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Italy-Turkey: Trade reaches a historic high

International trade between Italy and Turkey closed 2011 at a record high. For the first time ever, the total value of trade comfortably exceeded 20 billion dollars, to reach 21.3 billion. This was not unexpected, given the excellent progress in commercial relations between the two countries over the year, and translates into a rise of 28% over the result for 2010.

Italian exports performed particularly well, driven by the machinery and equipment, energy, auto, chemical, metallurgy and textile sectors. With a growth rate of 32.63% on the previous year, the value of Italian exports in 2011 was 13.45 billion dollars, making our country Turkey’s fifth supplier (after Russia, Germany, China and the United States).

Italian imports of Turkish products also performed well, rising by 20.76% to 7.85 billion dollars. This makes Italy the 4th purchasing country, after Germany, Iraq and the United Kingdom.

The balance of trade was therefore positive for Italy, with a year-end surplus of around 5.6 billion dollars. As Turkey’s fourth trading partner, in 2011 Italy was once again of vital importance to Ankara and a country that the Turkish economy views in a highly favourable light.

If we consider Turkey’s trade partners as a whole, Germany was once again in first place in 2011, with total trade rising by 27.28%, to 36.95 billion dollars. Next comes Russia, with 29.94 billion (up 14.17%), of which 23.95 billion in exports (primarily of energy supplies). China is in third place, with 24.16 million dollars in total trade (up 24.22%) and a surplus of 21.69 billion. In fourth place comes Italy, followed at a close distance by the United States, with trade totalling 20.63 billion, a rise of 28.29% on 2010.

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