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. 

The Impact Of Covid-19 On The World Economy import Export business

 Before we go any further with today’s topic, it is important for us to acknowledge how the novel spread of coronavirus has affected the financial stability of countries globally? The pandemic has shattered the economy of many countries. Creating challenges and impacting the lives of people in everyday life.

Economic contractions in a post-COVID-19 will lead to a decline in consumer or you can say end-user spending such as higher education payout.

Families going through financial problems or facing an uncertain economic future will be reluctant to send their children to expensive schools. University and colleges students will continue to have an incompetent online learning experience.

ECONOMIC IMPACTS OF COVID-19

❖ In May 2020, the Asian development bank stated that the novel spread of Coronavirus could cost the world economy somewhat around $5.8 and $8.8 trillion. 

❖ President of the  European Central Bank, Christine Lagarde, apprised in April 2020 that the economy of the Eurozone could reduce by as much as 12% in 2020. And in August there were more than 15 million unemployed people in the European Union.

❖ The gross domestic product for the United States according to the Bureau of Economic Analysis has decreased at an annual rate of 48% for the first quarter of 2020 and 32.9% in the second quarter. Compared to 2019, consumer spending has decreased to 10% in 2020.

❖ In the second quarter of 2020, the economy of the United Kingdom contracted to 20.4%.

❖ In the second quarter of 2020, and after almost 30 years of growth, Australia fell into a recession after its economy reduced to 7%.

❖ In August 2020, South Korea officially entered into a recession, the first time in 17 years. 

❖ It is projected that the Latin American economies will decline by 9.4% this year.

 CORONAVIRUS: PANDEMIC & THE CHANGE IN THE WORLD ECONOMY 

As we all know, the spread of the novel coronavirus; pandemic has reached and has affected the economy of almost every country on the globe.  The spread of the novel Coronavirus has left the economies and businesses counting the costs of many countries all around the globe, as the government struggles with the new measures to fight the spread of COVID-19 and the falling economy.

 ★ ECONOMIC IMPACTS SO FAR

➢ Global shares are in flux: We have seen huge shifts in the stock markets after the spread of  COVID-19.  The Financial Times Stock Exchange, the Nikkei, and Dow Jones Industrial Average all saw huge falls as the number of the novel Coronavirus cases grew in the starting months of the crisis. After the announcement of the first vaccines in the month of November, the major countries and economies such as the United States and the Asian stock market have seen to be recovered, but the Financial Times Stock Exchange is yet to recover, as it is still in negative territory. The Financial Times Stock Exchange reduced to 14.3% in the year 2020, which is said to be the worst performance since the year 2008. In support, in many countries including the UK, central banks have slashed interest rates to make borrowing cheaper and to encourage consumers, businesses, and marketers to spend, which will help boost the economy.

➢ Tough time for Job seekers: Many people have lost their job in this pandemic after the spread of the novel coronavirus. Unemployment rates have increased in many countries and economies. According to the IMF (International Monetary Fund), the proportion of people out of work marked a yearly total of 8.9% in the United States, pointing at an end to a decade of jobs expansion. In many countries, the number of new job opportunities are still very low.

➢  Countries are now in economic decline: The growing economy indicates more wealth and more job opportunities. The growth in the economy is measured by the percentage change in gross domestic product or the amount of commodities and services produced over a year. The international monetary fund evaluated the world economy to be reduced by 4.4% in 2020. China was the only major economy to grow in 2020 with a registered rate of 2.3%.

➢ Travel Industry:  The travel industry has been badly affected after the spread of the COVID-19 virus with airlines reducing flights and the customers canceling their business trips and vacations. With the spread of the coronavirus and with the discoveries of its new variants in recent days, have forced governments of many countries to implement strict rules on public safety, and to restrict foreign travel activities to avoid any further damage.

➢ Hospitality Sector: With millions of jobs and many companies going bankrupt, the hospitality sector has been hit really hard and affected the lives of millions of people worldwide. Information from Transparent- a sector-leading intelligence company that covers more than 35 million hotel and renting listings all over the globe has registered a fall in reservation in all top travel destinations. Billions of dollars have been lost in the pandemic in 2020. According to many experts and analysts, it is stated that tourism won’t return to normal until 2025.

CONCLUSION

In the above article, we have summarised events that took place during the outburst of the Novel Coronavirus and the challenges the world has to face, and how it affected the world economy? We hope you find this article informative. For any query related to the import-export trade data, feel free to connect to us at info@eximtradedata.com or visit site:https://eximtradedata.com/