The economic relationship between South Africa and Turkey has witnessed a remarkable upswing in recent years, propelled by a surge in bilateral trade. Quarterly trade figures for 2017 provide a fascinating snapshot of this flourishing economic partnership, revealing significant gains and new opportunities for both nations.
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Over the course of 2017, the total value of trade between South Africa and Turkey surpassed the impressive milestone of $2 billion, reflecting a robust 15% increase compared to the previous year. This surge in trade activity highlights the growing interdependence between the two countries, driven by a shared commitment to fostering economic cooperation.
Breaking Down the Bilateral Trade Landscape
A detailed examination of the quarterly trade figures unveils the diverse range of goods exchanged between South Africa and Turkey. South Africa’s primary exports to Turkey include minerals, metals, and machinery, while it predominantly imports agricultural products, textiles, and automotive parts from Turkey. The balance of trade between the two nations has remained largely in favor of Turkey in recent years.
South African exports to Turkey have witnessed a steady increase, reaching a total value of over $700 million in 2017. Coal and iron ore continue to dominate the export landscape, accounting for a significant portion of this figure. The automotive sector has also emerged as a promising area of growth, with South Africa exporting a growing number of vehicles and auto parts to Turkey.
On the import side, Turkey’s exports to South Africa have surged in recent years, exceeding $1.3 billion in 2017. Agricultural products, particularly wheat and flour, constitute a major portion of Turkish exports. Textiles and clothing are another significant category, with Turkey supplying a wide range of garments and fabrics to South Africa’s booming retail sector.
Factors Driving the Trade Surge
The surge in bilateral trade between South Africa and Turkey can be attributed to several key factors, including:
- Strong Economic Growth in Both Countries: Both South Africa and Turkey have experienced steady economic growth in recent years, creating increased demand for imports and exports.
- Improved Trade Relations: Bilateral trade has been bolstered by a series of trade agreements and economic cooperation agreements between the two countries.
- Diversification of Trade Portfolio: South Africa and Turkey have sought to diversify their trade portfolios, seeking new opportunities and reducing reliance on traditional export markets.
- Growing Infrastructure Investment: The construction and expansion of infrastructure projects in both countries have fueled demand for machinery, building materials, and other goods.
Benefits of Enhanced Trade
The growing trade relationship between South Africa and Turkey offers a range of benefits for both nations:
- Economic Growth: Increased trade promotes economic growth by creating new jobs, boosting production, and enhancing competitiveness.
- Job Creation: Export industries and ancillary services often generate significant job creation, benefiting workers and households.
- Access to New Markets: Bilateral trade provides access to new markets and export opportunities for businesses in both countries.
- Technological Transfer: Trade can facilitate the transfer of technology and expertise, promoting innovation and economic development.
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Between South Africa And Turkey Quarterly Trade Figures 2017
Conclusion
The robust bilateral trade between South Africa and Turkey is a testament to the growing economic cooperation between the two nations. The steady increase in quarterly trade figures in 2017 provides a glimpse into the mutually beneficial partnership that has been forged. As both countries continue to prioritize trade and economic growth, it is likely that the bilateral trade relationship will continue to thrive, unlocking new opportunities for businesses and consumers alike.
