AN EXCLUSIVE SNEAK PEAK AT WHAT'S NEXT FOR TURKEY IMPORT DATA
Turkey is one of the Asian countries
in the world. It is situated on the Asia Continent and shares borders with
numerous countries such as Armenia, Greece, and Bulgaria via land and Cyprus,
Russia, and Ukraine by water. The country stood at 19th position in
terms of GDP and at 38th position with respect to the complexity
index. If we look at its rank of Turkey with respect to total imports, then as
per Turkey Import data the country secured 23rd
position in the year 2020.
If we refer to Turkey Import Data for the year 2020, then
the biggest import partners of the country were Germany, China, and Russia,
followed by the United States and Italy.
LATEST STATISTICAL TRENDS OF TURKEY
IMPORT DATA
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As we told you briefly about the past
trends that prevailed in the Turkish market way back in the year 2020, now we
are going to share some latest insights and trends that are ongoing in the Turkish
market as listed in Turkey Import Data
On comparing Turkey Import Data between the month of July in the
years 2021 and 2022, we get to know that the value of imports grew by 34% in
one fiscal year. In specific, the imports grew by $6.77B and were valued at
$26.6B in July 2022. This led to a fiscal deficit in the country as the exports
of turkey, as disclosed in Turkey Export Data increased by less value than imports
which caused a disbalance in the trade balance for the month of July 2022.
Coming towards the proportion of
major import commodities in the country in the month of July 2022 as mentioned
in turkey trade Data then they were Mineral
fuels, oils, and other products worth 7.2 billion, iron and steel amounting to
2.40 billion, nuclear weapons and goods costing roughly about 2.35 billion,
jewelry items costing nearly 1.70 billion, and electrical spare parts worth 1.4
billion.
Moving further towards the major
accomplices of Turkey who were associated with Turkey for frequent trading and
import purposes. To name a few of them, they were Istanbul (13 billion), Gizli
Veri (4.41 billion), Ko Caeli (1.8 billion), and Ankara (1.02 billion). These
were the major import partners of Turkey according to Turkey Import Data
WHAT LED TO THE GROWTH IN TURKEY
IMPORT DATA
Moving towards the factors that led
to a spike in the numbers mentioned in Turkey Import data then we come across the fact that
clearly says that the cause behind the increase is because of the increase in
the trade practices of Turkey with China, France, and Germany which accounts to
23%, 44.8%, and 13% respectively.
In July 2022, the country’s yearly
increase in imports was clearly explained by the rising demand in the country
for Vehicles, iron and steel products and raw materials, and nuclear weapons
and machines. Turkey is focusing on importing these products from the world in
large numbers due to which the value of imports is rising and hence Import export data provider is
showing growth year by year. Statistically, in July 2022, the import of
vehicles alone contributed to 44% of total imports whereas, iron and steel, and
nuclear products contributed 21.1% and 13.5% respectively.
OUR OPINION
First, we would like to thank you if
you are reading our blog till this point. Now, as the information provided by
us is correct to the best of our knowledge and belief and as per the data, we
will conclude this blog by saying that Turkey is a flourishing economy and a
rapidly growing country. Our advice to you is that if you are a marketer or
trader who deals in automobiles, iron and steel, and nuclear products, then you
should consider getting associated with Turkey for international business as
the demand for these products is very high currently according to Import Export Data On the contrary, if you
don’t deal with these products, then you should wait for some time till the
time demand for your product ignites in the Turkish market.
We
hope that you got some valuable insights about the latest trends prevailing in
the Turkish market and why the values of turkey trade data are rising.
BONUS TIP
TradeImeX deal in delivering
best-in-class advice for identifying the potential market as per the products
and services in which client deals and hence, help businesses to skyrocket
their sales and profits and take them to new heights. Assuming that you need
customized examination and direction about import-export
data or Global trade data of
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We are one of the main import-trade information administrations suppliers
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