Turkey made record gold import from Switzerland this year

 

Switzerland is one of the key trading partners of Turkey. The recent Turkey import data shows that Turkey's gold imports from Switzerland have seen whopping growth this year. Over 56 tons of swiss gold was imported by Turkey in the last month. It is the highest value recorded ever in 11 years. 

According to the Turkey customs data, the total gold imports from Switzerland were almost $10 billion swiss francs last year. Switzerland is the third most favoured market for Turkey's gold imports. Along with Switzerland, United Arab Emirates, Iraq, Mauritania, South Africa, Belgium, United Kingdom, Russia and Bolivia are other noticeable gold exporters to Turkey. South Africa and Bolivia had exported a considerable amount of gold exports to Turkey.

On the other hand, Turkey’s gold exports were over $4.5 billion in the financial year 2022. The country’s gold exports were mostly to the United Kingdom, United Arab Emirates, Mauritania, Nepal, Malaysia, and the United States. Turkey's gold exports had shown rapid growth across UAE, Nepal and Mauritania markets.

Apart from gold, Turkey imports a variety of goods from Switzerland. Turkey import export data shows that over $3.2 billion worth of goods were imported from Switzerland to Turkey this year. These were mainly gold, medicaments, wrist watches, energy drinks, batteries, lasers, and printing machines.

Vakif Katillim Bankasi, Kuveyt Turk Katilim Bankasi and Turkiye Garanti Bankasi were the top Turkish importers responsible for the maximum amount of shipments from Switzerland. Whereas, Argor Heraeus SA, LLS Global General Trading and Valcambi SA were the top Switzerland export companies to Turkey having over 32% share in Turkey's total imports.

On the other hand, Turkey’s top exports to Switzerland are mostly gold, hazelnuts, vehicles, medicaments, optical cables, and woven clothes. Turkey export data reflects that over 1.6 billion dollars worth of exports were made to Switzerland during last year. Vakif Katilim Banlasi, Kibar Dis Ticaret, Ford Otomotive, Nadir Metal Rafineri and Toyota Otomotive are some of the top Turkish export companies receiving the maximum amount of shipments from Switzerland.

During this period, Valcambi SA, Ford Motor Company, Kibar International, Hyundai Motor Europe and Delica are some of the leading export companies from Switzerland responsible for the maximum number of shipments to Turkey. 

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