WHO IS A MAJOR TRADE PARTNERS OF TURKEY ?

1. WHO IS A MAJOR TRADE PARTNERS OF TURKEY? BRIEF OVERVIEW Being topographically essential junction between Europe, Asia, and the Center East, Turkey has been a fundamental player in global exchange for quite a long time. Today, the nation keeps on major areas of strength for fashioning organizations with different countries, setting its situation as a foreign trade center. Today we will investigate Turkey's significant trade partners, analyzing the vital nations with whom it shares significant monetary ties and the meaning of these connections in driving the country's financial development and improvement.

2. TOP TRADE PARTNERS OF TURKEY Being one of the major trading country, Turkey has developed its own unique value in the global market, making it the most viable trade alternative in the world. As per Turkey Trade Data reports, the biggest trade partners of the nation are as follows: MAJOR TRADE PARTNERS OF TURKEY (2022) COUNTRY IMPORTS Germany USD 24.03 billion United Kingdom USD 5.90 billion United States USD 15.22 billion Iraq USD 5.90 billion China USD 41.35 billion EXPORTS USD 21.14 billion USD 13.01 billion USD 16.88 billion USD 13.75 billion USD 3.28 billion 1.GERMANY Among the EU nations, Germany merits exceptional consideration as Turkey's most huge individual exchanging partner. The solid monetary ties among Turkey and Germany are the consequence of vigorous modern participation and a sizable Turkish diaspora in Germany. The two nations take part in bilateral exchange of different labor and products, with hardware, vehicles, and synthetic compounds being significant things in the exchange stream. Besides, German interest in Turkey has been significant, especially in assembling and framework projects. This common coordinated effort keeps on encouraging financial development and success for the two countries. 2.UNITED KINGDOM Despite the uncertainties surrounding Brexit, the United Kingdom remains an essential trade partner for Turkey. The two countries have a longstanding history of

3. economic cooperation, and Turkey's Customs Union agreement with the EU still applies to trade with the UK until a new trade deal is reached. The UK imports textiles, clothing, and agricultural products from Turkey, while Turkish businesses benefit from British investments in various sectors. As the UK seeks to establish its independent trade relationships post-Brexit, Turkey presents significant opportunities for strengthening ties outside the EU framework. 3.UNITED STATES The United States is another key trading partner for Turkey, with trade relations spanning a wide range of industries. Both countries exchange machinery, vehicles, precious metals, and pharmaceuticals, among other products. Additionally, Turkey's strategic location between Europe and the Middle East makes it a crucial transit point for goods flowing between the US and its trading partners in Asia and Africa. Furthermore, Turkish-American business collaborations extend beyond trade to encompass investments and joint ventures, leading to shared economic growth and technological advancements. 4.IRAQ Neighboring Iraq plays a vital role in Turkey's trade landscape due to its proximity and energy reserves. Despite political challenges, the economic ties between the two nations have remained strong. Turkey exports a diverse range of products to Iraq, including construction materials, food products, and textiles. Additionally, Iraq's oil and gas reserves present opportunities for Turkish companies to participate in infrastructure projects and energy investments. This economic

4. partnership fosters regional stability and contributes to the development of critical sectors in both countries. 5.CHINA China has emerged as a significant trading partner for Turkey in recent years. The economic complementarity between the two countries has facilitated the exchange of goods as mentioned in Turkey Export Data reports, such as machinery, textiles, and electronics. Turkey's strategic location along China's Belt and Road Initiative (BRI) makes it an attractive destination for Chinese investments and trade partnerships, connecting Europe and Asia. Furthermore, Chinese investment in Turkey's infrastructure and energy sectors has enhanced the country's economic capabilities, while Turkish products find a substantial consumer base in the vast Chinese market. CONCLUSION Turkey's major trade partners play a crucial role in shaping its economic landscape and driving growth and development in various sectors. The nation's strategic geographic location, coupled with its dynamic and diverse economy, has attracted significant trade and investment from countries across the globe. The partnerships with the European Union, Germany, the United Kingdom, the United States, Iraq, and China have not only boosted Turkey's exports but also facilitated valuable imports that contribute to its industrial and technological progress. At the end, we would like to conclude on this note that if you are looking to expand your market globally starting with Turkey, then contact TradeImeX today and get the best and most detailed version of datasets at the most affordable prices.

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