EMERGING MARKET IN TURKEY – MINERAL PRODUCTS INDUSTRY

 


ABOUT THE INDUSTRY – MINERAL PRODUCTS

Mineral fuels, oil, waxes, and bituminous substances have a very big market at the global level. In the world, it is considered the 3rd largest traded product which amounts to USD 1.5 trillion. Roughly, 8.8% of the total trade market is occupied by the export and import of Mineral products. If we talk about the rank of this product category with regard to (Product Complexity Index) PCI, then it is close to the 95th position.

In the year 2020, the largest exporters of mineral products were Russia, The United States, Saudi Arabia, the UAE, and Canada. Whereas, the major importing nations were China, the United States, India, Japan, and South Korea.

TURKEY TRADE DATA – MARKET IDEA

The market of mineral-based products such as mineral oils, distillation products, bituminous minerals, and mineral-based waxes is one of the emerging markets of Turkey. In the year 2020, Turkey imported these types of goods worth USD 17.56 billion. Whereas it exported these goods worth USD 5.28 billion.

EXPORT STATISTICS OF TURKEY – 2020

In the complete year 2020, the country exported mineral goods worth USD 5.28 billion. This export value gave a considerable boost to Turkey Export Data and made Turkey the 43rd biggest nation that exports mineral products in the world. Moreover, mineral products such as bituminous substances and mineral fuels became the 10th most favorite commodity of Turkey for exporting.

According to the list of major export partners of Turkey that is present in Turkey Export Data for the year 2020, we have noted them in descending order as per their contribution.

·        Netherlands (USD 445 million)

·        India (USD 430 million)

·        Lebanon (USD 378 million)

·        Belgium (USD 308 million)

·        Italy (USD 248 million)

Between 2019 and 2020, the rapidly growing export base for Turkey was set up in Belgium, South Africa, and Syria. These nations increased their interest with regard to importing mineral oils, bituminous substances, and distillation products from Turkey.

Turkey exported mineral fuels, oil, waxes, and bituminous products to the Philippines worth USD 2700 thousand. This data is derived from the Philippines Trade Data which is accurate and reliable to a wide extent. On the other hand, Turkey didn’t import any mineral products from the Philippines in the year 2021.

IMPORT STATISTICS OF TURKEY – 2020



In the complete year 2020, the country imported mineral goods worth USD 17.56 billion. This import value gave a huge boost to Turkey Import Data and made Turkey the 19th biggest nation that imports mineral products in the world. Moreover, mineral products such as bituminous substances and mineral fuels became the 03rd most favorite commodity of Turkey for importing.

According to the list of major Import partners of Turkey from which Turkey imported minerals products the most that are present in Turkey trade Data for the year 2020, we have noted them in descending order as per their contribution.

·        Russia (USD 4.45 billion)

·        Azerbaijan (USD 2.26 billion)

·        The United States (USD 1.8 billion)

·        Kazakhstan (USD 1.54 billion)

·        Nigeria (USD 1.15 billion)

Between 2019 and 2020, the rapidly growing import base for Turkey was set up in the United States, Norway, and South Africa. These nations increased their interest with regard to exporting mineral oils, bituminous substances, and distillation products to Turkey.

 

 

 

CONCLUSION

As it is observed and made clear that Turkey is growing its trade practices and performing trade of mineral products at a large scale, the ranking of the nation will come up in near future. Any importer who needs such goods, then he or she can target the Turkish market and find a potential supplier for themselves.

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If you want further analysis and the best advice about the Turkey Trade Data or Global Trade Data of any country, then contact TradeImeX® Info Solution Pvt Ltd. We are the market leaders who provide accurate and reliable trade data from more than 70 countries like the Philippines Export Data and also sell customized databases to our clients which are highly curated as per each client’s needs and wants.

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Comments

  1. Vane sightApril 29, 2023 at 5:40 AM

    Exim Trade Data is providing the trade intelligence report on US Import-export data. They are providing customized import export data which helps you in expanding your business in the US trade market

    ReplyDelete

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