Turkey has the 27th largest economy and stands 40th in economic complexity according to Economic Complexity Index (ECI). This newly industrialized country is classified as an emerging economy and developed economy according International Monetary Fund (IMF) and CIA World Factbook, respectively. The country is among the leading producers of agricultural products, textiles, transport equipment, construction materials, and consumer electronics. Turkey has evolved as an economy that works towards expanding the prosperity by emphasizing on stability and security that empowers human development and enduring sustainability. 2013 saw USD 60.6 billion of negative trade balance with Turkish exports of USD 164 billion and USD 225 billion of imports from Turkey. TheGDP per capita in 2014 was USD 8,872. The export prices and import prices index points stood at 95.66 and 88.74 respectively (August 2015).
Turkey is strengthening its transatlantic ties with the United States and the European Union. Balkans, Middle East and North Africa, Southern Caucasus, South and Central Asia, are the countries of extreme importance with respect to bonding its trade-ties, while it is also striving hard to deepen its foreign relations with the Sub-Saharan Africa, Latin America and Asia-Pacific regions. Turkey has announced its candidacy for a non-permanent membership in the Council this time for the years 2015-2016, after UN concluded its non-permanent seat.
Major trading partners of Turkey are Germany, Russia and Iran. EU-origin foreign investment has benefitted the industrial soar in Turkey following a custom union with the European Union. Turkey in turn has its FDI invested major in the form of construction and contracting companies in Russia (>30%), Bulgaria and Romania (>45%) and Poland. Petroleum and natural gas, nuclear energy, geothermal energy and minerals are of richest abundance as natural resources of Turkey. Major import partners are Russia (10.4%), China (10.3%), Germany (9.2%), USA (5.3%), and Italy (5%). Here is a snapshot at the major imports into its land:
The import of oil accounts to USD 16 billion (during 2013). Turkey imported a staggering 302.3 tons of gold during 2013. With high demand and increasing national assets, Turkey is the top third importer globally (After India and the United States).
Turkish market of refined petroleum products grows at CAGR of 14% over 2007-2012. Refined petroleum totals to USD 15.9 billion. During 2014, Turkey imported more than 3 million tonnes of petroleum products that included imports from Iran, Iraq, Saudi Arabia, Kazakhstan and Colombia.
Import of cars amounts to USD 9.3 billion from various parts of the world. While exports’ share in total production is also on rise, imports’ share in domestic markets is also showing a constant hike during recent years. Europe is the main import destination of Turkey.
USD 7.09 billion worth of scrap iron is imported from various countries. Turkey’s imports increased by 4% over 2012. 30% of US scraps of exports constitute of Turkish imports. While Britain sent 32 percent, Russia 47 percent, the Netherlands 30 percent, Belgium 37 percent and Germany 7 percent of exports to Turkey.
Turkey is an increasingly important transit hub for oil and natural gas supplies. The past decade has seen a significant increase in consumption of petroleum gas due to increased industrialization. USD 5.3 billion worth petroleum gas is imported to Turkey. 45.26 million cubic metres of natural gas during 2013 was imported into the country. Turkey significantly depends on Russia for its imports.
By isfara from Pixabay