2023-11-30T08:43:20+00:00
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/ The Turkish Statistics Authority announced, on Thursday, that Iraq ranked second among the countries importing the moast from turkey last October, indicating an increase in Turkish exports and imports by 0.2% and 1.1%, respectively.
The authority stated, in its report seen by Agency, that “Turkey’s exports for the month of October amounted to 22 billion and 871 million dollars, recording an increase of 7.4 percent, compared to the same month of the year 2022,” indicating that “Turkey’s imports in October recorded 29 billion and 390 million dollars, an increase of 0.6%, over the same period in 2022.”
She added, “Iraq came second in Turkey’s exports to countries around the world during the month of October, with a value of one billion and 322 million dollars, while Germany was the main partner country for exports with one billion and 763 million dollars, followed by the United States of America third with one billion and 254 million dollars, and from Then the United Kingdom came fourth with one billion and 115 million dollars, and Italy came fifth with one billion and 110 million dollars,” indicating that “the percentage of the first five countries in total exports amounted to 28.7% in October 2023.”
Iraq imports most goods, merchandise, and foodstuffs from neighboring countries, especially Türkiye and Iran, and to a lesser extent from the Arab Gulf countries and jordan.
What are the key factors driving Turkey’s export growth to Iraq?
Interview: Insights on Turkey’s Export Growth and Iraq’s Import Trends
Editor: Thank you for joining us today. We’re here to discuss the recent report from the Turkish Statistics Authority which highlights significant trends in Turkey’s exports and imports, particularly focusing on Iraq’s position as a key importer. to help us dig deeper into these insights, we have Dr. Ahmet Yılmaz, an expert in international trade and economic relations. Dr. Yılmaz,it’s great to have you with us.
dr.Yılmaz: Thank you for having me. I’m excited to discuss these developments.
Editor: Let’s get right into it. According to the report, turkey’s exports in October reached approximately $22.87 billion,marking a 7.4% increase from the previous year. What do you think are the driving factors behind this growth?
Dr. Yılmaz: Several factors contribute to this export growth. First,Turkey has been making concerted efforts to diversify its markets and expand its production capabilities. Additionally, the demand for Turkish goods, particularly in industries like textiles, machinery, and foodstuffs, has remained robust both regionally and internationally. The easing of global supply chain disruptions also helped facilitate smoother trade flows.
Editor: That’s a valid point. Iraq has emerged as the second-largest importer of Turkish goods, with imports valued at $1.32 billion in October. What implications does this have for Turkey-iraq trade relations?
Dr. Yılmaz: Iraq’s position as a significant importer not only strengthens bilateral trade but also highlights turkey’s strategic role in meeting Iraq’s needs for goods and foodstuffs. Since Iraq heavily relies on neighboring countries for imports,Turkey’s growing share suggests an increasing dependence,which could lead to tighter economic ties. This relationship can foster regional stability and economic collaboration.
Editor: Indeed. The data also indicates that Germany remains Turkey’s largest export market, with the United States and the UK following. How does Iraq’s position compare to these more established markets,and what could this mean for future trade strategies?
Dr. Yılmaz: While Iraq is currently a smaller market compared to Germany or the US, its rapid growth suggests it is becoming an increasingly significant player. Turkish businesses may want to focus on tailored strategies for Iraq, such as understanding local consumer preferences, improving logistics to ensure timely deliveries, and enhancing customer service. By doing so, they can capture a larger market share in Iraq as demand continues to rise.
Editor: speaking of demand, the report mentions that Iraq primarily imports goods, merchandise, and foodstuffs from Turkey and Iran. How can Turkish exporters leverage this demand?
Dr. Yılmaz: Turkish exporters should capitalize on their geographical proximity and cultural ties to Iraq. This can be achieved through various strategies: local partnerships to improve market access, participation in trade fairs, and targeted marketing campaigns that resonate with iraqi consumers. additionally, exporters should ensure the quality and freshness of food products, as these are critical factors for success in the food market.
editor: Lastly,for our readers who are involved in trade or are considering entering the market,what practical advice would you offer?
Dr. Yılmaz: I recommend that businesses conduct thorough market research to understand the specific needs and purchasing powers of different regions in Iraq. Networking with local distributors and trade organizations can facilitate smoother entry. Lastly, staying informed about regulatory changes and customs practices will help avoid potential obstacles in the import/export process.
Editor: Thank you, Dr. Yılmaz, for your valuable insights on these developments. It’s clear that both Turkey and Iraq have significant opportunities to strengthen their trade relations moving forward.
Dr. Yılmaz: Thank you for having me. It’s indeed an exciting time for trade in the region!