Germany is not only a country with a high mutual trade volume with Turkey, but is also among the countries with the highest investment volume. Germany is also Turkey’s most important trading partner. It is the country with the second-highest number of foreign companies in Turkey, with 7,600 companies.
Turkey has set a new record in exports to Germany. The Turkish economy has seen an increase in exports to its top trading partner, according to the Turkish Statistical Institute (TurkStat or TUIK). The exports to Germany reached a historic high of $17 billion 705.4 million in 2021, an annual increase of 22.9 percent. Trade volume between Germany and Turkey also reached a record high of 41.1 billion dollars.
A New Record with 1 Billion 644 Million Liras of Export in February!
This year, Turkey continues to break records in exports to Germany, its largest market. Turkish exports to Germany reached a record high of 1 billion 644 million 24 thousand dollars in February. It increased 21.4 percent compared to the same period of the previous year. Thus, Germany became Turkey’s largest export market.
Turkey’s other major export markets were the United States with 1 billion 118 million 491 thousand dollars and the United Kingdom with 1 billion 56 million 830 thousand dollars. Italy followed with 985 million 695 thousand dollars as well as Iraq with 832 million 154 thousand dollars.
Turkey’s exports to the US increased by 36.1 percent and to the UK by 14.6 percent. Exports to Italy increased by 27.2 percent and to Iraq by 40.5 percent compared to the same period of the previous year.
Automotive Industry Ranks First in Export to Germany
The automotive industry made the most exports to Germany last month. The automotive industry has exported 382 million 765 thousand dollars to the country.
After the automotive industry, the clothing and apparel sector exported 331 million 881 thousand dollars. The ferrous and non-ferrous metals sector made exports worth 175 million 335 thousand dollars. The chemicals and chemical products sector exported 131 million 588 thousand dollars. Finally, the electrical and electronic products exported 109 million 994 thousand dollars.
The sector with the highest increase in exports to the country was the ferrous and non-ferrous metals sector with 71.9 percent. This sector was followed by leather and leather products with 57.9 percent and chemicals and chemical products with 52.4 percent. Finally, mining products followed with 40.7 percent and jewelry with 39.8 percent.
The leather and leather products industry exported $14 million 894 thousand, mining products $13 million 747 thousand, and jewelry $11 million 440 thousand to Germany. During this period, 20 of the 27 sectors exporting to Germany increased their exports. However, the exports of 7 sectors decreased.
The sectors in which the country has the least demand are other industrial products with 7.7 million dollars and ornamental plants and products with $13.3 million. Tobacco follows with 21.5 million dollars, ships, yachts and services with 32.9 million dollars. Finally, the olives and olive oil sectors follow with 41.7 million dollars.
Companies from Istanbul are at the Forefront
In February, the companies from Istanbul made the most exports to Germany with 750 million 779 thousand dollars. Istanbul was followed by Bursa with 210 million 528 thousand dollars and İzmir with 129 million 994 thousand dollars. Kocaeli followed with 86 million 64 thousand dollars and Manisa with 70 million 105 thousand dollars. Istanbul topped the highest increase in exports to the country based on value.
Exports from Istanbul companies to Germany increased by 162 million 274 thousand dollars in February compared to the same period of the previous year. Sakarya followed with 19 million 525 thousand dollars and İzmir with 16 million 413 thousand dollars. Bursa with 15 million 578 thousand dollars and Tekirdağ with 10 million 243 thousand dollars also followed Istanbul. During this period, foreign sales of 48 million 634 thousand dollars from Sakarya and 28 million 974 thousand dollars from Tekirdağ were made to the country.
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