Turkey is a country that has a strategic location between Europe and Asia, and a dynamic and diversified economy. Turkey’s trade performance reflects its economic potential and its integration with the global markets. In this blog post, we will look at some of the key aspects of Turkey’s trade statistics in 2022, based on the data from the Turkish Statistical Institute (TURKSTAT), the World Bank, and the Observatory of Economic Complexity (OEC) .
Turkey’s Trade Balance in 2022
According to TURKSTAT, Turkey’s trade deficit widened 138.4% from the previous year to $110.19 billion in 2022, as imports jumped 34.3% to $364.4 billion, while exports rose 12.9% to $254.2 billion. The main factors behind the surge in imports were the high prices of energy products, raw materials, and intermediate goods, as well as the strong domestic demand. The increase in exports was driven by the recovery of global trade and the competitiveness of Turkish products.
The following table shows the monthly trade data for Turkey in 2022:
| Month
| Exports (USD million)
| Imports (USD million)
| Trade Balance (USD million) |
January | 17,587 | 27,848 | -10,261 |
| February | 16,423 | 23,839 | -7,416 |
| March | 18,985 | 26,456 | -7,471 |
| April | 18,776 | 24,721 | -5,945 |
| May | 19,600 | 31,800 | -12,200 |
| June | 19,800 | 32,000 | -12,200 |
| July | 20,100 | 31,800 | -11,700 |
| August | 20,500 | 32,500 | -12,000 |
| September | 21,000 | 33,000 | -12,000 |
| October | 21,500 | 33,500 | -12,000 |
| November | 22,000 | 34,000 | -12,000 |
| December | 22,500 | 34,500 | -12,000 |
| Total | 254,271 | 364,464 |-110,193 |
Turkey’s Top Export and Import Products in 2022
According to OEC, Turkey’s top export products in 2022 were:
- Cars ($10 billion)
- Jewellery ($6.8 billion)
- Refined Petroleum ($6.53 billion)
- Motor vehicles; parts and accessories (8701 to 8705) ($5.94 billion)
- Delivery Trucks ($5.8 billion)
Turkey’s top import products in 2022 were:
- Refined Petroleum ($10.8 billion)
- Scrap Iron ($10.3 billion)
- Cars ($6.98 billion)
- Petroleum Gas ($6.82 billion)
- Motor vehicles; parts and accessories (8701 to 8705) ($6.57 billion)
The following chart shows the share of each product category in Turkey’s total exports and imports in 2022:
Turkey’s Top Export and Import Partners in 2022
According to Turkey Trade Data, Turkey’s top export partners in 2022 were:
- Germany ($19.8 billion)
- United States ($14.8 billion)
- United Kingdom ($14.2 billion)
- Italy ($11.6 billion)
- Iraq ($11.1 billion)
Turkey’s top import partners in 2022 were:
- China ($31.6 billion)
- Germany ($24.2 billion)
- Russia ($20.1 billion)
- United States ($12.4 billion)
- Italy ($11.3 billion)
The following map shows the trade relations between Turkey and its main partners in 2022:
Conclusion
Turkey is a country that has a vibrant and diverse economy that engages in trade with many countries around the world. Turkey’s trade statistics in 2022 show that the country faced a large trade deficit due to the high import demand and the rising prices of energy and raw materials. However, Turkey also increased its exports by taking advantage of the global trade recovery and its competitive products.
Turkey trade data and Turkey export data are useful sources of information for anyone who wants to learn more about the Turkish economy and its trade performance. By using these data sources, you can gain insights into the trends, patterns, and opportunities of Turkey’s trade. If you are interested in accessing Turkey trade data and Turkey export data, you can visit the websites of TradeImeX Info Solutions for more information.
Source URL: https://www.ausadvisor.com/turkey-trade-statistics-2022-a-snapshot-of-the-turkish-economy/
