STATISTICAL REPORT ABOUT THE BILATERAL TRADE BETWEEN TURKEY AND INDONESIA




 It’s been 70+ years since the first diplomatic relations between Indonesia and Turkey started. As both nations are dominated by Muslims and fall under the category of modern democracies, the establishment of bilateral trade between these countries was necessary. At present, the embassies of both countries are operational in each other’s countries.

The trade between both countries was tightened in 2004 due to the Tsunami that hit Indonesia and Turkey provided aid, supplies, and shelter to the affected people. Later, in the year 2011, Indonesia supported Turkey to overcome the adverse effects of the Van Earthquake. These two incidents boosted the bilateral trade between the countries.

 

BILATERAL TRADE TRENDS BETWEEN TURKEY AND INDONESIA

 

The bilateral trade between both countries has been experiencing upward growth for many years, and the growth is forecasted to rise further in the upcoming years. An agreement was signed between both nations, namely, Indonesia-Turkey Comprehensive Economic Partnership Agreement (IT-CEPA). This agreement was made to further expand and strengthen the trade relations between the two countries and to increase economic cooperation. The main focus behind making this agreement was to give a boost to business collaboration, along with trade. As per the estimates, in the coming years, this agreement will provide an extra mileage of USD 10 billion in bilateral trade between Indonesia and Turkey.

 

On observing the bilateral trade statistics of both countries, it is quite clear that the trade between Indonesia and Turkey is rising at a very good pace. We are going to show you the trade trends of the last five years now.

 

BILATERAL TRADE TRENDS BETWEEN TURKEY AND INDONESIA (2018-2022)

YEAR

TURKEY > INDONESIA

INDONESIA > TURKEY

TOTAL TRADE

2018

USD 270.44 million

USD 1.33 billion

USD 1.6 billion

2019

USD 289.37 million

USD 1.35 billion

USD 1.63 billion

2020

USD 213.80 million

USD 1.18 billion

USD 1.39 billion                                  

2021

USD 313.04 million

USD 1.84 billion

USD 2.15 billion

2022

USD 367.28 million

USD 2.78 billion

USD 3.14 billion

 

From the table containing the statistics of the last five years, the Turkey Import Data reports show higher values than the Turkey Export Data reports. This means that Turkey remains in a trade deficit whenever it trades with Indonesia.

 

Now, let’s learn more about the top products imported and exported to and from Turkey to Indonesia. So, in the year 2022, the top products imported by Turkey from Indonesia as per Turkey Export Data were:

 

·        Iron and steel products (USD 638.6 million)

·        Edible animal fats and oils (USD 455.86 million)

·        Man-made staple fibers (USD 334.31 million)

·        Paper products (USD 196.76 million)

·        Rubber items (USD 188.76 million)

Just like Turkey Imported various items from Indonesia in the year 2022, it also exported multiple products to Indonesia as mentioned in the Turkey Export Data report. The major products exported from Turkey to Indonesia in the year 2022 were:

 

·        Machines and mechanical appliances (USD 84.93 million)

·        Light automobile (USD 41.38 million)

·        Inorganic chemicals (USD 40.80 million)

·        Tobacco and its substitutes (USD 30.40 million)

·        Iron and steel articles (USD 13.81 million)

 

FUTURE ASPIRATIONS AND GOALS – CONCLUSION

 

At present, there are a total of 51 Turkish firms that are 100% operational and situated in Indonesia whereas, 19 Indonesian companies are fully operational in Turkey. “Indomie instant noodles” of Indonesia are quite famous and popular amongst Turkish people, on the other hand, one of the Turkish electronic brands named “Beko Home Appliances” is famous and widely used in Indonesia.

 

Moreover, during the G20 summit at Bali in year 2022, Turkey and Indonesia signed a memorandum where Karsan (bus manufacturing company in Turkey) along with Credo Group Schacmindo (bus manufacturing company in Indonesia) agreed to bring a complete transformation in the buses of Indonesia with regard to their assembly and mode of emission. This will boost Turkey Trade Data along with Indonesia’s trade reports significantly.

 

Similar kinds of pacts and deals are getting signed and agreed upon between Indonesia and Turkey on a frequent basis which is strengthening trade relations and friendship between Turkey and Indonesia. It is expected that this trade relationship will increase further in the future, leading to more imports and exports to and from each nation.

 

We hope you liked this informative blog about the trade trends between Turkey and Indonesia. For more insights about any nation, get in touch with TradeImeX and get the best Import Export Data reports for more than 70 countries with 100% accuracy and authenticity. We provide free samples and demos to make every user understand the trade reports so they face no difficulty making their strategies.

 

Comments

Post a Comment

Popular posts from this blog

IMPORT EXPORT DATA: A BOON OR BANE FOR MARKETERS?

Image
  SYNOPSIS   Foreign trade of goods, otherwise called the global exchange of physical products and services is a kind of business wherein different sorts of services and products are sold starting with one country and then onto the next in return for cash or equivalent. It is important to keep a legitimate exchange balance between Imports and exports so as to keep track of the trade deficit and surplus. Each foreign transaction, be it import or export, is first recorded in the main report known as the Import Export Data report which is maintained by the customs ports of every nation. One of the best ways to enter a foreign market is by importing or exporting goods on a regular basis. This helps in building social integrity and a mutual sense of respect between the two nations.   We would like to give you an idea of all the details available in the full-fledged Export Import Data report that enables merchants to know about the ongoing trends in a particular nati...
Read more

COLLAPSE OF SILICON VALLEY BANK AND ITS IMPACT ON THE US ECONOMY

Image
  Silicon Valley Bank, also known as SVB Bank was one of the biggest and most popular state-chartered banks which was founded in the year 1983 by Wells Fargo. The bank had its headquarters in Santa Clara, California. The bank had its branches in California as well as Massachusetts. SVB offered a plethora of services that were able to fulfill the needs and demands of the tech-based industry and related countries. Due to its exceptional services, the Silicon Valley Bank became the top choice of every tech company in the United States, and slowly and gradually this bank became the most loved and trusted choice for more than half of tech-based companies and startups. When the SVB got collapsed on 10 th March 2023, it was the 16 th largest commercial bank in the United States. Big and popular companies such as Airbnb, Block, and Pinterest were the present clients of this bank. WHY DID THE SILICON VALLEY BANK COLLAPSED ON 10 TH MARCH 2023? The only reason behind this massive col...
Read more

VIETNAM FUELS ASIA’S GROWTH IN THE YEAR 2022

Image
  WHY IS VIETNAM GROWING RAPIDLY IN CURRENT TIMES?   The story about how Vietnam became a rapidly growing economy is very inspiring for other nations that are planning to expand and grow in the international market at a very rapid pace. Talking about Vietnam, the nation registered an annual growth rate of 8.02% in the year 2022 which is one of the fastest growth rates for Vietnam after 1997. Even those big multinationals like IMF and the World Bank didn’t predict this much growth rate for Vietnam in 2022 as the year was a laid-back year when all the businesses were reopening and getting back to normal after Covid restrictions were uplifted.   Based on our study and analysis, Vietnam’s amazing performance was due to its successful handling of the global pandemic and foreign strains and tensions. Some of the other major reasons that led to the successful growth rate of Vietnam in the year 2022 are as follows:   ·         T...
Read more