WHAT DOES TURKEY IMPORT FROM INDIA?
INTRODUCTION
In a period of worldwide connections, trade connections between countries assume a vital part in molding monetary scenes. One such captivating organization exists between India and Turkey, two countries isolated by topography yet joined by profession. While Turkey’s area at the junction of Europe and Asia has generally worked with trade, India’s ability in different ventures makes it a critical exchange partner for Turkey. In this blog, we dive into the captivating inquiry: What does Turkey import from India?
DIVERSE PRODUCT RANGE
The trade relationship between India and Turkey is characterized by a diverse range of products flowing in both directions. Turkey’s imports from India as per Turkey Trade Data records, cover an array of sectors, showcasing the mutual dependence and benefit derived from this partnership.
The main products that India exported to Turkey in past years are Refined Petroleum ($1.67B), Raw Aluminum ($778M), and Hot-Rolled Iron ($491M). During the last 26 years, the exports of India to Turkey have increased at an annualized rate of 14.4%, from $240M in 1995 to $7.86B in 2021.
Let us have a look at the most common and major traded products from India to Turkey on an average basis.
- Textiles and garments
- Pharmaceuticals
- Automobiles and their spare parts
- Chemicals
- Machinery and its equipment
- Gems, jewelry, and other precious stones
- TEXTILES AND GARMENTS: India’s rich textile tradition is clear in its commodity portfolio to Turkey. Textures, attire, and frill are among the top items that Turkey imports from India. India’s capacity to create quality materials at cutthroat costs adds to its notoriety in the Turkish market.
- PHARMACEUTICALS: India is a key part of the worldwide drug industry, and this reflects in its trade out with Turkey too. The import of drug items from India assists Turkey with meeting its homegrown medical service’s needs, while India benefits from the interest in its savvy medications. In the year 2022, the total imports from India to Turkey of these items were worth USD 143.50 million.
- AUTOMOTIVE COMPONENTS: India’s burgeoning automobile industry is another source of exports to Turkey. Automotive components, particularly parts, and accessories, are significant contributors to India’s trade with Turkey. The quality and competitive pricing of these components bolsters their demand in the Turkish automotive sector.
- CHEMICALS: Compound items, including natural and inorganic synthetics, colors, and shades, are fundamental imports for Turkey. India’s compound industry, eminent for its development and quality, fills in as a dependable hotspot for Turkey’s substance prerequisites.
- MACHINERY AND EQUIPMENT: India’s machinery and equipment sector also finds a place in Turkey import Data Machinery parts, industrial equipment, and machinery for specialized industries contributing to the flow of goods between the two countries.
- GEMS AND JEWELRY: India’s expertise in crafting exquisite gems and jewelry is well-known. This sector remains an attractive source of imports for Turkey amounting to USD 328.75 million in the year 2022, with Indian jewelry finding its way into Turkish markets and meeting local preferences.
ECONOMIC IMPLICATIONS
The mutual trade between India and Turkey has significant economic implications for both nations. Turkey’s import of diverse products from India helps its economy by securing essential resources, raw materials, and goods that contribute to its industrial and economic growth. Simultaneously, India benefits from the export of its goods to the Turkish market, enhancing its trade balance and opening up new avenues for economic expansion.
Moreover, this trade relationship fosters diplomatic ties between the two countries. Collaborative economic endeavors encourage diplomatic dialogue and engagement, leading to a deeper understanding of each other’s cultures, policies, and perspectives.
CONCLUSION
The trade relationship between India and Turkey stands as a testament to the power of collaboration and mutual benefit in the global economy. Turkey’s imports from India encompass a wide spectrum of products, ranging from textiles and pharmaceuticals to machinery and electronics. This diversity not only showcases India’s economic prowess but also highlights the symbiotic nature of their trade relationship.
As both nations continue to evolve and face new challenges and opportunities, their trade ties are likely to be studied and analyzed in depth in order to compare the same with past trends. To assist you, TradeImeX is here to help you and solve all your queries. Contact us today.
Source URL: https://www.atoallinks.com/2023/what-does-turkey-import-from-india/
