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Turkey's Foreign Trade Policy and Dynamics

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Turkey's Foreign Trade Policy and Dynamics 22.03.2021-28.03.2021 No 299 TURKEY’S FOREIGN TRADE POLICY AND DYNAMICS International trade plays an important role in For the reported period, Turkey’s imports equaled $926 million, in 2020 it exceeded Turkey’s economy. Export remains a signif- from the Middle East countries grew sub- $23 billion, increasing by almost 25 times. icant source of revenue for the country. Tur- stantially, increasing from $2.9 to $21.2 bil- China’s share in Turkey’s total imports in- key is an important supplier of agricultural, lion and demonstrating 7.3-fold growth. The creased from 2.2% to 10.5%. As a result, the manufacturing and technological products region’s share in the country’s total imports trade deficit increased from a low $727 mil- to the global market. Therefore, this com- increased from 7% to 9.7%. Turkey’s key lion to a record $20.1 billion. Therefore, mentary aims to analyze the dynamics of regional import partners are Iraq, the United China plays an important role on Turkey’s Turkey’s foreign trade, show its key trade Arab Emirates and Egypt. In 2020, Turkey’s trade deficit issue. partners and the evolution of its trade policy. corresponding imports from these countries As international trade remains key for Tur- All calculations based on data from the In- equaled $8.2, $5.6 and $1.7 billion. There- key’s economic growth, the country pursues ternational Trade Centre (2021). fore, Turkey has a trade surplus with the re- a strategy of trade liberalization through ne- Turkey’s foreign trade increased considera- gion amounted to $9.8 billion in 2020. gotiations at the multilateral, regional and Trade with the CIS region remains im- bilateral levels. Turkey has been a member bly since the early 2000-s. Its exports to the of the World Trade Organization (WTO) world surged from $31.3 billion in 2001 to portant for Turkey. The country’s exports to since 1995. At the same time, Turkey ac- $169.5 billion in 2020. For the reported pe- the region increased from almost $2 billion tively conducts free trade agreements riod, the country’s imports grew from $41.4 in 2001 to $14.6 billion in 2020. For the (FTAs), of which the Turkey-EU Customs billion to $219.4 billion. Therefore, com- same period, the CIS’ share in Turkey’s to- Union remains key for the country. It nego- pared to 2001 data, exports in 2020 in- tal exports demonstrated slight growth, in- tiates and concludes FTAs with third coun- creased by more than 5.4 times, while creasing from 6.3% to 8.6%. The country’s tries in parallel with the EU and it currently growth in imports equaled almost 5.3 times. main export destinations in the region in- has 22 FTAs in force. Turkey continues However, the country’s trade deficit wid- clude Russia, Azerbaijan and Ukraine. In FTA negotiations with 17 countries and ened from $10 billion to almost $50 billion. 2020, Turkey’s exports to Russia equaled country blocs, including Japan, Ukraine, the The European Union (EU) remains Tur- $4.5 billion, while its supplies to Azerbaijan US, Canada, India, the Gulf Cooperation key’s largest trade partner. Turkey’s exports and Ukraine were approximately the same Council and MERCOSUR. It should be to the EU increased from $17.8 billion in and amounted to $2.1 billion. For the re- noted that many of Turkey's FTA partners ported period, Turkey’s imports from the re- are relatively small trade partners of the 2001 to more than $82 billion in 2020. For gion increased from $4.6 billion to $24.3 country. Previously, Turkey's FTAs covered the reported period, a share of the EU in Tur- billion. Russia also ranks first in terms of top only trade in goods. However, the country key’s total exports decreased from 56.7% to import partners from the region. In 2020, started to conduct deep FTAs as with the Re- 48.4%. Germany, the United Kingdom and Turkey imported products from Russia public of Korea. The FTA with Korea in- Italy are the top three export partners of Tur- worth $17.9 billion. The top three import cludes commitments on investment and ser- key. In 2020, their corresponding shares in partners also include Ukraine and Kazakh- vices. Turkey’s FTAs under negotiations in- Turkey’s total exports to the EU countries stan, from which the country’s imports clude deeper commitments and disciplines equaled 19.5%, 13.7% and 9.8%. Turkey’s on intellectual property, competition, dis- amounted to $2.6 and $1.2 billion, respec- pute settlement, and trade remedies. It is im- imports from the EU countries also grew tively. Therefore, Turkey has a large trade substantially. While in 2001 it equaled portant to note that Turkey’s applied tariffs deficit with the CIS. Analysis of the bilateral remain comparatively low but differ across $19.8 billion, in 2020 it amounted to $78.9 trade flows between Turkey and the CIS re- sectors. Moreover, under its obligations to billion. However, the share of the EU in Tur- gion shows an important role of energy WTO Turkey has the scope to increase tar- key’s total imports decreased considerably. products and metals in their mutual trade. iffs further because 50% of its tariff sched- For the reported period, it declined from The CIS provides Turkey with crude oil, ule is unbound. Expectations from the re- 47.9% to 36%. Germany remains the coun- natural gas and metals, prices for which cently concluded FTAs are high. The FTA try’s top import partner, followed by Italy grew substantially since the early 2000-s. between Turkey and the United Kingdom, and France. In 2020, their corresponding Both higher prices and increasing consump- which took effect on January 1, 2021, is rec- shares in Turkey’s total imports from the EU tion in Turkey can explain the large trade ognized as one of the most important trade were equal to 28%, 11.6% and 8.8%. There- deficit between Turkey and the CIS region, deals of Turkey since its 1995 Customs Un- fore, in 2020 Turkey’s trade surplus with the which in 2020 amounted to $9.7 billion. ion with the EU. The FTA will substantially EU countries amounted to $3.1 billion, The US is also an important market for Tur- decrease costs for Turkish producers as in while in 2001 it had a trade deficit equaling key’s products. The country’s exports to the the absence of the deal, about 75% of Turk- ish exports to the UK would have been sub- $2 billion. US increased from $3.1 billion in 2001 to ject to tariffs, causing losses of some $2.4 Turkey’s other important trade partners in- $10.2 billion in 2020. At the same time, the billion. The FTA will eliminate this risk. It clude countries of the Middle East, the Com- US share in Turkey’s total exports declined is important to note that besides industrial monwealth of Independent States (CIS) re- from 10% to 6%. Turkey’s imports from the products, the agreement includes agricul- gion, the United States (US) and China. Tur- US also grew from $3.3 to $11.5 billion. The tural goods. A planned FTA with Ukraine key’s exports to the Middle East countries US share in Turkey’s total imports also de- aims to double bilateral trade and increase it surged. While in 2001 exports amounted to creased from 7.9% to 5.2%. to $10 billion. According to officials of the $3.3 billion, in 2020 it reached almost $31 Turkey was able to significantly increase its countries, the FTA will further strengthen billion, increasing by 9.4 times. Iraq is Tur- exports to China. While in 2001, its supply bilateral economic ties. key’s largest destination market in the Mid- was low and amounted to $199 million, in Thus, Turkey remains an important player in 2020 it surged to $2.9 billion demonstrating international trade. The EU is the largest dle East. In 2020, Turkey supplied to Iraq trade partner of the country. However, trade products worth $9.1 billion. The country’s an almost 14.6 times increase. However, de- spite China’s share in Turkey’s total exports with other regions and separate countries in- top three trade partners also include Israel creased substantially during the last two and Egypt, where Turkey’s exports increased from 0.6% to 1.7%, it remained decades. Turkey pursues both multilateral- amounted to $4.7 and $3.1 billion, respec- low compared to other above-mentioned ex- ism and regionalism and the increasing tively. The Middle East’s share in Turkey’s port markets. However, China became one number of FTA’s would continue to posi- total exports increased from 10.6% in 2001 of the key import partners of Turkey. While tively contribute to the economic growth to 18.2% in 2020. in 2001 Turkey’s imports from China process of the country in general. Written by Azimzhan Khitakhunov, Eurasian Research Institute, Kazakhstan Politics, Foreign Affairs, and Security Economy, Finance, and Energy Society and Culture The President of Kazakhstan Kassym- The Khorgos dry port, located between The Secretary-General of the Turkic Jomart Tokayev had a phone conversation Kazakhstan and China, demonstrated a Council, Baghdad Amreyev held a meet- with his Russian colleague Vladimir Putin. record cargo traffic in 2020 despite the ing with the Ambassador Extraordinary The Presidents discussed a wide range of pandemic.
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