Analysis of Turkey's Export Performance
Over the previous few decades, Turkeys export sectors have seen remarkable growth. When looked at the factors of Turkeys export performance using annual data from 1980 to 2010. The findings of the study show that when the domestic currency remains depreciated, export demand increases. Export supply is favourably related to the domestic relative price of exports, according to estimates, whereas domestic demand has a negative impact on export supply. Turkey's export performance has benefited from the 2001 economic crisis, which prompted the hunt for new markets and, as a result, increased exports.
Turkeys exports have grown at a rapid pace since 2001, well beyond the countrys historical norm. In the period 2001-2009, the average annual growth rate of exports was 22.9 percent, compared to 11.2 percent between 1948 and 2000. Turkey was placed 24th in the worlds export volume ranking in the early 2000s as a result of higher productivity, growing world export costs, lower labour force expenses, cheap interest rates, and access to finance facilities. Turkey was integrated with the globe and caught a consistent development in exports thanks to the Export Strategic Plan, which covered the years 2004-2006. During these years, the number of nations exported increased because of changing the destination countries, which benefited exports.
According to the Economic Complexity Index (ECI), Turkey was the worlds number 19 economy in terms of GDP (current US$), number 29 in total exports, number 26 in total imports, number 77 in terms of GDP per capita (current US$), and the number 40 most complex economy in 2019. The increase in Turkeys year-by-year exports in May 2021 was mostly due to an increase in shipments to Germany ($638 million, or 95.2%), United Kingdom ($597M or 125%), and Spain ($470M or 220%), and product exports increase in Iron and steel ($769M or 136%), Nuclear reactors, boilers, machinery ($679M or 79.8%), and Vehicles; other than railway ($490M or 49.5%).