Trade volume between Turkey and the United States surpassed $16 billion in 2008. Some $4.3 billion of that was Turkey’s export to the United States. The remaining $12 billion of the total amount was Turkey’s imports from the U.S.
About 3.3 percent of Turkey’s exports were to the United States, while the Turkey’s imports from the United States were 5.9 percent of its total imports. The calculations were done according to data gathered from the Turkish Statistical Institute, or TÜİK, Foreign Economic Relations Council, or DEİK, and the Central Intelligence Agency, or CIA.
U.S. President Barack Obama’s visit to Turkey, which started yesterday, is expected to play a major role in developing the political, economic and cultural ties between the new U.S. government and Turkey.
The United States currently ranks eight in a list of countries Turkey exports to the most. Meanwhile, the United States follows Russia, Germany and China to make it to number four on a list of countries from where Turkey imports the most.
In 2007 Turkey’s imports from the United States totaled $8.2 billion, while its exports to the United States totaled $4.2 billion. Turkey’s exports to the United States for the first two months of 2009 added up to $504.3 million, while its imports from the United States totaled $1.2 billion.
Compared to 2004, Turkey’s exports to the United States declined 11.7 percent, while Turkey’s imports from the United States rose 152.3 percent. In 2004 Turkey’s exports to the United States equaled $4.9 billion, while its imports from the United States were worth $4.7 billion.
Turkey mostly exports readymade cloths, textile products, machines, electrical and mechanical tools, jewelry, iron and steel products, vehicles, food products, tobacco, and copper products to the United States. Among the products Turkey mostly imports from the United States are iron and steel, auto parts, paper products, mineral oils, cotton, mechanic and surgical appliances, organic chemicals and pharmaceutical products.
Direct foreign investment from the United States to Turkey has also been increasing. The total investment amount of 733 U.S.-capital companies operating in Turkey increased from $848 million in 2006 to $4.2 billion in 2007.
The total number of U.S.-capital companies operating in Turkey was 834 in 2007. Those companies helped raise the total capital inflow from the United States to Turkey to climb to $9.2 billion in 2007. Some 4.5 percent of all international firms operating in Turkey are U.S.-capital companies.
Texas Pacific Group purchased Mey İçki, a Turkey-based alcoholic beverages company, back in 2006. The $350 million acquisition was the largest U.S.-capital transfer to Turkey of the period. Some $3.2 billion was invested in Turkey in January 2007. Citibank’s purchase of Akbank, the country's biggest bank by market value, was a big portion of that total. Citigroup holds a 20 percent stake in the bank, which is controlled by Turkey’s Sabancı Holding.
The investments in Turkey by 38 U.S.-based companies totaled $203 million in March, 2008.