Turquia: Visió econòmica i política
Turkey’s economy is open to foreign trade, which represents 61% of its GDP (World Bank, 2020). Automobile (10.8% of total exports including passenger cars, transport vehicles and accessories for vehicles) and petroleum oils products (2.2%) were top exports of Turkey in 2020, followed by jewellery, gold, iron, steel and textile products. The main imported products were gold (11.5%), motor cars and accessories (6% in total), petroleum oils (2.9%), ferrous waste (2.8%) and electrical apparatus (1.5%) (Comtrade). Turkey's volume of exports and imports declined sharply in 2020 mainly due to the Covid-19 pandemic, but rebounded in 2021. According to IMF data, the volume of exports of goods and services increased by 21.4% in 2021, while imports grew by 3.4%. Exports are forecast to rise at a slower rate in 2022 (7%), while imports are expected to accelerate (10.4%).
Germany (9.4% of all exports), the United Kingdom (6.6%), the United States (6%), Iraq (5.4%) and Italy (4.8%) and were among the top destinations for Turkish exports. China (10.5%), Germany (9.9%) and Russia (8.1%) were the main supplier of goods in Turkey, followed by the United States (5.3%) and Italy (4.2%). Turkey has 22 active free trade agreements (FTAs), including its very first trade deal with the European Economic Area in 1991 and the most recent one with the United Kingdom, which entered into force on 1 January 2021. Trade agreements with Qatar, Lebanon and Sudan are also expected to enter into force soon. At the same time, Turkey has pursued FTA negotiations with Ukraine, Japan, Thailand and Indonesia and will start renegotiating the terms of its existing agreements with Georgia, Malaysia and Moldova. The United States imposed additional duties on imports of Turkish steel in August 2018 but they were reduced back to 25% in May 2019. The hike was found illegal by the US Court of International Trade in 2020. However, the EU started to impose duties on Turkish iron and steel imports in January 2021. The US-EU tariff deal reached in October 2021 could impact Turkish steel exports to the US.
Turkish trade structure has been characterised by a wide deficit (USD 37.9 billion in 2020 according to World Bank data) mainly due to energy imports. Also, as most of its exports are tied to imports of intermediate, semi-finished or raw products, the evolution of trade balance has been traditionally linked to economic growth and the lira's value against the US dollar. In 2020, Turkey's imports of goods totalled USD 219.5 billion, whereas the total value of its exported goods reached USD 169.7 billion (WTO). According to WTO, exports of services in 2020 were higher than imports, USD 34.6 billion and USD 24.8 billion respectively. The government has maintained an active policy of incentivising the use of locally sourced fuel for power generation by supporting renewables and domestic coal-fired production in order to reduce the country's reliance on gas imports. At the same time, the currency crisis, which brought the value of Turkish lira to historic lows, pressured imports and boosted exports. According to the Turkish Ministry of Trade, Turkish exports reached USD 225 billion in 2021 (+32.8% compared with 2020) while its imports rose to USD 271 billion (+23.6%).
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 233,800 | 231,152 | 210,345 | 219,515 | 271,426 |
Exports of Goods (million USD) | 156,993 | 177,169 | 180,833 | 169,651 | 225,218 |
Imports of Services (million USD) | 22,668 | 27,371 | 26,860 | 24,765 | 31,602 |
Exports of Services (million USD) | 43,384 | 57,849 | 62,810 | 34,573 | 58,153 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 55.8 | 62.6 | 62.7 | 61.0 | 70.8 |
Trade Balance (million USD) | -58,575 | -40,726 | -16,781 | -37,863 | -29,313 |
Trade Balance (Including Service) (million USD) | -31,752 | -9,838 | 21,779 | -23,504 | 2,499 |
Imports of Goods and Services (Annual % Change) | 10.6 | -6.2 | -5.0 | 6.7 | 2.4 |
Exports of Goods and Services (Annual % Change) | 12.4 | 8.8 | 4.2 | -14.4 | 24.9 |
Imports of Goods and Services (in % of GDP) | 29.7 | 31.4 | 30.2 | 32.2 | 35.5 |
Exports of Goods and Services (in % of GDP) | 26.0 | 31.2 | 32.5 | 28.7 | 35.3 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 2.4 | 5.6 | 7.8 | 5.5 | 7.3 |
Volume of imports of goods and services (Annual % change) | 2.6 | 8.9 | 11.2 | 10.3 | 10.3 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Germany | 8.6% |
United States | 6.5% |
United Kingdom | 6.1% |
Italy | 5.1% |
Iraq | 4.9% |
Spain | 4.3% |
France | 4.1% |
Netherlands | 3.0% |
Israel | 2.8% |
Russia | 2.6% |
United Arab Emirates | 2.4% |
Romania | 2.3% |
Belgium | 2.2% |
Poland | 2.1% |
Egypt | 2.0% |
Bulgaria | 1.8% |
China | 1.6% |
Greece | 1.4% |
Morocco | 1.3% |
Ukraine | 1.3% |
See More Countries | 68.8% |
Main Suppliers (% of Imports) |
2021 |
China | 11.9% |
Russia | 10.7% |
Germany | 8.0% |
United States | 4.8% |
Italy | 4.3% |
India | 2.9% |
France | 2.9% |
South Korea | 2.8% |
Spain | 2.3% |
Belgium | 2.1% |
United Kingdom | 2.0% |
Ukraine | 1.7% |
Netherlands | 1.7% |
Japan | 1.6% |
Brazil | 1.4% |
Poland | 1.3% |
Saudi Arabia | 1.3% |
Romania | 1.3% |
Malaysia | 1.1% |
Switzerland | 1.1% |
See More Countries | 60.3% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
4.1 bn USD of services exported in 2020 | |
43.29% | |
30.74% | |
9.79% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 8.71% |
Research and developmentResearch and development | 1.07% |
6.66% | |
4.80% | |
2.09% | |
0.93% | |
0.81% | |
0.50% | |
0.39% |
3.1 bn USD of services imported in 2020 | |
35.24% | |
21.18% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 20.10% |
Research and developmentResearch and development | 1.08% |
13.83% | |
8.53% | |
7.15% | |
5.40% | |
4.34% | |
3.92% | |
0.34% | |
0.07% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023
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