Business

Italy-Turkey trade volume will exceed $20 billion

Italy and Turkey are preparing to close 2021 with record trade. The trade volume is expected to exceed $20 billion. “We had the highest year,” said Manzini, President of the Italian Chamber of Commerce and Industry Association.

Italy, which is one of the countries supporting Turkey’s EU membership, is one of the most important trade partners of our country. Its proximity and being a bridge to reach the regional geography make Turkey an important investment and trade partner for Italy. The relations between Italy and Turkey also complement each other. More than 1,500 Italian companies operate in Turkey in key sectors such as automotive, agri-food, infrastructure, energy, manufacturing, banking and defense.

THERE IS POTENTIAL

Textile-apparel, leather, machinery manufacturing, food processing and chemistry sectors are also very open to the cooperation of Italian companies. In addition to these sectors, packaging, mining, furniture, automotive sub-industry, electronics, security systems, jewellery, communication, engineering, logistics, metalworking, shipbuilding, energy, transportation, environmental projects, defense industry, health, financial services and tourism sectors also have cooperation potential. Evaluating this potential, Italian Chamber of Commerce and Industry Association President Livio Manzini said that the trade volume between the two countries will exceed $20 billion by the end of 2021.

RECORD TRADE YEAR

Manzini said, “We want to increase the interest from Italy to Turkey and appeal to more investors. At the same time, we aim to increase the interest of Turkish companies in Italy. We are living through an extraordinary period in many respects. A record year in terms of bilateral trade… $20 billion will be exceeded. The data we have shows that we have had the highest year. This shows a very balanced trade, how intertwined and how deep the relations between Italian-Turkish companies are.”

ITALY IS FIFTH IN INVESTMENTS

In total direct stock investments worth $207 billion coming to Turkey from abroad in 2020, Italy ranks seventh with $11 billion and a 5% share. Italian companies in Turkey are concentrated in the industrial sector mainly in food, ready-made clothing, chemical products, electrical-electronics, machinery manufacturing, furniture, iron-steel, automotive. In the service sector, it is seen that they focus on trade, tourism, communication, banking and investment financing.

TURKS ARE IN NORTHERN ITALY

Companies registered in Turkey have more than 50 partnerships or affiliates in Italy. Especially in Northern Italy, many businesses belonging to Turkish citizens operate. These businesses are smaller in scale compared to businesses in other European countries. Turkey exported to Italy mostly in motor land vehicles and engines. These products constituted approximately 25% of total exports. Exports of $2 billion 300 million were recorded in this item. The main iron and steel industry took the second place in exports to Italy with $904 million 132 thousand. This was followed by herbal products, vegetable gardens, fruit and vegetables with exports of $649 million 659 thousand, refined petroleum products with $463 million 758 thousand and household appliances with $391 million 638 thousand. The highest import item from Italy to Turkey was recorded as general-purpose machines with $1 billion 19 million last year. The second most purchased item was chemical products with $859 million 736 thousand. These were followed by special purpose machines with $805 million 55 thousand and main chemicals with $552 million 827 thousand.

Source: Sabah / Translated by Irem Yildiz

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