TURKEY AND GERMANY ARE BECOMING THE BEST TRADE PARTNERS IN THE LAST FEW YEARS

-


BRIEF SUMMARY – ECONOMIC RELATIONS & BILATERAL TRADE

The trade relations between the countries are strong since the very beginning. The economic ties and bonds between the nations are very strong and they are strengthening even more as the years are passing. Germany’s major exports to Turkey as mentioned in Turkey Import Data are machinery, electrical goods, and motor vehicles. On the other hand, according to Turkey Export Data the nation exports goods like textiles, food items, and motor vehicles. Moreover, businessmen from Turkey who are close to 2 lakhs, are employed in Germany-based companies. You would be surprised to know that close to 4000 German companies are functional in Turkey. Both nations are considered to be the best partners in terms of foreign trade and technical and financial cooperation.

In the year 2020, the bilateral trade between the two nations was USD 38 billion. The biggest investment made by German companies was 25 billion euros in the energy sector of Turkey.

STATISTICAL FIGURES SHOWING BILATERAL TRADE BETWEEN TURKEY AND GERMANY

According to the database and Turkey Export Data for the year 2020, Turkey exported goods worth USD 16.3 billion, and the major exporting products from Turkey were automobiles and motor spare parts. Also, if we refer to Turkey Import Data for the same year, we get to know that the nation imported goods worth USD 24 billion from Germany which showed that cars were the major import products worth USD 2.66 billion.

Turkey exported goods worth USD 16.3 billion to Germany as mentioned in Turkey Export Data for the year 2020. The major products exported from Turkey were:

·        Automobiles and spare parts (USD 919 million)

·        Four-wheelers (USD 884 million)

·        Engine parts (USD 801 million)

After studying the bilateral trade analysis of the last 25 years, we get to know that exports from Turkey to Germany had grown at an annual rate of 4.64%.

In addition to goods, Turkey exported services also to Germany as mentioned in Turkey Export Data for the year 2020 which were worth USD 16.3 billion that included Travel services and Insurance services.

On the other hand, if we talk about what Germany exported to Turkey, then according to the Turkey Import Data for the year 2020, Turkey imported goods worth USD 24 billion from Germany. The major products that were exported from Germany to Turkey were: (INR 50,000/-)

·        Four-wheelers, especially cars (USD 2.65 billion)

·        Planes and helicopters (USD 1.98 billion)

·        Motor vehicles and motor accessories (USD 1.22 billion)

After studying the bilateral trade analysis of the last 25 years, we get to know that exports from Germany to Turkey had grown at an annual rate of 5.73%.

In addition to goods, Germany exported services also to Turkey as mentioned in Turkey Import Data for the year 2020 which were worth USD 1.79 billion that included transportation services and computer and IT services.

GLOBAL MATRIX

Economic Complexity Index, also known as ECI, measures the productive capabilities of big economic systems, like cities and regions. So, based on these terms, in the year 2020, Turkey secured the 38th rank in ECI and Germany secured the 4th rank in ECI. If we talk about the ranking of the nations based on total exports, then Turkey was 29th and Germany was 3rd.

CONCLUSION

In the end, we would like to only state that as far as the economic and trade relations between the countries are concerned, the relations are strong and strengthening over time. Germany is fulfilling the demand for automobiles in Turkey whereas, Turkey is fulfilling the demand for apparel and motor spare parts in Germany. Both countries are contributing equally to each other and growing together.

 

 

KNOW MORE ABOUT THE INTERNATIONAL MARKET

If you want further analysis and the best advice about Turkey's Import Data or Turkey Trade Data or the Global Trade Data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the best companies available online that provide 100% accurate and reliable trade data from more than 70 countries including Vietnam Export Data and the Philippines Import Data at affordable prices. We sell customized databases to our clients which are designed as per each customer’s needs and preferences.

To stay in touch with the overseas market and its analysis and trends, follow our newsletter and keep checking our website. For more queries, connect with us over the mail at info@tradeimex.in.

 

 

 

Comments

Post a Comment

Popular posts from this blog

GROWING TRADE BETWEEN PHILIPPINES AND TURKEY – A COMPARATIVE STUDY

-
Image
GEOGRAPHICAL OVERVIEW – PHILIPPINES AND TURKEY Both, the Philippines as well as Turkey are located in the Asian Continent. The Philippines is situated in the Southern part of Asia whereas Turkey is located in the Western part of Asia. On comparing the land area of both the countries we get a clear picture as to which country is big and which is smaller based on land area. Turkey is undoubtedly a much bigger country than the Philippines as it comes with more than twice the land area. Surprisingly, despite having a small land area, the population of the Philippines is much more than Turkey. PHILIPPINES TRADE DATA AND TURKEY TRADE DATA RELATIONSHIP Due to the growing trade between the two nations, the government of each country is working towards the establishment of a Free Trade Agreement to eliminate all barriers that hinder trade between the two nations. Both governments are promoting bilateral trade to boost Turkey Trade Data and the Philippines Trade Data through imports an
Read more

BILATERAL TRADE SECRET OF VIETNAM AND THE PHILIPPINES

-
Image
  The Philippines and Vietnam, both the nations are situated close to each other and share a common continent, Asia. Vietnam is a bigger nation as compared to the Philippines, but in contrast, the population of the Philippines is more than Vietnam which leads to more population density and per capita income in the Philippines. Being populated with fewer people, Vietnam has a vast open space for development programs and the setting up of new industries and manufacturing units. Both countries share healthy bilateral trade relations with each and are into trade practices every now and then. BILATERAL TRADE SECRET OF VIETNAM AND THE PHILIPPINES As we mentioned above, the trade relations between both nations are very strong. This statement proves to get true by looking at the statistics shared by Philippines Trade Data and Vietnam Trade Data for the year 2020. As per Vietnam Export Data for the year 2020, the nation exported goods worth USD 3.65 billion to the Philippines. On the othe
Read more

THE SICK TRUTH OF VIETNAM TRADE DATA

-
Image
  AN INTRODUCTION TO VIETNAM TRADE DATA Vietnam, now officially known as the Socialist Republic of Vietnam is a country that is situated in Southeastern Asia. With a land area of 311,699 square kilometers, the country inhabits 96 million people which makes it the 15 th  most populous country in the world. Vietnam shares its borders with multiple countries, namely, China, Laos, Cambodia, Thailand, and the Philippines. As per the import export data of Vietnam , total imports regarding products, were worth USD 270 billion, while services imported were worth USD 18.3 billion in the year 2020. On the other hand, if we refer to Vietnam export data of then we come to know that in the year 2020, total exports made by the country regarding products were close to USD 300 billion, while services exported were worth USD 16.6 billion. In the year 2021, the values of imports and exports of the country were close to USD 202.6 billion and USD 214.1 billion. Vietnam ranked 18 th  in the case of i
Read more