TRADE STATISTICS OF TURKEY AND THE UNITED KINGDOM – SUCCESSFUL BILATERAL TRADE OR NOT?


ARE TURKEY AND THE UK BEST TRADE FRIENDS?

The two countries have been connected with each other for a very long time now. This connection was even present during World War 1 when both nations fought against each other. After that major event, no such situation is faced by both nations and the relations have also become more cordial and stronger in these years. Currently, communication is done between both countries via embassies, i.e., the British embassy is situated in Ankara while the Turkish embassy is situated in London.

Moving towards trade or bilateral relations, then we are glad to update you that the bilateral trade between Turkey and the UK is also very good and is growing every year. To give a glimpse into it, we have added a quick comparison table that contains data for the last 5 years.

TURKEY AND THE UNITED KINGDOM BILATERAL TRADE TRENDS (2018-2022)

YEAR

UK > TURKEY

TURKEY > UK

TOTAL BILATERAL TRADE

2018

USD 7.44 billion

USD 11.10 billion

USD 18.54 billion

2019

USD 5.63 billion

USD 11.28 billion

USD 16.91 billion

2020

USD 5.58 billion

USD 11.23 billion

USD 16.81 billion

2021

USD 5.55 billion

USD 13.70 billion

USD 19.25 billion

2022

USD 5.90 billion

USD 13.01 billion

USD 18.95 billion

 

From the above bilateral trade trends of the past 5 years, it is clear that Turkey Export Data dominates Turkey's Import Data with respect to the United Kingdom which brings Turkey to the sweet spot of being in a trade surplus. Another thing that is observed through this table is that the total bilateral trade every year remained more or less similar in the last 5 years, this shows that the trade is consistent between both nations without much fluctuation.

 

 


 

MAJOR IMPORTS OF THE UNITED KINGDOM FROM TURKEY IN THE YEAR 2022

In the year 2022, various products and items were imported by Turkey from the United Kingdom. But amongst all of them, the top products imported by Turkey as per Turkey Import Data from the United Kingdom were:

·        Machines and appliances (USD 1.85 billion)

·        Iron and steel (USD 1.20 billion)

·        Automobiles (USD 449.62 million)

·        Electric machines (USD 295.15 million)

·        Plastic products (USD 229.70 million)

·        Beverages (USD 156.18 million)

·        Optical and precision tools (USD 139.58 million)

Out of the total imports made by Turkey from the United Kingdom in the year 2022, the contribution of machinery and mechanical appliances was the most which were close to 31.35% of the total Turkish Imports.

MAJOR EXPORTS OF TURKEY TO THE UNITED KINGDOM IN THE YEAR 2022

Just as Turkey imported multiple products and items from the UK, the nation exported its products too. So, based on Turkey Export Data 2022, the top products exported by Turkey to the UK were as follows:

·        Light automotive (USD 3.01 billion)

·        Electrical machines and tools (USD 1.35 billion)

·        Apparel and garments (USD 1.34 billion)

·        Machines (USD 1.13 billion)

·        Iron and steel products (USD 695.61 million)

·        Plastic items (USD 578.52 million)

The biggest share was of automobiles which were close to 4.32% of total exports made by Turkey.

 

 

 

INTERESTING FACTS ABOUT TURKEY-UK TRADE RELATIONS

A free trade agreement has been signed by both nations on 29th December 2020 to strengthen the bilateral trade relations even more. After signing this agreement, all the trade barriers are removed between both nations and now they are free to trade anything they want without any hindrance. Even, the customs and duties are also reduced.

As mentioned in Turkey Trade Data, the biggest trading company in Turkey is named BERFA Group (leading manufacturer). On the other hand, the largest trading company in the United Kingdom is named M.P. Smith.

The United Kingdom and Turkey, both are members of G20, the Council of Europe, and NATO. Both countries work proactively towards the betterment of the Import Export data and Global Trade Data and help to maintain the economy of the world in a very efficient manner.

LAST VERDICT

In the end, we would like to say that as the trade relations between both nations are getting stronger and more consistent, it is estimated that in the coming years, this trade pattern will remain like it is now and very minimal changes can be seen. If you like to trade your goods to any of these nations, then feel free to contact TradeImeX and get the best and most elaborative Export Import Data and market research report at the most affordable price.

 For more info –

Turkey Trade Data

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