Turkey has an expanding
economy. Therefore
foreign trade is one of the main activities of in the
economy of
Turkey at present.
Foreign trade was only a minor part of the
Turkish economy until around the year 1980, but thereafter started developing rapidly, the collective amount of
exports and
imports contributing a great amount to the Gross National Product. The ratio between export and import has not always been favorable, sometimes becoming almost a crisis.
The defining moment of
foreign trade in
Turkey came in 1980, when a realistic exchange rate was achieved, a strict monetary
policy was put in place, and increased efforts were set off to strengthen cooperation with the trade partners of the country. This greatly increased the
export rate, and brought about an improvement in the
trade balance, thereby enabling a slow liberalization of the import regime.
Turkey's main
trade relationship is largely with member countries of the Organization for
Economic Cooperation and Development, particularly the European countries, and also oil producing countries in the middle east.
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