The US and Turkey are increasing their trade volume mutually in many sectors, especially agriculture. The total volume, which is close to 28 billion dollars, will increase to a much higher level in the coming years.
New York, United States - January 13, 2023 /MarketersMEDIA/ —
According to the data of the US International Trade Commission, $11.9 billion of goods and services were exported from the United States of America to Turkey in 2021, while $15.9 billion of goods and services were imported from Turkey. “Trade relations are getting stronger. The two countries are increasing their trade volume mutually in many sectors, especially agriculture. The total volume, which is close to 28 billion dollars, will increase to a much higher level in the coming years,” said Boris Volfman, Founder of Royal Innovative.
Volfman told that Turkey is an indispensable commercial partner for the United States for more than 70 years. "Although from time to time, there are differences between the two countries, the economic impact of these political crises remain at a limited level. This is concrete proof that both countries are indispensable for each other." he added.
USA can increase agricultural product exports to Turkey
Underlining the great acceleration of trade between the USA and Turkey, he explained, “Turkey has a very good target for both exports and imports. With a population of more than 80 million and a huge young audience open to innovation, it is one of the first preferred markets for American companies that want to market their new products to the world. When we look at the commercial statistics, some of the most exported products from the US to Turkey are aircraft, iron and steel, mineral fuels and oils, boilers, machinery and mechanical devices, optical, medical and surgical devices and agricultural products. Again, the products that the US imports the most from Turkey are motor vehicles, boilers, machinery parts and parts, iron and steel, carpet, mineral fuel and oils.”
“As of today, food products are the most open sector for development between the two countries in terms of both export and import. Both have great potential in terms of vegetables and fruits, seafood and processed foods. If the US exporters examine the Turkish market in detail, they will see that there is a need in the market and the export of agricultural products can be increased at a very high level.”
Turkey's place in US imports still low
Although the trade volume between the USA and Turkey has gained great momentum over the years, Turkey's place in the US economy is still not at a sufficient level. While the share of Turkey in US imports was 0.3% in 2012, this figure has doubled to 0.6% by 2021. Although the figure has doubled in the 9-year period, it is possible to observe the low impact in the overall total. The share of the USA in Turkey's imports was 4.4% as of 2021. “The business enterprises of the two countries are also aware of the potential trade volume between the USA and Turkey, and experts expect the trade volume to reach 50 billion dollars in the near future. We at Royal Innovative aspire to close the agricultural trade gap between the USA and Turkey,” he concluded.
Contact Info:
Name: Boris Volfman
Email: Send Email
Organization: Royal Innovative
Website: https://borisvolfman.com/en/
Release ID: 89088067
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