Turkey-People's Republic of China Economic and Trade Relations

Commercial Data:

YEARS

EXPORT

IMPORT

VOLUME

BALANCE

2013

3,6

24,68

28,29

-21,08

2014

2,86

24,92

27,78

-22,05

2015

2,41

24,86

27,27

-22,45

2016

2017

2018

2,32

2,93

2,91

25,44

23,37

20,71

27,76

26,30

23,63

-23,12

-20,43

-17,80

Source: TUIK (Billion USD)

Main Export Items from Turkey: Marble and travertine, chromium, copper, lead, iron, natural borate ores, boric oxide, boric acid

Main Import Items to Turkey: Automatic data processing machines, wireless telephone devices, toys, audio-visual devices, cruise/ merchant ships.

People’s Republic of China is Turkey’s third trade partner globally, and first trade partner in East Asia. China is Turkey’s 16th export partner and second import partner after Russian Federation in 2018.

The 16th meeting of the Joint Economic Commission (JEC) between Turkey and China was held on 27 September 2009 in Beijing.

The Turkish-Chinese Business Council, which was established in 1992, has organized activities annually since then. The last Business Council meeting was held on 29-30 July 2015 in Beijing, on the occasion of the visit of the H.E. Mr. Recep Tayyip Erdoğan, President of Republic of the Turkey to China with the participation of H.E. Mr. Xi Jinping, President of the PRC.

The process of the export of Turkish agricultural and food products to Chinese market is on track. In this context, protocols about milk and dairy products, cherry and pistachio were signed during G20 Antalya and Hangzhou Summits.

Chinese investments in Turkey are around 2 billion USD in total. Sectoral allocation of investments is as follows: energy, infrastructure, logistic, finance, diving, telecommunication and livestock.

A swap agreement between Central Banks of Turkey and China was signed in 2012 and renewed in 2015 for 3 years. First withdrawal and usage of cash flow in the context of swap agreement was realized in 2016.

Turkey supports China’s “Belt and Road” Project, which consist of the “Silk Road Economic Belt” and “the 21st Century Maritime Silk Road”. Located at a key position in this initiative, Turkey aims to realize “Trans Hazar- Middle Corridor” Project, complementing the North Line from China to Europe and opening a new connecting corridor between China and Europe. In this regard, to align China’s “Belt and Road” Initiative with “Middle Corridor” Project of Turkey, a Memorandum of Understanding was signed on 1 st of July, 2016 before the G20 Hangzhou Summit. Baku-Tbilisi-Kars railway, a main component of the Middle Coridor, was officially inaugurated on 30 October 2017. H.E. Recep Tayyip Erdoğan, President of the Republic of Turkey attended the inauguration ceremony held in Baku.

Turkey considers tourism as a potential area for further developing economic and cultural relations with the PRC. Chinese tourists, visiting Turkey in a steadily rising number since 2002, are strengthening ties between Turkish and Chinese people. 2018 has been celebrated as the Turkish Tourism Year in China. The number of Chinese tourists travelling to Turkey reached up to 39.000 with a %60 increase in 2018.

Turkish Airlines has seven flights from Istanbul to Pekin, Guanco and Shanghai and six flights to Hong Kong weekly. China Southern Airlines started its flights between Beijing and İstanbul in December 2018. Increasing the frequency of flights to China and adding new destinations to flight network will develop economic, trade and tourism relations with China, as well as deepen interaction among people.