WHY DOES THIS PHILIPPINES AND TURKEY BILATERAL TRADE TREND FROM THE '90S NEEDS TO MAKE A COMEBACK?

 


HOW STRONG IS THE RELATIONSHIP BETWEEN THE PHILIPPINES AND TURKEY’S TRADE?

Peaceful and diplomatic relations were first started on 13th June 1949 between the Philippines and Turkey on a very positive note. Within a few years, the Embassy of Turkey was established in Manila on 17th October 1990, and in 1991, the embassy of the Philippines was set up in Ankara.

Recently, in the year 2019, to mark the 70 years of their relationship, both countries celebrated the 70th anniversary of their ongoing bilateral trade partnership. Since 1949, the trade relations between both countries are getting stronger and wider. Numerous various products and commodities are transported from one country to another.

In order to take trade relations to the next level, Turkey and the Philippines signed a memorandum of understanding on Defense Industry cooperation. By signing this memorandum, both countries can now trade defense items, arms, and ammunition smoothly without any barriers. As a result of signing this document, Turkey exported its first batch of 6 helicopters named T129 ATAK to the Philippines on 6th April 2022. Following this, 2nd batch of helicopters was delivered to the Philippines on 9th December 2022.



PHILIPPINES-TURKEY TRADE RELATIONS

Based on Turkey Export Data with respect to the Philippines (2018-2022 January), the exports of Turkey are as follows:

 

2018

2019

2020

2021

2022 (January)

EXPORTS

185.673

123.870

89.050

118.990

204.202

 

According to the Philippines Import Data of all times, the majority of imports from Turkey to the Philippines are related to the defense sector (helicopters, drones, spare parts), followed by medicines, tobacco, beef and meat products, perfumes, and inorganic chemicals.

On the other hand, by referring to the Philippines Export Data for the same duration, the total amount of exports that happened every year from the Philippines to Turkey was:

 

2018

2019

2020

2021

2022 (January)

IMPORTS

127.550

137.700

48.480

46,569

268.050

 

According to the Turkey Import Data of all times, the majority of imports from the Philippines to Turkey are mainly coconuts, electric-powered devices, and machines, seasonal fruits, garments, and charcoal.

The bilateral trade between these countries grew further due to the incoming of 1st and 2nd batches of ATAK helicopters from Turkey to the Philippines. The trade volume between these countries was close to USD 137 million in 2020, which rose to USD 165.5 million in 2021. In the month of October 2022, this number shot up to USD 472.2 million due to the deliveries of 12 helicopters.

The point to be noted is that both nations are into trading of only goods and commodities with each other and none of the nation’s trade services.

CONCLUSION

As we saw that the bilateral trade between the countries started way back in the year 1949, and since then till now developments and advancements are taking place regularly between the trade of these countries. As we saw that to make the bond even stronger, the countries signed a memorandum in order to trade defense items for safety. Based on our estimates, the trade between these countries is going to boost further and the numbers would also rise. So all the traders of Turkey and the Philippines should expect growth in Turkey Trade Data and the Philippines Trade Data in the very near future.

 

 

 

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