Türkiye Accounted for A Drastic Surge in The Imports from Switzerland

Introduction

Turkey has experienced a significant surge in imports from Switzerland in recent years, marking a noteworthy shift in trade dynamics between the two countries. This surge in imports has sparked curiosity among economists, analysts, and trade experts who are analyzing the reasons behind this shift. Türkiye’s imports from Switzerland were valued at $3.05 billion in 2021, according to trade statistics. On the other side, Switzerland imported $1.25 billion worth of goods from Turkey during that time. Imports of Turkish goods from Switzerland rose in 2022 compared to 2021. In this article, we will explore the reasons behind Türkiye's increased imports from Switzerland and delve into valuable insights provided by Turkey Import Data and Turkey Trade Data.

Understanding Türkiye's Growing Imports

Türkiye's growing imports from Switzerland can be attributed to several factors, including economic growth, changing consumer preferences, and the presence of a robust trading relationship between the two nations.

Türkiye imported USD 2.85 billion from Switzerland in 2021. Gold ($740 million), vaccines, blood, antisera, toxins, and cultures ($312 million), and packaged medications ($233 million) are the primary exports of Switzerland to Turkey. Switzerland's exports to Turkey have grown over the past 26 years at a yearly rate of 4.69%, from $865M in 1995 to $2.85B in 2021.

Historical Import data from Switzerland to Turkey

According to the trade data that is underrepresented, imports from Switzerland to Turkey have decreased during the last five years. Following 2017, import values decreased the following year, increased from the next, and kept rising until 2020, when they stood at a decreased value of $3 billion. Türkiye's yearly Imports from Switzerland are as follows:

Year     Value USD Billion

2017    6.90

2018    2.81

2019    3.37

2020    7.77

2021    3.05

 

Economic Growth and Market Expansion

One key factor contributing to the surge in imports is Türkiye's robust economic growth. As the economy expands, there is an increasing demand for high-quality products from international markets. Switzerland, known for its premium goods and excellent craftsmanship, has emerged as a preferred destination for Turkish consumers seeking luxury items, such as watches, fine jewelry, and precision instruments.

Changing Consumer Preferences

Consumer preferences in Türkiye have undergone a discernible shift in recent years. Turkish consumers now have a stronger affinity for premium and luxury products, which Switzerland is renowned for producing. This shift in preferences has resulted in a rise in demand for Swiss products, leading to increased imports.

Robust Trading Relationship

Türkiye and Switzerland have maintained a strong trading relationship for many years, with both countries benefitting from each other's markets. Switzerland is known for its high-quality machinery, pharmaceuticals, and chemical products, which are highly sought after by Turkish industries. On the other hand, Türkiye exports textiles, vehicles, and agricultural products to Switzerland. This mutually beneficial trade relationship has fostered increased import activity between the two nations.

Türkiye’s top 10 major imports from Switzerland

According to the Turkey import data for 2021, Turkey’s top imports to Switzerland are:

1. Gold (Plated, Unwrought) - USD 1,158.61 billion

2. Silver (Plated, Unwrought) - USD 242.14 million

3. Immunological Products - USD 150.14 million

4. Mixed or Unmixed Medicines - USD 112.47 million

5. Wristwatches of Precious Metal - USD 87.29 million

6. Mixtures of Odoriferous Substances - USD 71.30 million

7. Antisera & Other Blood Fractions - USD 65.45 million

8. Water (Mineral, Added Substances) - USD 29.26 million

9. Wristwatches (Electrically Operated) - USD 27.72 million

10. Coffee Extracts, Essences & Concentrates - USD 22.69 million

Switzerland's Quarterly Imports to Turkey

The representation of Turkey's import statistics below shows the imports from Switzerland in quarterly numbers. $1.2 billion was recorded in the first quarter of 2021, however, there was a steady decline throughout the year. The values started to rise in 2022 and reached $2 billion in Q2 of 2022. Türkiye's Quarterly Imports from Switzerland for the year 2021-2022 are:

Quarter           Value USD Billion

Q1-2021          1.21

Q2-2021          0.657

Q3-2021          0.660

Q4-2021          0.525

Q1-2022          0.861

Q2-2022          2.09

 

Conclusion

Türkiye's surge in imports from Switzerland reflects the changing consumer preferences, economic growth, and the robust trading relationship between the two nations. The increasing demand for luxury products, the expansion of the Turkish economy, and the mutually beneficial trade partnership have all contributed to this significant shift in imports. By using the Turkey Import Data and Turkey Trade Data, analysts can gain valuable insights into the specific products and industries driving the surge in imports. Adding Switzerland’s imports to Türkiye from the first and second quarters together, the total value of imports in 2021 came to $1.87 billion. Combining the imports during the first and second quarters of 2022, the total import value was $2.95 billion. This information can be instrumental in formulating effective trade strategies, identifying growth opportunities, and strengthening the trade ties between Türkiye and Switzerland.