Additional demand for supply from Türkiye supported industrial exports.
In 2021, exports of industrial goods increased by 33.2 percent, reaching a historic high of $ 217.9 billion. There were two key factors at play in this increase in the exports of industrial goods. The first was the rapid recovery enjoyed by Türkiye’s main export markets and the growth in global merchandise trade. Especially the imports from the EU and the US saw significant increases. High economic growth in these markets largely compensated for the pandemic-related losses and gave a strong impetus to import-side demand.
The second and more important factor was the demand for additional supply resulting from the change in global supply chains. Following the pandemic, buyers resorted to reducing their high import dependency on Asia to ensure supply security. While supply sources were diversified, nearshoring became a critical agenda item as high freight prices drove the cost of importing from distant suppliers up. The fact that production and suppliers’ delivery times were prolonged made nearshoring more important.
Against a backdrop of these trends, Türkiye, boasting a strong industrial infrastructure, production, and logistics capacity, was in the receiving end of a large demand for additional supply from many new countries and buyers. Almost all industrial sectors benefited from this development.