Turkey in Modern Trade Times

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If the land now known as the Republic of Turkey could reveal its storied history, what you’d heard would assuredly take as long as Earth’s existence. It was here in this country that spans parts of Europe and Asia that civilization literally began, with proof of the earliest Neolithic settlements evident. While today Ankara is the republic’s capital, for a time Byzantium (known later as Constantinople and now Istanbul) was regarded as the center of the world, gaining prominence as the “new Rome” after the fall of the Western Roman Empire.

Through centuries of political and trade dominance as part of the Ottoman Empire, then as a republic formed initially under the administration of Mustafa Kemal Ataturk (whose legacy is still regarded highly among Turkish people), Turkey presently ranks fifteenth in annual global gross domestic product. Following a boom in the last decade, Turkey is viewed as a growing economic power in the Next Eleven group, with reliance on industry moving the country away from agricultural growth. Tourism, an important factor in Turkey domestic profit, average $20 billion to the country alone.

Top exports of the Republic of Turkey include:

Construction Materials – Cement, lime, steel and byproducts are traded regularly to Turkey’s main export partners, Germany and the United Kingdom, and Italy.

Textiles – Cotton and synthetic fabric are used to create some of softest, most luxurious fabrics available. When you shop for bath towels and bed sheets, more than likely you look for Turkish made brands before you go anywhere else.

Petroleum and Byproducts – Given the country’s location, Turkey is rich in the resources needed by other countries for refinement and use as fuel.

Shipbuilding – As a ship and luxury yacht builder, Turkey is ranked among the top countries in the world, just behind Asian powers China, Taiwan, South Korea, and Japan.

With regards to importing products, the Turkish population has generated a high demand for the following:

Civilian Aircraft – While Turkey has the means to produce machinery, particularly airplane engines, they rely on the United States especially for transportation materials.

Raw Cotton – Turkey does an outstanding trade in completed fabrics, yet does not produce much of the raw materials needed to make clothing and upholstery.

Foodstuffs – Staples like eggs, dairy, fish, and vegetables are imported from around the world to satisfy the need for a balance diet. Rice is especially in high demand in recent years.

Though the republic’s GDP growth has slow since their mid 2000s boom of 7%, Turkey remains a trader of importance in Europe and Asia. The rise in domestic production of mechanical equipment and automobiles, for two, contribute along with the country’s others assets to make Turkey one to watch in the next decade.

Source by Kathryn Lively

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