The trade between the USA and Turkey, which has been going on for years, has continued to increase without slowing down. The trade volume between the two countries continues to increase since the visit of the United States President Barack Obama in 2009.
The USA’s Importance in World Trade
The USA is the world’s largest importer with $2.4 trillion in imports and $1.4 trillion second-largest exporter in the world after China. Furthermore, The USA is the world’s largest exporter and importer of services trade. The USA has 27 markets with an export volume of over $10 billion. In addition to the important export markets of the USA, Venezuela, India, and Egypt have recently come to the fore as emerging export markets. Major U.S. exports goods are nuclear reactors, petroleum and mineral fuels, oils, electrical machinery, and equipment.
The USA has been importing mostly from China since 2007. Recently, countries such as Singapore, the Netherlands, and Saudi Arabia have come to the fore in imports. Canada is the leader in the USA’s export countries with 355 billion. Turkey is in 5th place with 10 billion dollars.
The Trade Between Turkey and the USA
The United States exported $10.7 billion to Turkey in 2020. The main exports by the United States to Turkey are planes, helicopters, and/or spacecraft with $1.42 billion, petroleum gas with $1.35 billion, and scrap iron with $1.1 billion. Over the last 25 years, US exports to Turkey have climbed at a yearly pace of 4.62 percent, from $3.46 billion in 1995 to $10.7 billion in 2020.
Turkey exported $10.3 billion to the United States in 2020. Turkey’s largest exports to the United States were hand-woven rugs with $884M, gold with $502M, and jewelry with $321M. Turkey’s exports to the United States have climbed at a yearly rate of 7.4 percent during the last 25 years, from $1.72 billion in 1995 to $10.3 billion in 2020.
Record Exports from Turkey to the USA
Turkey continues to export to its significant markets without slowing down. Exports to the USA, which is among the leading markets, are also reaching higher levels. The demand for Turkish products in the USA, which has an economy of 20 trillion dollars, continues to increase. Turkey maintains its feature of being a center of attraction for world brands. Furthermore, the increase in trade between the two countries enables Turkey to get more effective results in foreign sales to the USA.
US companies operating in Turkey expand their commercial activities in Turkey. Accordingly, the two countries are taking firm steps towards the agreed-upon $100 billion trade volume target.
In fact, Turkey reached the highest 1st quarter export of all time with 3 billion 481 million dollars to the USA. Thus, foreign sales to the USA increased by 28.9 percent in the January-March period. The USA’s share in Turkey’s exports was 5.8 percent.
Besides, the USA became the second country to which Turkey made the most foreign sales in the first quarter of the year. The USA was also recorded as the market in which Turkey’s exports increased the most in terms of value. Turkey’s exports to the USA increased by 779 million 972 thousand dollars in the January-March period.
Industrial Products were the Leaders in Exports
Industrial products came to the fore in exports to the USA. Last month, the country made the most exports in the steel industry with 372 million 810 thousand dollars. The automotive industry followed the steel industry with 357 million 177 thousand dollars. Other impressive exports were chemical substances and products with $326M, and jewelry with $258M. Finally, the smallest export products were ornamental plants and products with 329 thousand dollars.
Steel Sector is at the Top of Export Growth
Moreover, the sector that increased its exports to the country the most was the steel sector with 221 percent. Olive and olive oil followed the steel sector with 194 percent. In the January-March period, the olive and olive oil sector exported 32 million 403 thousand dollars. During the same period, Turkey exported 191 million 566 thousand dollars of cereals, pulses, and oilseeds.
On a provincial basis, companies from Istanbul made the highest export sales to the country with 1 billion 338 million dollars. Bursa was the second with 335 million 309 thousand dollars. Moreover, Gaziantep, İzmir, and Ankara followed Bursa respectively.
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