FOREIGN TRADE

Turkey's exports consist of 89,4% manufacturing goods, 9% agricultural products and 1,4% mineral raw materials. Turkey's imports consist largely of manufacturing goods, at some 85,3% followed by agricultural products at 10,5% and mineral raw materials 4,1%. According to BEC categories, consumption goods have 52,2% share in Turkish total exports; while intermediate goods have 40,8% and capital goods have 6,8%. In BEC context, Turkey's imports consist of 65,3% intermediate, 21,5% capital and 12,4 consumption goods.


FOREIGN TRADE BY REGIONS
  1998 1999
  Export Import Export Import
OECD Countries 16.979 33.472 18.039 28.326
EU Countries 13.498 24.075 14.333 21.419
Germany 5.460 7.316 5.470 5.881
UK 1.740 2.683 1.830 2.190
Italy 1.557 4.222 1.685 3.192
France 1.305 3.034 1.570 3.128
Netherlands 889 1.446 932 1.316
Spain 513 1.276 751 1.262
USA 2.233 4.054 2.437 3.081
Japan 113 2.046 122 1.393
EFTA Countries 357 1.169 362 926
Other OECD Countries 3.125 8.228 3.345 5.981
Non OECD Countries 9.164 12.032 7.768 11.858
Europe 3.980 4.673 2.749 4.670
Russian Federation 1.348 2.155 587 2.372
Africa 1.819 1.758 1.659 1.690
America 234 725 243 495
Middle East 2.191 1.943 2.205 1.988
Other Asian Countries 636 2.626 696 2.392
Other Countries 304 307 216 624
Blacksea Economic Cooperation* 3.238 4.331,6 2.169,6 4.295
CIS Countries* 2.667 3.724 1.531 3.732
Total 26.974 45.921 26.588 40.692
*Selected country groups
Source: SIS

Turkey's biggest trading partner is Germany, followed by USA, UK, Italy, France and Russia. First eight countries accounted for 57,5 % of all exports and 55,5 of all imports in 1999.

CREDIT FACILITIES:

Following Turkey's agreement to eliminate export subsidies in accordance with World Trade Organisation (WTO) provisions and the subsequent elimination of all direct incentives to export, export credits together with insurance/guarantee programs extended through Turkish Eximbank have played a crucial role in securing stable export growth. In order to jointly guarantee, finance and insure the investment projects as well as the exports of the Turkish companies, Turkish Eximbank has signed Cooperation and/or Joint Insurance Agreements with its counterparts in France (COFACE), Belgium (OND-DUCROIRE), USA (US Eximbank), Germany (HERMES), Israel (IFTRIC), Canada (EDC), Japan (EID/MITI), China (Eximbank of China), Malaysia (Eximbank of Malaysia) and Egypt (ECGE).

In the performance of these duties, Turkish Eximbank also cooperates with international finance institutions such as EBRD, Asian Bank of Development and MIGA for covering guarantee on goods and services of third countries in Turkey as well as exports and investment projects of Turkish firms in third countries. Some of the programs offered by Turkish Eximbank are: the Pre-Shipment Export Credits, Buyers' Credits, Short-Term Insurance and Export Credit Insurance schemes.