Turkey's exports hit record $2B in June 2023

 

Turkey's exports hit record $2B in June 2023

Turkey is the fastest growing market. It is the 19th largest economy in the world in terms of GDP. Turkey is the leading market for industrial goods, automotives and jewellery. Turkey did extremely well during 2022.

According to the Turkey customs data, Turkey's total trade value was estimated around 584 billion dollars during the financial year 2022. Turkey shared a major trade deficit of 60 billion dollars. The major trading partners of Turkey are China, Germany, Russia, the United States and Italy. During 2022, the most traded goods by Turkey were vehicles, jewellery, fuels, gas, engines and automotive parts.


For the fiscal year 2022, Turkey's exports were all time high. According to the Turkey export data, Turkey's total exports crossed 250 billion dollars. It was 12% more as compared to the fiscal year 2021. Turkey exported Vehicles, accessories, heavy machinery, mineral oils, and clothing articles the most during this period.


Germany is the leading market for Turkish exports. In 2022, Germany was responsible for over 8% share of total Turkish exports. Around 22 billion dollars worth of goods were exported to Turkey. Turkey's exports to Germany are increasing at an annual rate of 5%. Germany's top imports from Turkey include automotive parts, steel and chemical products.


The United States was the second largest destination for Turkish exports. It covers over 6% share of the total Turkish exports. Around 16 billion worth of goods were exported by Turkey to the USA during FY 22. Turkey's major exports to the United States includes cotton, dyes, chemical and dairy products. Whereas Turkey import data reflects that petroleum gas, Iron and aircrafts were the top imports by Turkey from the USA.


Iraq was the 3rd largest destination for Turkish exports. During the financial year 2022, Iraq has imported over 13 billion dollars worth of goods from Turkey with over 5% share of Turkey's total exports. Turkey's top exports to Iraq include jewellery, wheat flours, poultry meat, furniture and dried legumes. Whereas Iraq's gold, petroleum products, copper, paper and lead are most exported to Turkey.


The United Kingdom and Italy were the 4th & 5th largest importers from Turkey. These held over 5% share of Turkey's total exports. As per Turkey import export data reports, around 13 billion dollars worth goods were exported from Turkey to the UK while 12 billion dollars worth export shipments were made to italy.


The major export items from Turkey to the UK includes Trucks, Cars, Gold, Textiles and Electronics Equipment. While exports to Italy include Petroleum products, Vehicles & its accessories, Jewellery, Heat Engines and Scrap Iron.


The latest import export data reports suggest that the exports from Turkey hit 2 billion dollars during June 2023. It was 14% more as compared to 21 billion dollars during May 2023. Germany being the leading importer from Turkey with exports over 2 billion dollars during June 2023. Until January, Turkey had exported over 159 billion dollars worth goods with an impressive rate of 8.5%.


Further, the exports from Turkey will see an upward trend for 2023. Through an expert market intelligence portal like Exim Global import export data, you can explore opportunities in the Turkish market.

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