The Republic of Turkey shipped US$169.5 billion worth of goods around the globe in 2020. That dollar amount reflects an 18.8% increase since 2016 but a -0.9% drop from 2019 to 2020
Turkey’s economy is open to foreign trade, which represents 61.4% of its GDP (World Bank, 2019). Automobile (12.1% of total exports including passenger cars, transport vehicles and accessories for vehicles) and oil products (3.9%) were top exports of Turkey in 2019, followed by jewellery, textile and steel products. The main imported products were gold (5.4%), oil (4.5%), motor cars and accessories (4.2% in total), ferrous waste (2.7%) and coal (1.7%). Turkey's volume of exports declined by an unprecedented rate of 17.8% in 2020 mainly due to Covid-19 whereas its imports contracted by 6.4%. Turkish exports are forecast to rebound by 26.5% in 2021 with its imports projected to rise at a slower rate (6%) (IMF).
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