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STATISTICAL REPORT ABOUT THE BILATERAL TRADE BETWEEN TURKEY AND INDONESIA

Itu2019s been 70 years since the first diplomatic relations between Indonesia and Turkey started. As both nations are dominated by Muslims and fall under the category of modern democracies, the establishment of bilateral trade between these countries was necessary.

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STATISTICAL REPORT ABOUT THE BILATERAL TRADE BETWEEN TURKEY AND INDONESIA

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  1. STATISTICAL REPORT ABOUT THE BILATERAL TRADE BETWEEN TURKEY AND INDONESIA BACKGROUND It’s been 70+ years since the first diplomatic relations between Indonesia and Turkey started. As both nations are dominated by Muslims and fall under the category of modern democracies, the establishment of bilateral trade between these countries was necessary. At present, the embassies of both countries are operational in each other’s countries.

  2. The trade between both countries was tightened in 2004 due to the Tsunami that hit Indonesia and Turkey provided aid, supplies, and shelter to the affected people. Later, in the year 2011, Indonesia supported Turkey to overcome the adverse effects of the Van Earthquake. These two incidents boosted the bilateral trade between the countries. BILATERAL TRADE TRENDS BETWEEN TURKEY AND INDONESIA The bilateral trade between both countries has been experiencing upward growth for many years, and the growth is forecasted to rise further in the upcoming years. An agreement was signed between both nations, namely, Indonesia-Turkey Comprehensive Economic Partnership Agreement (IT- CEPA). This agreement was made to further expand and strengthen the trade relations between the two countries and to increase economic cooperation. The main focus behind making this agreement was to give a boost to business collaboration, along with trade. As per the estimates, in the coming years, this agreement will provide an extra mileage of USD 10 billion in bilateral trade between Indonesia and Turkey. On observing the bilateral trade statistics of both countries, it is quite clear that the trade between Indonesia and Turkey is rising at a very good pace. We are going to show you the trade trends of the last five years now. BILATERAL TRADE TRENDS BETWEEN TURKEY AND INDONESIA (2018-2022) YEAR TURKEY > INDONESIA INDONESIA > TURKEY 2018 USD 270.44 million 2019 USD 289.37 million 2020 USD 213.80 million 2021 USD 313.04 million 2022 USD 367.28 million TOTAL TRADE USD 1.6 billion USD 1.63 billion USD 1.39 billion USD 2.15 billion USD 3.14 billion USD 1.33 billion USD 1.35 billion USD 1.18 billion USD 1.84 billion USD 2.78 billion

  3. From the table containing the statistics of the last five years, the Turkey Import Datareports show higher values than the Turkey Export Data reports. This means that Turkey remains in a trade deficit whenever it trades with Indonesia. Now, let’s learn more about the top products imported and exported to and from Turkey to Indonesia. So, in the year 2022, the top products imported by Turkey from Indonesia as per Turkey Export Data were: Iron and steel products (USD 638.6 million) Edible animal fats and oils (USD 455.86 million) Man-made staple fibers (USD 334.31 million) Paper products (USD 196.76 million) Rubber items (USD 188.76 million) Just like Turkey Imported various items from Indonesia in the year 2022, it also exported multiple products to Indonesia as mentioned in the Turkey Export Data report. The major products exported from Turkey to Indonesia in the year 2022 were: Machines and mechanical appliances (USD 84.93 million) Light automobile (USD 41.38 million) Inorganic chemicals (USD 40.80 million) Tobacco and its substitutes (USD 30.40 million) Iron and steel articles (USD 13.81 million) FUTURE ASPIRATIONS AND GOALS – CONCLUSION At present, there are a total of 51 Turkish firms that are 100% operational and situated in Indonesia whereas, 19 Indonesian companies are fully operational in Turkey. “Indomie instant noodles” of Indonesia are quite

  4. famous and popular amongst Turkish people, on the other hand, one of the Turkish electronic brands named “Beko Home Appliances” is famous and widely used in Indonesia. Moreover, during the G20 summit at Bali in year 2022, Turkey and Indonesia signed a memorandum where Karsan (bus manufacturing company in Turkey) along with Credo Group Schacmindo (bus manufacturing company in Indonesia) agreed to bring a complete transformation in the buses of Indonesia with regard to their assembly and mode of emission. This will boost Turkey Trade Data along with Indonesia’s trade reports significantly. Similar kinds of pacts and deals are getting signed and agreed upon between Indonesia and Turkey on a frequent basis which is strengthening trade relations and friendship between Turkey and Indonesia. It is expected that this trade relationship will increase further in the future, leading to more imports and exports to and from each nation. We hope you liked this informative blog about the trade trends between Turkey and Indonesia. For more insights about any nation, get in touch with TradeImeX and get the best Import Export Data reports for more than 70 countries with 100% accuracy and authenticity. We provide free samples and demos to make every user understand the trade reports so that they face no difficulty while making their strategies. Source URL : https://kemetium.com/read-blog/22242

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