U.S.-Turkey Trade Volume Target: 100 Billion Dollars
U.S. Secretary of Commerce Wilbur Ross recently visited Turkey and met with counterpart Turkish Trade Minister Ruhsr Pekcan and members of the private sector, as well to continue to pursue diplomatic trade relations through the common goal of the $100 billion trade value.
There are 1,700 U.S. companies operating in Turkey, with many of America’s most iconic brands committed to producing their products here in Turkey. Those American companies and their affiliates generated revenues in Turkey last year of $35.4 billion. That is about 3.5 percent of Turkey’s GDP. These American companies employ 78,000 Turkish workers. Their assets in Turkey total $31 billion.
American companies provide almost 80,000 Turkish workers and executives with insights into the best practices of technological and business enterprise innovation; and operating in an open and transparent manner.
Turkish companies are investing in the United States. Foreign Direct Investment from Turkey to the U.S. set a record last year of almost $300 million, achieving a new high in cumulative FDI stock of $2.36 billion. Turkey is now the 15th fastest-growing source of FDI in the United States, and 20 Turkish delegates attended our SelectUSA Summit in Washington this past June.
Looking more closely at U.S. exports to Turkey:
-Civilian aircraft, parts rose 84.81 percent compared to last year to $2.03 billion.
-Scrap iron, steel fell 11.19 percent compared to last year to $768.27 million.
-Cotton fell 8.64 percent compared to last year to $598.68 million.
-Petroleum gases, other gaseous hydrocarbons rose 3.44 percent compared to last year to $303.23 million.
-Plastics rose 76.47 percent compared to last year to $180.11 million.
Looking more closely at U.S. imports from Turkey:
-Carpets & Oth Text Floor Cover, Woven, No Tuf 5702 rose 10.69 percent compared to last year to $443.15 million.
-Motor vehicles for transporting people rose 3.59 percent compared to last year to $409.23 million.
-Gasoline, other fuels fell 20.88 percent compared to last year to $312.63 million.
-Aircraft engines, engine parts rose 24.12 percent compared to last year to $280.77 million.
-Defense-related aircraft, parts rose 12.39 percent compared to last year to $279.61 million.
The commercial developments and diplomacy between the US and Turkey are critical. Through channels of the economy, Secretary Ross discussed major incorporation of private sector and business people’s involvement in the goal of increased bilateral trade. Through this goal, grassroots people to people exchange and economic partnership can and should be encouraged between the two NATO allies.