Turkey-Australia Economic and Trade Relations

Economy of Australia

GDP (trillion USD)

1,48

Inflation Rate (%)

2,7

Real GDP Growth Rate (%)

2,8

Unemployment Rate (%)

6

Population (million)

23,6

Exports (fob-billion USD)

272,9

Population Growth Rate (%)

1,29

Imports (fob-billion USD)

251,6

GDP Per Capita (USD)

46.631

Number of Turkish Firms in the Country

2

References: Turkish Embassy in Canberra, Ministry of Economy, EIU, World Bank

Main Trade Partners:

China, Japan, South Korea, USA

Main Export Items: Ore, clinker, mineral fuels, oil, pearl, meat, grain

Main Import Items: Mineral fuels, oil, machine, vehicles, electrical and electronics products

Bilateral Economic and Commercial Relations:

YEARS

EXPORT

IMPORT

VOLUME

BALANCE

2010

336,9

444,9

781,8

-108

2011

411,0

747,0

1.158

-336

2012

426,8

804,4

1.231,2

-377,6

2013

462,9

1.122,1

1.696

-770,2

2014

506

544

1.050

-38

2015

521,6

544,8

1.66,4

-23,2

Reference: TÜİK                                                                                                        (million USD)

Main Export Items of Turkey: Grape, hazelnut, apricot, diesel/half diesel vehicles, white appliances

Main Import Items of Turkey: Gold, coal, medicines, cattle, buckwheat

The sixth meeting of Joint Economic Commission between Turkey and Australia was held on 23 February 2009 in Canberra.

On the occasion of the “Australia-Turkey Round Table Meeting”, which was held on 21 February 2014 by Australia Industry Group (AIG) and Foreign Economic Relations Board of Turkey (DEİK), a Memorandum of Understanding was signed between AIG, TOBB and DEİK in order to establish a Business Council.

According to the data of Turkish Central Bank, the foreign direct investment (FDI) of Australia in Turkey between years of 2002 and 2013 was 197 million USD. At the same period, Turkey’s FDI in Australia was recorded as 38 million USD. As of 31 December 2014 the number of registered Australian firms in Turkey is 180, and 2 registered Turkish firms operate in Australia (Arçelik – Seyitoğlu Baklava).

Turkish citizens resident in Australia have investments in various areas such as food, construction, textile, communication technology, wholesale and retail sale, dyeing, communication services, restaurants, auto mechanic and taxi driving. The number of such small and medium sized Turkish enterprises in Australia is approximately 4.000.

The number of visitors from Australia to Turkey is increasing regularly on yearly basis. The number of visitors has increased 5% compared to 2013 and reached 200.000 in 2014.