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Turkey-Japan Economic Relations

Japan is the world's third largest national economy, accounting for around 9% of world GDP. In 2010, the country ranked fourth in the world in volumes of merchandise exports and imports.  Japan is Turkey’s fourth largest trading partner in the Asia-Pacific region.

Given their strong commitment to enhancing bilateral economic ties, Turkey and Japan intent to sign a Memorandum on Establishing a Framework for Cooperation in Economic Relations. With this Memorandum, Turkey and Japan will further strengthen their commercial relations and economic cooperation.  

Turkish-Japanese Business Council aims to improve bilateral trade and industrial cooperation. The Turkish companies are represented through the Foreign Economic Relations Board, and their counterpart organization is Keidanren (Japan Business Federation).

Exports

Japan  is Turkey’s 61st largest export market in the world and 8th largest in the Asia-Pacific region.Turkish merchandise exports to Japan in 2011 were USD 296 million and USD 272 million in 2010.

The top export categories (2-digit SITC) in 2011 were: textile yarn, fabrics, made-up articles, and related products (USD 51 million); fish and preparations thereof (USD 42 million); vegetables and fruit (USD 37 million); articles of apparel and clothing accessories (USD 20 million).

Imports

Japan is Turkey’s 14th largest supplier of merchandise imports in the world and the 4th largest in the Asia-Pacific region.Turkish goods imports from Japan totaled 3.3 billion $ in 2011, up 35% from 2.5 billion $ in 2010.

The top 5 imports categories (2-digit SITC) in 2011 were: road vehicles (USD 728 million); machinery specialized for particular industries (USD 605 million); other vehicles (USD 439 million); iron and steel (USD 301 million); and electrical machinery, apparatus and appliances (USD 297 million).

Trade Balance

Turkey’s trade deficit with Japan amounted to USD 4 billion in 2011 and 3 billion in 2010.

Investment

FDI flows from Japan to Turkey amounted to 227 million $ in 2011 and 347 million $ in 2010. Turkish firms have not undertaken any foreign direct investment in Japan so far.

Reference: Republic of Turkey Ministry of Economy

 

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