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 Export 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 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.

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