e RELATIONS BETWEEN CHINA AND TURKEY
The first ever diplomatic contact or relation between Turkey and China started in the year 1934 when both nations mutually agreed upon and signed a Friendship and commerce treaty. The diplomatic relations between the two came to an end in the year 1949 due to the establishment of a new organization named the People’s Republic of China (PRC). After many years, Turkey again tried to restore trade relations with China in the year 1971 and finally, the diplomatic relations between Turkey and China again came into effect in the year 1971.
From then till the year 2010, the trade between these nations was not that good and no significant improvements were noticed. At the last, at the start of 2010, both nations came into a strategic partnership and started trade practices at full scale.
In the past few years, the economic and trade relations between Turkey and China are growing very quickly. Comparing the bilateral trade stats of past years, then in the year 2009, the total bilateral trade was USD 10.07 billion which touched USD 27 billion in the year 2017 and USD 36 billion in the year 2021. According to the Turkey Trade Data report for the ongoing year 2023, China has climbed up to 2nd position as the largest import partner of Turkey.
BILATERAL TRADE INSIGHTS OF TURKEY AND CHINA (2018-2022)
Below is a statistical table that contains year-wise imports and exports of Turkey with respect to China for the past 5 years.
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BILATERAL TRADE ANALYSIS OF CHINA AND TURKEY (2018-2022) |
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|
YEAR |
TURKEY > CHINA |
CHINA > TURKEY |
TOTAL TRADE |
|
2018 |
USD 2.91 billion |
USD 20.71 billion |
USD 23.62 billion |
|
2019 |
USD 2.72 billion |
USD 19.12 billion |
USD 21.84 billion |
|
2020 |
USD 2.86 billion |
USD 23.04 billion |
USD 25.90 billion |
|
2021 |
USD 3.66 billion |
USD 32.23 billion |
USD 35.89 billion |
|
2022 |
USD 3.28 billion |
USD 41.35 billion |
USD 44.63 billion |
As observed from the table, the Turkey Import Data is dominated by China as the exports from China are rising every year, whereas the Turkey Export Data is quite similar in all the years with just minor fluctuations.
TOP ITEMS EXPORTED BY TURKEY TO CHINA IN THE YEAR 2022
As per the Turkey Export Data report for the year 2022, the major products exported by Turkey to China were:
- Ores and slag (USD 875.71 million)
- Ground elements (USD 554.95 million)
- Inorganic chemicals (USD 356.71 million)
- Machines (USD 211.43 million)
- Copper products (USD 141.75 million)
- Mineral fuels and oils (USD 126.08 million)
Other main items exported to China were nickel items, edible meat, optical and precision tools, and edible fruits and nuts.
TOP ITEMS IMPORTED BY CHINA TO TURKEY IN THE YEAR 2022
With exports, Turkey imported numerous valuable products and items from China also in the year 2022. As per the Turkey Import Data report, the major items registered in the year 2022 were:
- Machines (USD 9.03 billion)
- Electrical equipment and gadgets (USD 9.02 billion)
- Iron and steel (USD 3.48 billion)
- Organic chemicals (USD 3.32 billion)
- Plastic products (USD 2.37 billion)
- Automobiles (USD 1.20 billion)
Other major items imported to Turkey from China were man-made textiles, precision equipment, paper and cardboard, precious stones, and staple fibers.
CONCLUSION
After so much stressed situation, the bilateral trade between China and Turkey is now coming on the right track with considerable growth being observed every year. As per our estimates and analysis, this bilateral trade surely has a good future and growth opportunities in the upcoming years. If you are interested in getting the database of any of these nations or want to know more about any country’s trade data, then get in touch with us and clear up all your doubts and queries.
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Source URL: https://www.atoallinks.com/2023/what-research-says-about-the-bilateral-trade-between-turkey-and-china/
