Overview In January 2024 Turkey exported $17.9B and imported $24.8B, resulting in a negative trade balance of $6.88B. Between January 2023 and January 2024 the exports of Turkey have increased by $435M (2.48%) from $17.5B to $17.9B, while imports decreased by $-7.03B (-22.1%) from $31.8B to $24.8B.
Trade In January 2024, the top exports of Turkey were Cars, tractors, trucks & parts thereof. ($2.31B), Machinery, mechanical appliances, & parts ($1.68B), Electrical machinery and electronics ($1.01B), Precious stones, metals, & pearls ($792M), and Plastics & articles thereof ($747M). In January 2024 the top imports of Turkey were Mineral fuels, mineral oils and products... ($5.83B), Machinery, mechanical appliances, & parts ($2.87B), Iron & steel ($1.95B), Electrical machinery and electronics ($1.94B), and Cars, tractors, trucks & parts thereof. ($1.82B).
Origins In January 2024 the exports of Turkey were mainly from Ýstanbul ($8.67B), Ýzmir ($1.11B), Kocaeli ($972M), Bursa ($929M), and Ankara ($881M), while imports destinations were mainly Ýstanbul ($12.5B), Gizli Veri ($3.8B), Kocaeli ($1.36B), Ankara ($1.35B), and Ýzmir ($814M).
Destinations In January 2024, Turkey exported mostly to Germany ($1.57B), United States ($1.1B), United Kingdom ($983M), Iraq ($964M), and Italy ($908M), and imported mostly from Russia ($4.22B), China ($2.84B), Germany ($1.85B), Rest of the world ($1.67B), and United States ($1.34B).
Growth In January 2024, the increase in Turkey's year-by-year exports was explained primarily by an increase in exports to Iraq ($244M or 33.8%), Italy ($99.2M or 12.3%), and Saudi Arabia ($74.7M or 36.5%), and product exports increase in Ships, boats, & floating structures ($134M or 741%), Cars, tractors, trucks & parts thereof. ($103M or 4.66%), and Edible fruits, nuts & fruit peels ($102M or 24.4%). In January 2024, the decrease in Turkey's year-by-year imports was explained primarily by an decrease in imports from Switzerland ($-3.15B or -79.8%), Rest of the world ($-2.26B or -57.5%), and China ($-615M or -17.8%), and product imports decrease in Precious stones, metals, & pearls ($-3.48B or -72.8%), Mineral fuels, mineral oils and products... ($-2.43B or -29.4%), and Cereals ($-277M or -55%).
FAQs
Comparison In 2022, Turkey ranked 41 in the Economic Complexity Index (ECI 0.6), and 29 in total exports ($262B).
What are turkeys major imports and exports? ›
Exports The top exports of Turkey are Refined Petroleum ($12.3B), Cars ($9.67B), Jewellery ($8.12B), Motor vehicles; parts and accessories (8701 to 8705) ($6.78B), and Delivery Trucks ($5.88B), exporting mostly to Germany ($21.9B), United States ($17.1B), Iraq ($13.7B), United Kingdom ($13.7B), and Italy ($12.6B).
Who are Turkey's biggest trading partners? ›
In 2021, Turkey major trading partner countries for exports were Germany, United States, United Kingdom, Italy and Iraq and for imports they were China, Russian Federation, Special Categories, Germany and United States.
What does the US get from Turkey? ›
What kinds of products does the U.S. import from Turkey? Turkey's top five import categories include Stone & Glass, Textiles, Machinery & Electronics, Metals, and Mineral Products. Together, these goods make up 62% of what the U.S. imports from Turkey.
What is the main economic problem in Turkey? ›
The Turkish economic crisis (Turkish: Türkiye ekonomik krizi) is a financial and economic crisis in Turkey. It is characterized by the Turkish lira (TRY) plunging in value, high inflation, rising borrowing costs, and correspondingly rising loan defaults.
Why is Turkey's economy such a mess? ›
Interest rates have been kept very low by the Turkish Central Bank, leading the economy to spiral out of control. “It's always running too hot,” said Timothy Ash, an emerging markets expert at BlueBay Asset Management. “Growth is too high, domestic demand is too high, imports are too high. Everything is overheating."
What is Turkey biggest food exports? ›
Fresh Fruits and Vegetables: Turkey is one of the world's largest producers and exporters of fresh fruits and vegetables. Products like cherries, apricots, figs, grapes, tomatoes, cucumbers, and peppers are among the popular exports.
What is Turkey main source of income? ›
The agricultural sector accounts for 11.9% of GDP, whereas industrial and service sectors make up 23.7% and 64.5%, respectively.
What is Turkey the largest exporter of? ›
TOP 10 EXPORTS FROM TURKEY IN THE YEAR 2022
- Plastic articles (USD 11.57 billion)
- Apparel, clothes, and garments (USD 11.01 billion)
- Precious metals like gold and diamonds (USD 10.20 billion)
- Aluminum products (USD 6.70 billion)
- Furniture, bedding, and mattresses (USD 5.26 billion)
Northern Cyprus is considered one of Turkey's closest allies. After World War II Turkey sought closer relations with Western powers. It became a founding member of the United Nations in 1945, a recipient of Marshall Plan aid and a member of North Atlantic Treaty Organization in 1952.
Turkey's top 5 food & drink import categories
- Fish & seafood - $172m. ...
- Processed fruits & veg - $134.5m. ...
- Snack foods - $134.4m. ...
- Milk & dairy - $90m. ...
- Beef - $45 million. ...
- Other growing sectors.
A well-respected spice shop, originated in the Spice Bazaar, now a widely sold range of organic products from teas to cosmetics. Brought from Eastern Anatolia to Istanbul's Spice Bazaar, this widespread dried goods market is an excellent place to purchase nuts, dried fruits, spices, coffee, tea and Turkish delight.
Why is Turkey important to America? ›
Succeeding President Truman defined Turkey's geo-strategic location as the "proximity to the great natural resources." In the coming US engaged oil wars in the Middle East, Turkey supported the US in some capacity directly or indirectly by giving use authorization of the Incirlik Air Base.
What is the official religion of Turkey? ›
Religious Demography
According to the Turkish government, 99 percent of the population is Muslim, which, according to the government, includes Alevis.
Does Turkey have a strong military? ›
With its force of 425,000 soldiers, Turkey has the second-largest military in the North Atlantic Treaty Organization in terms of personnel.
What is Turkey's economic system like? ›
The government system is a republican parliamentary democracy; the chief of state is the president, and the head of government is the prime minister. Turkey has a mixed economy in which there is a growing private sector combined with centralized economic planning and government regulation.
What is the economic inequality in Turkey? ›
Turkey, as being one of the developing countries, has high-income inequality since its Gini coefficient was around 0.40 in last decades according to Turkish Statistical Institute. Its income distribution has been improving slightly; however, it is still so much behind the developed countries' levels.
What is the nominal economy of Turkey? ›
Nominal (current) Gross Domestic Product (GDP) of Turkey is $905,988,000,000 (USD) as of 2022.
