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BILATERAL TRADE STATISTICS BETWEEN TURKEY AND GERMANY

Formal and cordial relations between Turkey and Germany started during the Ottoman Empire period, and since then, the bond between these two nations has kept on strengthening every year. The relations between these countries started getting stronger on various grounds, such as cultural, political, and economic. Germany is considered one of Turkey's major trade partners.

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BILATERAL TRADE STATISTICS BETWEEN TURKEY AND GERMANY

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  1. BILATERAL TRADE STATISTICS BETWEEN TURKEY AND GERMANY Formal and cordial relations between Turkey and Germany started during the Ottoman Empire period and since then, the bond between these two nations kept on strengthening every year. The relations between these countries started getting stronger on various grounds such as cultural, political, and economic. Germany is considered as one of the major trade partners of Turkey. Germany is considered one of the most successful and powerful countries in the European Union. Due to this reason, Turkey finds trading with Germany more

  2. profitable and risk-free. Turkey gets a lot of variety, diversification, and options to choose from in Germany’s market as per the demands of its citizens. Apart from trade relations, Germany also maintains good cultural relations also with Turkey. Some of the main cultural projects of Germany in collaboration with Turkey are Tarabya Cultural Academy (Istanbul), followed by the German-Turkish Bridge for Youth, Turkish-German University, and different spaces for miscellaneous cultural projects and fests. Unfortunately, the bilateral trade relations between Turkey and Germany are strained in the year 2023 due to some new domestic policies levied by Turkey. Moreover, Turkey is detaining German nationals forcefully and is not allowing them to leave Turkey. As Germany is the most powerful country of the EU, the relations between Turkey and the EU are also getting strained. BILATERAL TRADE STATISTICS BETWEEN TURKEY AND GERMANY In this section, we will compare the bilateral trade statistics between both countries over the span of the last five years and will try to understand the trends so that future predictions can be made. BILATERAL TRADE TRENDS BETWEEN TURKEY AND GERMANY (2018-2022) YEARTURKEY > GERMANYGERMANY > TURKEYTOTAL BILATERAL TRADE 2018USD 16.13 billion USD 20.40 billion 2019USD 16.62 billion USD 19.27 billion 2020USD 15.98 billion USD 21.73 billion 2021USD 19.31 billion USD 21.75 billion 2022USD 21.14 billion USD 24.03 billion USD 36.53 billion USD 35.89 billion USD 37.71 billion USD 41.06 billion USD 45.17 billion

  3. From the above-mentioned table, it is noted that Turkey Export Data is always low compared to Turkey Import data due to which Turkey has experienced a negative trade balance in all the last five years. Another point to note is that bilateral trade between Germany and Turkey grew by 23.65% in the last 5 years. TOP EXPORTS FROM TURKEY TO GERMANY IN 2022 Every year Turkey exports varied items to Germany to fulfill the needs of its citizens. To keep a record of total exports, Turkey maintains a Turkey Export Data report. As per that report, the top exports made by Turkey to Germany in the year 2022 were: •Light automotive (USD 3.16 billion) •Mechanical machines and appliances (USD 2.93 billion) •Apparel and clothing items (USD 2.21 billion) •Aluminum products (USD 1.13 billion) •Iron and steel items (USD 1.13 billion) •Plastic goods (USD 756.14 million) Other items in the rundown are rubberized products, edible fruits and nuts, and furniture. TOP IMPORTS OF TURKEY FROM GERMANY IN 2022 Just like Turkey exports items to Germany, in the same way, Turkey also imports numerous products and items from Germany. As per Turkey Import Data for the year 2022, the top items imported by Turkey from Germany were: •Machines (USD 5.51 billion) •Automobiles (USD 4.12 billion) •Plastic items (USD 1.96 billion)

  4. •Aircraft and related spare parts (USD 1.45 billion) •Iron and steel (USD 1.08 billion) •Medical products (USD 958.35 million) CONCLUSION There is no doubt in saying that Turkey and Germany are decent trade partners, and both have scope for expansion. Just due to some policy amendments and earthquakes in Turkey, the proceedings are on a halt, and relations with the EU nations are getting strained. We hope that these issues get resolved soon so that bilateral trade can grow more. Now, if you need some detailed Export Import Data reports of any of these nations, then contact us today and get the most detailed form of reports from Tradeimex. Along with these two countries, we also deal in providing Export Import Data for 70+ other small and big countries that are into international trading of goods and services. Source URL : https://techplanet.today/post/bilateral-trade-statistics-between-turkey-and-germany

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