Türkiye’s exports to the United States reached $2.97 billion (TL 57.2 billion) within the first quarter of 2023, in accordance with information from the Turkish Exporters Assembly (TIM).
This represents a 2.5% enhance in comparison with the identical interval final yr.
Türkiye’s complete exports reached $61.59 billion within the yr’s first three months.
The U.S. was the second-largest buying and selling accomplice for Türkiye throughout this era, accounting for five.46% of the nation’s complete exports.
The chemical and product exports to the U.S. reached $278.5 million within the first quarter of 2023, making it the highest vacation spot for these exports.
These exports have been comprised of 68 cities throughout Türkiye, with Istanbul accounting for the biggest share, adopted by western Izmir province, capital Ankara, southeastern Gaziantep, and northwestern Bursa.
In the primary quarter, corporations in Istanbul achieved $1.22 billion in export gross sales to the U.S., whereas these in Izmir exported items value $281.8 million.
TIM Chairperson Mustafa Gültepe mentioned the U.S. is the world’s largest importing nation, with $2.9 trillion in imports in 2022. Therefore, regardless of the geographical distance, the U.S. market is critical in Türkiye’s exports.
Gültepe famous that Türkiye’s exports to the U.S. had elevated by 2.5 instances over the previous decade, whereas overseas commerce quantity had elevated by 1.6 instances. He added that there had been a notable enhance in exports to the U.S. since 2020, with the nation rating second by way of Türkiye’s most exported international locations in 2022 with $9 billion.
This marks the best annual worth of exports to the U.S. for Türkiye.
“This significant increase in exports to the U.S. reflects Türkiye’s growing competitiveness in the global market and its strong trade relations with the U.S.,” mentioned Gültepe.
Gültepe famous that the consequences of the anticipated world commerce contraction have been seen within the U.S. market.
Despite this, he mentioned the U.S. maintained its place as Türkiye’s second-largest export market within the yr’s first quarter.
Looking on the sectors that carried out properly within the first quarter, chemical supplies topped the record with $279 million in exports to the U.S., Gültepe mentioned, noting that the automotive business adopted this with $259 million, jewellery with $223 million, and ready-made clothes and clothes merchandise with $215 million.
Gültepe additionally highlighted the sturdy efficiency of the protection and aerospace business, which achieved $209 million in exports to the U.S., making it one of many prime 5 sectors for exports to the U.S.
Gültepe emphasised he believes that Türkiye, a model nation in manufacturing, has the potential to extend its share within the U.S. market no less than 3 times the present one and that they, as TIM, are doing all their work from this angle.
Noting that each TIM and exporters’ associations perform particular initiatives for the U.S. market, Gültepe mentioned: “For example, we organized a trade delegation with wide participation to the U.S. on Feb. 26-March 3. We offered over 100 B2B meetings to the representatives of our companies from many sectors, especially textile, carpet, and furniture, with 30 leading companies in the U.S.”
“Despite the contraction in consumption and the negative impact of the exchange rate on our competitiveness, we continue to work day and night to increase our exports to the U.S. and all our markets,” he mentioned.
Source: www.dailysabah.com
