analysis.

This will help get aware and assist you with the current trend and flow of the market. Even so, there are factors that you should keep in mind such as trade barriers, the demand for the product, political environment, profitability, etc.

The exporter has to analyze the viability and choose a market for his business accordingly based on the factors mentioned above.

8. FINDING THE RIGHT BUYER FOR YOUR PRODUCT

After selecting the right market and product for your import-export business, the next step for you and your business is to find potential buyers.

There are different ways through which you can attract and target potential buyers for your business.  

● You can generate leads from your website.

● You can participate in events such as trade fairs and exhibitions.

● You can also use government bodies that promote import-export business such as the Export Promotion Council.

The motive here is to attract and target as many buyers as possible for your business.

9.MANAGINIG YOUR FINANCE

It doesn’t matter how much work you put into your import-export business plan or how well you have formulated it.

For your business to get off the ground, you will need access to some initial financing. You need to figure out which type of financing works best for you.

Depending upon your business needs you can opt for either long-term or short-term financing. Moreover, there are subsidies that you can avail and take advantage of.

GETTING READY

After completing all the steps mentioned above in the article, your newly set up import-export business is ready to perform functional activities like exploring market opportunities, finalizing the shipping partner, and promoting your import-export business in the overseas markets.

 

CONCLUSION

If you are someone new in the industry of import and export and need guidance or assistance regarding import-export business, you can connect with us at  info@eximtradedata.com as we provide digitally analyzed marketing researched import-export data that help you understand the current trend and flow of the market. We also provide in-depth authentic import-export data that help you enhance, attract and target potential markets for your services and products. 

What Are The Strategies Turkey Uses For Its Global Trade Business?

 Turkey’s Import-Export Data is a collection of statistics and strategies the top exporters and importers of this nation use for their foreign trade. The market research and analysis reports of Turkey offer meaningful insights into the trade activities that take place in this country throughout the year.

The customized marketing intelligence reports of Exim trade data help you find new and active buyers and suppliers for your products and services in the overseas market across the globe.

The customs reports of Exim covers all the major fields related to trading business including, Date, Product Description, HS Code, Unit, Quantity, Rates, USD Value, Mode of Transportation, Port Name & Other Details, Name of Importer & Exporter, Address of Importer & Exporter, Origin & Destination Port & Country, etc.

The market intelligence reports of Exim trade data help you connect with the companies that match your business profile as per the requirements of your services.

Total Trade Value of Turkey Import-Export Data Year Wise

➢ The total trade value of Turkey imports in the year 2019 was recorded at $227.98 billion declined by 6.55% from 2018.

➢ The total trade value of Turkey imports in the year 2020 was recorded at $232.77 billion, an increase of 2.1% from 2019.

➢ The total trade value of Turkey exports in the year 2019 was recorded at $249.30 billion, an increase of2.64% from 2018.

➢ The total trade value of Turkey exports in the year 2020 was recorded at $205.73 billion declined by 17.48% from 2019.

Current Trade Statistics of Turkey

➢ Total Trade Balance of Turkey as of Nov 2021: $-5402.27 million

➢ Total Imports Vale of Turkey as of Nov 2021: $26908.47 million

➢ Total Exports Value of Turkey as of Nov 2021: $21506.20 million

➢ Current Account: $3156 (last)million and $1674 (previous)

The given data is based on the market analysis reports of Turkey trade statistics collected and sourced by the panel of experts from the most reliable and authorized sources of links.

What are the top products Turkey Imports the most?

Pharmaceuticals $5 billion (2.3%), Technical, Optical & Medical Apparatus $4.7 billion (2.2%), Steel & Iron $15.1 billion (6.9%), Organic Chemicals $5.9 billion (2.7%), Mineral Oils & Fuels $28.9 billion (13.2%), Machinery & Computers $25.2 billion (11.5%), Vehicles $15.3 billion (7%), Plastics & Articles of Plastics $11.7 billion (5.3%), Gems & Precious Metals $26.6 billion (12.1%), Electrical Machinery & Equipment $17.1 billion (7.8%) were the top imported products of this country during 2020 according to Turkey Import Data. The top imported products of Turkey accounted for 70.9% of the overall shipment value of Turkey imports in 2020.

Top trading partner countries of Turkey

Germany $15.9 billion (9.41%), United Kingdom $11.2 billion (6.62%), Italy $8.08 billion (4.76%), United States of America $10.1 billion (6%), Iraq $9.14 billion (5.38%), Spain $6.68 billion (3.94%), France $7.2 billion (4.24%), Netherlands $5.19 billion (3.06%), Russia $4.5 billion (2.65%), Israel $4.7 billion (2.77%) were the top export partner countries of this country in 2020 as per the Turkey trade statistics.

The data we provide helps you compare prices, Taxes, and Quantity of duty of goods and services being exported and imported into the global trade market through Exim’s smartly developed tools and data.

For more info, you can connect to us directly or visit our official website for a quick and on-point overview of your current import-export trade statistics and strategies.

Sri Lanka Total Imports-Exports Value & Custom Shipment Data

 Sri Lanka Import Data is a powerful tool that contains crucial and essential information about the trade activities that take place in this country.

Traders and merchants use Sri Lanka import-export data to make business plans, expand their business in the overseas markets, and use it as a database for conducting market analysis.

The custom import-export data Exim Trade Data provides helps trading partners evaluate potential buyers and suppliers based on their trading history and shipping records.

The marketing intelligence that Exim provides allows you to monitor the overall trading activities of various global countries in the global trade markets.

Sri Lanka custom trade data is consists of several essential and vital details related to Sri Lanka trade data including all the statistics and strategies such as HS Code, Date, Products Description, Origin of the Country, Destination Country, Mode of Transportation, Port Name & Details, Shipment & Consignment Details, importer & Exporter Name, Address of Exporter & Importer, Rates, Weight, Quantity, Volume, Unit, Total Value USD, etc.

Sri Lanka Total Import-Exports Value Year-wise

● In 2019, Sri Lanka’s import value was totaled $24.57 billion, a decline of 8.33% from 2018.

● In 2020, Sri Lanka’s imports value was totaled $18.51 billion, a decline of 24.63% from 2019.

● In 2019, Sri Lanka’s exports value was totaled  $19.42 billion, a decline of 4.15% from 2018.

● In 2020, Sri Lanka’s exports value was totaled  $13.38 billion, a decline of 31.09% from 2019.

For more info on Sri Lanka exports, you can buy Sri Lanka export data year wise on affordable and reasonable prices from Exim Trade Data.

What Are The Main Exports of Sri Lanka?

Based on market analysis reports Knit or Crochet Clothing & Accessories $2.5 billion (23.8%), Coffee, Spices & Tea $1.6 billion (15.3%), Rubber & Rubber Articles $870.5 million (8.1%), Not Knit or Crochet Clothing & Accessories $1.6 billion (14.8%), Mineral Oils & Fuels $298.5 million (2.8%), Fish $214.9 million (2%), Electrical Machinery & Equipment $274.1 (2.6%), Vegetables, fruits & Nuts $192.1 million (1.8%), and Paper yarn & Woven Fabric $196.9 million (1.8%) were the top imports of Sri Lanka according to Sri Lanka export data 2020.

Sri Lanka Exports By Country

The market research reports of Sri Lanka show United States $2.66 billion, United Kingdom $956.07 million, India $654.44 million, Germany $611.78 million, Italy $477.32 million, Belgium $313.33 million, Netherlands $307.59 million, China $252 million, Canada $226.35 million, Turkey $224.93 million,  United Arab Emirates $214.91 million were the top exports of this country as per Sri Lanka Export Data. 

To ensure that the data we provide is 100% genuine, authentic, and reliable we source data from various authorized sources of links such as Authorized Customs Departments, Logistics & Shipping Companies, Trade Associations, Port Authorities, Government Bodies, and some other authoritative links.

For more info on any global country, you can visit our official website and ask for free sample data or even book a free demo to get the overall overview of your trade business.