Turkish Exporters Head to Colombia

Turkish Exporter Heading to Colombia Turkey's trade deficit with Colombia increased by 69 percent in 2022, rising from USD 1.2 billion to USD 2.2 billion. While Colombia's imports grew by 38 percent during this period, Turkey failed to capture its share of this growth. Turkish exporters are launching a Colombia mission between 27–30 March 2023 to reverse this deteriorating situation and reduce Turkey's trade deficit with Colombia. Turkish exporters, who earned Turkey USD 254 billion in foreign currency in 2022, are shaping their export strategies in line with the "Target Markets Strategy and Distant Countries Strategy" announced by the Ministry of Trade for 2023. The Aegean Exporters Associations, under the coordination of the Ministry of Trade and in cooperation with the Turkish Exporters Assembly, is targeting a multi-sector general trade delegation to increase exports from Turkey to Colombia to USD 750 million in the short term. Jak Eskinazi, Coordinator President of the Aegean Exporters Associations, noting that Turkey's exports to Colombia are stronger in sectors including steel, chemicals and chemical products, construction, electrical and electronics, textiles and raw materials, machinery and components, cereals, pulses, oilseeds and products, and ferrous and non-ferrous metals, stated that Turkish exporters shipped USD 303 million to Colombia in 2022. He noted that while Turkey's overall exports increased by 13 percent in 2022, exports to Colombia suffered a 26 percent decline, and their goal is to reverse this negative trend. Eskinazi, explaining that they have set a target of USD 750 million for exports to Colombia and wish to bring Colombian importers and Turkish exporters together on a bilateral business meeting basis, said: "Looking at Turkey-Colombia bilateral trade, we see a picture developing in Turkey's disfavor. In 2021, Turkey had a trade deficit with Colombia of USD 1.2 billion, which increased to USD 2.1 billion in 2022. In a year when Colombia's imports grew by 38 percent, Turkey's exports to Colombia declined while imports increased. We want to transform this picture into a more balanced form for both countries." Stating that all indicators in the Colombian economy are improving, Eskinazi concluded: "The Colombian economy grew at a high rate of 16 percent in 2021. This growth trend continued in 2022. Rising oil and coal prices made an important contribution to this growth. Colombia's per capita income is also increasing. Our iron and steel sector meets its coal needs from Colombia. Colombia is a major steel importer. Our iron and steel sector can increase its exports to Colombia, and our construction, chemical, and packaging sectors are among our more fortunate sectors in finding export opportunities in Colombia. Colombia has a Free Trade Agreement with the United States. Our leather, textile, and apparel sectors can use Colombia as a production hub for exports to the United States. Colombia is a country that holds opportunities for many of our sectors."