ELECTRIC MACHINERY TRADE BETWEEN TURKEY AND VIETNAM IS SHOWING AN UPWARD TREND

1. ELECTRIC MACHINERY TRADE BETWEEN TURKEY AND VIETNAM IS SHOWING AN UPWARD TREND ELECTRIC MACHINES MARKET IN TURKEY The electric machines sector is operational in Turkey for a very long but due to some technical and engineering advancements in the 1990s, the electric machinery market of Turkey diversified, and various varieties came into public. Due to the widespread diversification and sales, the share of electric machinery in the Turkey Trade Data went up to 1.1% in the year 2002 and 3% in 2004 with total machine exports of USD 1.8 billion. The variety of machines manufactured in Turkey has given an extra edge to this industry. Ranging from cables, wires, and electrical appliances, to AC, motors, and transformers, everything is now manufactured in Turkey at affordable prices. In the global scenario, out of total electric machinery exports, 3% share is of Turkish

2. products. Today, Turkey exports electric machinery to almost 179 countries out of whom, Germany is the major importer as per Turkey Export Data 2022. Germany is followed by Iraq, the UK, Russia, France, and Iran. Based on Turkey Trade Data 2021, we have derived Turkey Export Data for the same year which mentions that in 2021, Turkey exported machines worth USD 112 million across the globe and the top 05 export partners of Turkey were: The United States (USD 17.7 million) Uzbekistan (USD 11.4 million) Germany (USD 7.48 million) Azerbaijan (USD 5.78 million) Iran (USD 3.81 million) In the same manner, Turkey also maintains its separate Turkey Import Data that tells that the nation imported machines worth USD 351 million from the world. The major imports were done from: China (USD 140 million) Germany (USD 33.5 million) France (USD 32.6 million) Italy (USD 23.7 million) The United States (USD 19.4 million) ELECTRIC MACHINES MARKET IN VIETNAM Vietnam is also not much behind Turkey in importing and exporting electric machines. According to Vietnam Export Data which is derived from Vietnam Trade Data for the year 2021 states that Vietnam exported electric machines worth USD 763 million to the world which made it the 14th largest country to do so. If we talk about the major export destinations of Vietnam, then the list of the top 05 countries mentioned in Vietnam Export Data 2021 is as follows: The United States (USD 338 million) China (USD 125 million) South Korea (USD 80 million) Japan (USD 75.5 million) Malaysia (USD 25.3 million)

3. Similarly, Vietnam imported electric machinery worth USD 1.04 billion according to Vietnam Import Data for the year 2021. This value bough Vietnam to the 16th position as the largest importer of electric machinery in the world. The top 05 countries from whom Vietnam Imported these machines as mentioned in Vietnam Import Data were: China (USD 723 million) South Korea (USD 112 million) Japan (USD 73.5 million) Singapore (USD27.7 million) Thailand (USD 26 million) BILATERAL TRADE OF ELECTRIC MACHINERY BETWEEN TURKEY AND VIETNAM After seeing the individual contribution of both nations in the Import Export Data of Electric machinery and appliances, now we are going to have a look at the bilateral trade between both countries with regard to electric machines. From the view of Vietnam, we are going to understand bilateral trade and look at the past 5 years’ trends. BILATERAL TRADE OF ELECTRIC MACHINERY B/W TURKEY AND VIETNAM YEAR TURKEY > VIETNAM 2017 USD 17.15 million 2018 USD 23.59 million 2019 USD 23.33 million 2020 USD 21.34 million 2021 USD 70.41 million VIETNAM > TURKEY USD 1.06 billion USD 683.30 million USD 522.31 million USD 458.46 million USD 533.39 million From the above-mentioned table, it is quite clear that Vietnam exports more electric machinery than it imports from Turkey. The point to be noted is that Turkey Import data is much dominated by Vietnam and as a result, experiences a trade deficit in the trade of machines. CONCLUSION After complete analysis and reports, it is clear that both nations are actively in the race of importing and exporting electric machinery. As per our estimates, as the

4. world is changing and new technologies are coming up, the working of electric machinery will be changing in the near future and hence trade will also take a leap and grow. We suggest new traders and marketers formulate their strategies accordingly and start working on it now. WHAT TRADEIMEX HAS TO SAY… We genuinely want to believe that you would have loved our educational report that was focused on the trends and current scenario of imports and exports of electric machinery with a main focus on Turkey and Vietnam. For all the more such astounding and enlightening stuff, keep in contact with us on our social handles and website. Reach us in the event that you have any questions or are intrigued to purchase Vietnam Trade Data or Turkey Trade Data for the most recent years. We also provide Import Export Data for 70+ nations like Vietnam, the Philippines, and Turkey so you stay in stride in front of your rivals and come up with additional successful methodologies and produce enormous benefits. For more info- https://www.tradeimex.in/