HOW STRONG ARE THE BILATERAL TRADE RELATIONS BETWEEN THE UNITED STATES AND TURKEY?

 IS THE BOND BETWEEN THE USA AND TURKEY STRONG OR WEAK?

Turkey is a part of the NATO group and is situated at the southern ends of Europe and Asia. Turkey is one of those nations that provides shelter to one of the most skilled and young workforces. Also, due to its geographic location, the USA finds Turkey as the idlest place for trade and attracts numerous US companies to invest in it. The downside to this fact is that due to some negative reasons like economic and political activities in Turkey, the trade relations between US and Turkey are on the weaker side overall.

In the year 2020, bilateral trade between the nations declined by 8% but in the year 2021, this trade grew by 33% and became USD 33 billion. The US Export Data with respect to Turkey grew by 19.5% whereas, the US Import Data grew by 45%. The major exports between the countries were space products, oil and gas, chemicals, and agro-products. On other hand, major imports were of petrol, textile, and iron products.

MAJOR EXPORTS & IMPORTS FROM AND TO UNITED STATES TO TURKEY IN 2020

According to the US Export Data for the year 2020, the US exported goods worth USD 10.7 billion to Turkey. The major products that were exported from the US as listed in the US Export Data were:

·        Aircraft (USD 1.45 billion)

·        Petroleum gas (USD 1.35 billion)

·        Scrap iron (USD 1.10 billion)

Growth of only 4.62% is observed in the total exports from the US to Turkey in the last 25 years.

If we talk about Imports, then in a span of 25 years, the total imports to the US from Turkey grew by just 7.4% resulting in total imports of USD 10.3 billion, as mentioned in the US Import Data for the year 2020.

Although numerous products were imported by the US from Turkey, as per the US Import Data the major products were:

·        Hand-stitched rugs (USD 884 million)

·        Precious metals like gold (USD 502 million)

·        Jewelry (USD 321 million)

LATEST MARKET INSIGHTS ABOUT US TRADE DATA – OCTOBER 2O22

After learning about the past trends in the bilateral trade between the US and Turkey, we are going to share some of the latest insights also with you.

According to the data released in the month of October 2022, the total exports from the US were close to USD 994 million to Turkey, and on the other hand, the total imports were USD 1.64 billion. This led to a trade deficit for the US of USD 640 million. As compared with the US Trade Data for the month of October 2021, the exports of the nation decreased by 11.3%, whereas imports rose by 12%.

As per US Export Data for October 2022, the major goods exported from the US to turkey were:

·        Petroleum gas (USD 180 million)

·        Spare parts of aircraft (USD 120 million)

·        Waste iron (USD 66 million)

·        Gold metal (USD 31.5 million)

·        Wood pulp derived from sulfate chemical (USD 31.1 million)

As per US Import Data for October 2022, the major goods imported to the US from Turkey were:

·        Petroleum gas (USD 180 million)

·        Spare parts of aircraft (USD 120 million)

·        Waste iron (USD 66 million)

·        Gold metal (USD 31.5 million)

·        Wood pulp derived from sulfate chemical (USD 31.1 million)

CONCLUSION

Despite having weak trade relations, the US and Turkey are into bilateral trade and as per our vision, the trade would grow in the future between these countries as both countries have the potential of expanding and growing. Although today the bond is weak but in coming years, we will see that the bilateral trade would grow and would break all records.

QUICK TIP

We hope you liked our report. If you are looking for a more advanced and detailed US Trade Data report or want a customized plan for yourself, then get in touch with us today and get the most interactive database from us which would help you formulate your strategies.

For any query, drop us a mail at info@tradeimex.in or visit our website https://www.usimportdata.com

 

 

 

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