TOP INSIGHTS ABOUT TURKEY AND JAPAN BILATERAL TRADE TO KICKSTART YOUR TRADING BUSINESS



 

IS EVERYTHING FINE BETWEEN TURKEY AND JAPAN?

 

The relations between Turkey and Japan have been going well for many years now. There has been consistency and a sense of mutual respect between both nations. Moreover, the frequent diplomatic visits have strengthened the mutual bond between the two countries considerably. This fruitful relationship between Turkey and Japan completed 120 years in the year 2010.

 

The major event happened in the year 2013, when the Former Prime Minister of Japan named Shinzo Abe visited Turkey, and on this occasion, a Joint declaration was signed between both countries to further strengthen the strategic partnership between the two nations.

 

Now let’s focus on the bilateral trade relationship between the two nations that will help us understand which nation is more active between the two. We are going to mention the trade trends of the last 5 years to make the study of Turkey Trade Data and Japan’s Trade Data a lot easier.

 

TURKEY AND JAPAN BILATERAL TRADE ANALYSIS (2018-2022)

YEAR

TURKEY > JAPAN

JAPAN > TURKEY

TOTAL TRADE

2018

USD 479.38 million

USD 4.12 billion

USD 4.59 billion

2019

USD 510.07 million

USD 3.64 billion

USD 4.15 billion

2020

USD 441.13 million

USD 3.74 billion

USD 4.18 billion

2021

USD 529.69 million

USD 4.38 billion

USD 4.90 billion

2022

USD 664.04 million

USD 4.64 billion

USD 5.30 billion

 

From the statistics mentioned above, it is clear that the bilateral trade between Turkey and Japan has grown by almost 15.5% in the last five years.

 

 

 

 

TOP IMPORTS OF TURKEY FROM JAPAN IN THE YEAR 2022

 

As per Turkey Import Data for the year 2022, the total imports made by Turkey from Japan were USD 4.64 billion. This means that the nation imported a variety of items from Japan. Amongst all, the major imports of Turkey were:

 

·        Mechanical machines and appliances (USD 1.37 billion)

·        Electrical equipment and gadgets (USD 769.28 million)

·        Light automobiles (USD 698.21 million)

·        Iron and steel (USD 552.82 million)

·        Optical and precision tools (USD 234.95 million)

·        Plastic products (USD 159.13 million)

 

From the information mentioned above, it becomes clear that the imports of these top products constitute 75% of total imports to Turkey in the year 2022.

 

TOP EXPORTS FROM TURKEY TO JAPAN IN THE YEAR 2022

 

According to the Turkey Export Data report for the year 2022, the total exports made by Turkey to Japan were USD 664.04 million. This value is very less as compared to the import value which means that Turkey has experienced a situation of Trade Deficit in the year 2022. Despite fewer exports, the majority of the following exported items were seen in the database.

 

·        Small aquatic animals (USD 105.78 million)

·        Iron and steel (USD 63.71 million)

·        Pastrycook products like cereals and flour (USD 61.35 million)

·        Edible fruits and nuts (USD 48.05 million)

·        Light automobiles (USD 45.55 million)

·        Plant-based food items (USD 36.35 million)

 

As per the data received from the Turkey Trade Data report for the year 2022, the majority of Turkish exports were made through these 6 product categories only. Other crucial export items were chemicals, machines, tobacco substitutes, and apparel.

 

 

INTERESTING FACTS ABOUT THE RELATIONSHIP BETWEEN TURKEY AND JAPAN

 

As we discussed the bilateral trade insights in the above portion, in this section we are going to share some of the amazing insights and facts about both countries that will make you believe that the relationship between Turkey and Japan is strong concerning all the domains.

 

·        There are numerous treaties and agreements which are signed between both nations to make the bond between them stronger and long-lasting. Some of the prominent agreements are Commerce and Navigation Treaty (1934); The agreement regarding reciprocal promotion and investment protection (1989); the Declaration of strategic partnership (2013); and the Cooperation for using nuclear energy (2014).

·        Japan has extended emergency aid to Turkey during any natural calamity or disaster. As of the year 2014, the total loan given by Japan to Turkey amounted to 652.1 billion Yen.

 

·        Turkish-Japanese cultural center has been established in Ankara in 1998 to boost the cultural diversity of both nations.

 

 

·        Japanese language classes have been started in Turkish schools to promote their language.

 

·        VIPs of both nations visit each other’s countries on a yearly basis to discuss more about the strategic relationship between the two countries.

 

CONCLUSION

The trade relations between both nations are growing and setting new records every year. It is estimated that the bilateral trade between these two nations would rise. It is a good time for the marketers of both nations to plan and design their roadmap to enter into each other’s market and obtain high profits.

 

Tradeimex is always ready to assist you with its detailed trade reports for 70+ countries which include Turkey Import Data and Turkey Export Data statistics also in a chronological manner. 



Location: Pitam Pura, New Delhi, Delhi, India

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