Türkiye-USA bilateral trade goal set at $100 billion

The robust bilateral ties between Türkiye and the USA, established over 200 years ago, are increasingly evident in their trade and economic relations. Over the past year, the trade volume between the two countries reached $31.3 billion. The first half of 2023 has witnessed growing investments and heightened interest from US companies in various sectors within the Turkish market, further enhancing these relations. Of the trade volume, $15.9 billion constituted exports, while $15.4 billion accounted for imports, underscoring the immense potential for both nations.
During the 13th Türkiye Investment Conference in the USA, attended by business leaders, non-governmental organizations, and public officials from both countries, Minister of Commerce Ömer Bolat expressed a firm commitment to bolstering economic ties between Türkiye and the USA. He emphasized that the world is on the cusp of a new industrial era, with green and digital economies becoming pivotal drivers of growth, necessitating a reevaluation of priorities and the design of innovative sustainability tools. Minister Bolat underscored their resolve to attain the $100 billion trade volume target with the USA and further develop economic relations.
In 2022, while global US imports increased by 40% compared to 2020, Turkish imports surged by a remarkable 75%. Turkish goods outperformed those from China, India, Brazil, and Vietnam in terms of demand. Türkiye rose from the 29th to the 25th position among countries from which the USA imports the most. The sectors with the highest demand growth in the USA were gold and jewelry, machinery, and automotive, each exceeding $1 billion in exports. In June, the USA ranked as the second-largest export destination for Türkiye, with exports exceeding $1.3 billion.

Additionally, efforts are underway to empower Turkish companies to take a more proactive role in the USA. Turkish businesses are increasingly attracted to sectors such as housing (construction), healthcare, education, and finance in states like Florida, Illinois, Massachusetts, New York, Tennessee, and Virginia. Furthermore, Turkish exports exceeded $1 billion in states like Texas, New Jersey, California, Florida, and Georgia.

Key Figures in Türkiye-USA Trade Relations:

The Türkiye-US trade volume, which stood at $20 billion in 2013, reached $32.1 billion in 2022. Since 2021, Türkiye has been a net exporter in its trade with the USA.

In 2022, Türkiye's exports to the USA reached $16.9 billion, while imports from the USA amounted to $15.2 billion.

Between June 2022 and May 2023, Türkiye's exports to the USA decreased to $15.9 billion, whereas imports from the USA increased to $15.4 billion, resulting in a total trade volume of $31.3 billion.

When examining foreign investments in Türkiye by sector, the financial sector comprises a significant share of 31.4%, followed by manufacturing and energy sectors at 24.1% and 10.2%, respectively. The "wholesale and retail trade sector" ranks fourth, accounting for 9.2% of total investments.

Türkiye's service exports to the USA, which were slightly above $2 billion in 2016, surged to $3.9 billion in 2021, with unofficial estimates suggesting it may exceed $5 billion in 2022.

Approximately 1.1 million US tourists visited Türkiye between June 2022 and May 2023.