Trade relations between Türkiye and China, which particularly resurfaced amid a recent mega investment deal of the world's largest electric vehicle (EV) maker, BYD, with Turkish authorities, have positively reflected on Ankara's shipments to the Far East country, according to a report on Wednesday.
Accordingly, the demand for Turkish products from China continues, and Turkish companies continue to boost their exports to this country. The latest data indicated a nearly 50% surge in exports in July compared to last year.
China, which faces economic and trade difficulties with Western countries, continues to elevate its commercial relations by increasing market diversity in Türkiye and enhancing its effectiveness in these markets.
Moreover, under the recent agreement signed between BYD and the Industry and Technology Ministry, the Chinese company is expected to establish a production facility with an annual capacity of 150,000 vehicles and a mobility R&D center in Türkiye with an investment of approximately $1 billion (TL 33.5 billion).
BYD, which leads in electric vehicle sales with an annual production of about 3 million cars, is expected to enhance its local production capabilities and logistics efficiency by investing in a new production facility. Türkiye offers unique advantages, such as its growing technology ecosystem, strong supplier base, extraordinary location and skilled workforce.
With the increasing demand for new energy vehicles in the region, it also aims to reach consumers in Europe.
On the other hand, the data sourced from the Turkish Exporters Assembly (TIM) by Anadolu Agency (AA) showed that Türkiye's exports to China in July rose by 51% compared to the same period last year, reaching $312.9 million.
Thus, China became the 16th country to which Türkiye exported the most last month. Outbound shipments to the country increased by 37.5% compared to June.
Similarly, exports in the first seven months also appeared to show a positive trend. In January-July, shipments to China rose by 11.6% compared to last year, reaching $1.8 billion.
Leading the way with the highest volume of exports to China last month were products in the mining sector, amounting to $187.6 million, according to the data.
This sector was followed by chemicals and chemical products which shipped goods worth $63.9 million, iron and non-ferrous metals with $9.6 million, textiles and raw materials with $8.2 million and the electrical and electronics sector with $6.5 million.
Mining products also stood out in exports to China in the January-July period. The sector exported goods worth $992.2 million to this country during this period.
From January through July, other sectors, such as chemicals, contributed $312.2 million, and the iron and non-ferrous metals sector accounted for $93.3 million in exports. Additionally, the exports from the textile and raw materials sector stood at $73.6 million in the seven months, and hazelnuts and their products generated $51.5 million over the same period.
In July, companies from Ankara made the highest exports to China, amounting to $111.8 million, the data revealed.
