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.

 

 

 

FOLLOW US TO STAY IN TOUCH WITH INTERNATIONAL MARKET INSIGHTS

If you are an enthusiastic trader or broker who is keen on exchanging with various nations, then you can contact TradeImeX anytime for individual help and tweaked information which is formulated based on each customer’s requirements and needs. We give Import Export Data and Global Trade Data for 70+ nations and are focused on our obligations without limit. Reach us today via mail or our website and upscale your business by accomplishing extraordinary levels and market expansion ideas and strategies.

For More Info-

Turkey Import Data

 

 

 

 

Comments

Post a Comment

Popular posts from this blog

THE PHILIPPINES TRADE DATA

Image
           IMPORT EXPORT DATA OF THE PHILIPPINES REALTIME FACTS AND FIGURES TO ANALYSE THE PHILIPPINES TRADE DATA Unlike other articles and blogs available online, we are going to start this blog with some facts today and the end will also be analytical and factual rather than theoretical. Starting with the year 2021, in the month of September 2021, the Philippines Trade Data showed a value of USD 17188 million for total trade which included exports worth USD 6690 million and imports worth USD 10497 million. After analyzing the Philippines Import Data and Philippines Export data for the month of September 2021, it was hence noticed that the nation faced a negative trade balance worth USD 3810 million. Roughly after a year, i.e., in the month of August 2022, the Philippines Trade Data showcased a trade value of USD 18842 million. the imports of the country increased very much as compared to last year leading to a widening gap between total imports and exports, leading to ris
Read more

Top 10 Import Products of The Philippines

Image
  Top 10 Import Products of The Philippines The Philippines is an island country of the world, also known as the archipelago as it consists of numerous islands and surrounded by water bodies from almost all directions.   IMPORT EXPORT    Feb 27, 2023     0    1  Add to Reading List THE PHILIPPINES – SOUTHEAST ASIAN ISLAND NATION OF THE WORLD The Philippines is one of the  island countries  of the world also known as the archipelago as it consists of numerous islands and the whole territory is surrounded by water bodies from almost all directions. The western part of the Pacific Ocean is majorly occupied by the Philippines. The economy of the country was initially run by the agricultural sector and later in the years the 1950s and 1970s, manufacturing also started to grow and flourish across the nation. As of now, the agriculture sector has a  one-fourth stake  in the total GDP of the Philippines. If we talk about the agreements and contributions of the nation in various trade deals, th
Read more

BILATERAL TRADE AGREEMENT BETWEEN THE EU AND THE PHILIPPINES

Image
  TRADE RELATIONS BETWEEN EUROPEAN UNION AND THE PHILIPPINES An agreement containing insights about the EU and the Philippines was framed long back on 22 December 2015 to conclude or decide upon the variety of issues that mainly curtails to tariffs and non-tariff barriers, trading of services and investments, sustainable development, and aspects of public procurement. This agreement will certainly develop a key aspect of the relationship between the EU and the Philippines whose foundation would be laid on the EU-Philippines Framework Agreement on Partnership and Cooperation that came into force in the year 2018. Moreover, the EU is demanding and negotiating to form a Free Trade Agreement with the Philippines which would help both nations to associate with each other and perform trade practices frequently without any trade barriers. This will help in the easy inward and outflow flow of goods without any hurdles. CURRENT TRADING SCENARIO BETWEEN THE EU AND THE PHILIPPINES ·   
Read more