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Record in bilateral trade volume between Turkey and the USA: Reached the level of $28 billion

The bilateral trade volume between Turkey and the United States reached a record level of $28 billion last year.

2021 was a year when Turkey’s exports broke records. Turkey’s foreign trade was also adversely affected in 2020, when world trade was going through difficult times due to the effects of Covid-19.

With the re-opening of the economies and the revival of world trade with the decrease of the effects of the epidemic, 2021 was a period when Turkey almost made history in exports.

During this period, Turkey broke records in foreign sales to the sector and countries.

The USA, which is among the leading countries in exports, is also positioned among the markets where Turkey has reached historical peaks in exports. The demand for Turkish products by the USA, the world’s largest economy, was another point that attracted attention.

According to the data of the US Census Bureau, the bilateral trade volume between Turkey and the USA reached a record level of $28 billion last year. The increase in the trade volume between the two countries exceeded 30%.

The USA thus became Turkey’s second-largest export market in 2021.

TURKEY GAVE USA $4 BILLION IN TRADE SURPLUS

While Turkey’s exports to the United States accounted for approximately $16 billion of the bilateral trade volume, the United States’ exports to Turkey accounted for approximately $12 billion. According to the data, Turkey gave the USA a foreign trade surplus of $4 billion.

While Turkey’s exports to the USA increased by 44.6% last year compared to 2020, the USA’s exports to Turkey increased by 19.1%. Thus, a “win-win” based trade took place last year between Turkey and the USA.

In October last year, Turkey’s exports to the USA reached a record level of $1 billion 459.9 million on a monthly basis. The exports of the USA to Turkey, on the other hand, had reached the historical peak of $1 billion 532.8 million in December.

TURKEY’S EXPORTS TO THE USA ENTERED INTO 2022 WITHOUT SLOWING DOWN

Turkey’s exports to the USA entered 2022 without slowing down. Bilateral trade between Turkey and the USA continued in the same way in the first month of the year.

According to the Turkish Exporters Assembly (TIM) data, in January, the USA became the second country to which Turkey made the most foreign sales with $1 billion 91 million 247 thousand. Thus, the USA became one of the two countries, along with Germany, to which Turkey exported over $1 billion last month.

The United States was also recorded as the country with the highest increase in Turkey’s exports in terms of value last month.

Turkey’s exports to the USA increased by $281 million 976 thousand in January compared to the same period of the previous year.

Source: Sabah / Translated by Irem Yildiz

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