The site to use for this question is www.export.gov • Discuss an overview of the
ID: 1105933 • Letter: T
Question
The site to use for this question is www.export.gov • Discuss an overview of the country Turkey and identify its key exports and imports. • Provide a brief two or three bullet point paragraphs on Turkey that would best explain key industries and or key factors I should understand on the country. The site to use for this question is www.export.gov • Discuss an overview of the country Turkey and identify its key exports and imports. • Provide a brief two or three bullet point paragraphs on Turkey that would best explain key industries and or key factors I should understand on the country. The site to use for this question is www.export.gov • Discuss an overview of the country Turkey and identify its key exports and imports. • Provide a brief two or three bullet point paragraphs on Turkey that would best explain key industries and or key factors I should understand on the country.Explanation / Answer
Turkey’s steady economy, advantageous geographical position, growing middle class, youthful population (average age of 29), and dynamic entrepreneurial class have made this country a growing market for U.S. exporters. Additionally, over 1,000 American firms, across virtually all industry sectors, have directly invested in Turkey. However, like many middle income developing markets, Turkey presents a range of challenges to doing business, including complex and at times turbulent politics, instability in neighboring countries, a complex bureaucracy, onerous terms and conditions in government contracts, a weakened judicial system, and market access barriers across a range of sectors. American firms are encouraged to work closely with the U.S. Mission in Turkey to vet potential projects, find qualified partners, and conduct due diligence.
Export-
In 2016 Turkey exported $139B, making it the 25th largest exporter in the world. During the last five years the exports of Turkey have decreased at an annualized rate of -0.802%, from $145B in 2011 to $139B in 2016. The most recent exports are led by Cars which represent 5.96% of the total exports of Turkey, followed by Gold, which account for 5.91%.
Imports
In 2016 Turkey imported $188B, making it the 18th largest importer in the world. During the last five years the imports of Turkey have decreased at an annualized rate of -2.781%, from $212B in 2011 to $188B in 2016. The most recent imports are led by Cars which represent 5.21% of the total imports of Turkey, followed by Unspecified, which account for 5.1%.
Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication. An emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, petrochemical, and electronics industries are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that has brought up to 1 million barrels per day from the Caspian region to market. The joint Turkish-Azeri Trans Anatolian Natural Gas Pipeline (TANAP) is moving forward to help transport Caspian gas to Europe through Turkey, helping to address Turkey's dependence on imported gas, which currently meets 98% of its energy needs.
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