BILATERAL TRADE BETWEEN TURKEY AND VIETNAM

TRADE RELATIONS BETWEEN TURKEY AND VIETNAM

Both nations are one of the most rapidly developing nations in the world and are currently attracting a lot of foreign investors to invest in their country due to their efficient labor, cheap prices, and good quality products. Vietnam is a member country of the ASEAN group whereas, Turkey is a member of the EU group. Both nations are contributing more than their potential and are considered the most crucial part of their respective groups.

The overseas trading between the two nations started way back in the year 1978. The association became stronger after the year 1997 as both countries signed a Bilateral Trade Agreement. Since then and till now, both nations are into frequent trade practices and no such political tension has risen between the two.

BILATERAL TRADE BETWEEN TURKEY AND VIETNAM

As per the statistics, and Turkey Trade Data for the year 2021, Turkey exported goods worth USD 336 million to Vietnam. The major goods exported to Vietnam as mentioned in Turkey Export Data are as follows:

·        Electronic gadgets and equipment (USD 51.8 million)

·        Cotton (USD 28.9 million)

·        Inorganic chemicals, metal compounds (USD 23.58 million)

·        Pharmaceutical Products (USD 18.31 million)

·        Plastic items (USD 11.5 million)

·        Four-wheelers, especially cars (USD 8.5 million)

Among all the goods exported from Turkey, the largest exports mentioned in Turkey Trade Data were electronic gadgets and cotton items worth USD 51.8 million and USD 28.9 million respectively.

Now, we are going to see some statistics with regard to exports made from Vietnam to Turkey. So, based on the information shared via Vietnam Export data for the year 2021, the total exports from Vietnam to Turkey were USD 1.6 billion. The major goods exported by Vietnam as mentioned in Vietnam Export Data are as follows:

·        Electronic items (USD 646 million)

·        Footwear (USD 139 million)

·        Machinery and nuclear reactors (USD 119.5 million)

·        Plastic items (USD 63.24 million)

·        Rubberized products and items (USD 77.5 million)

·        Aluminum (USD 59.07 million)

Among all the goods exported from Vietnam, the largest exports mentioned in Vietnam Trade Data were electronic gadgets and footwear worth USD 646 million and USD 139 million respectively.

To strengthen this bond between the nations, both countries have a consensus that economic cooperation has to be given utmost importance so as to boost the bilateral trade between the countries.

CONCLUSION

We would like to thank you for showing interest in our blog and reading it up till now. At last, we would like to conclude by stating that the bond between the nations, be it in terms of trade, economy, or culture would be getting stronger in the coming years. The bilateral trade between the countries would also grow rapidly and both, Vietnam Trade Data and Turkey Trade Data will observe growth. We wish the forecasts became real soon and both nations keep on sharing a strong bond with each other.                                                                        

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