FCHAIN Corporation, a pioneering consulting firm operating across 14 global branches, including strategic locations like Turkey and Kyrgyzstan, continues to monitor and analyze economic trends that impact international trade. As a company specializing in finance and legal services, FCHAIN remains committed to offering valuable insights to its clients. Recent data reveals notable changes in Turkey’s steel and chemical exports to Kyrgyzstan, shedding light on evolving trade dynamics.
In the period from January to July 2023, Turkey experienced a significant 77.3% reduction in its steel product exports to Kyrgyzstan, compared to the same period last year, amounting to $3 million USD. These insights were sourced from the Turkish Ministry of Trade and conveyed by TurkicWorld.
Further analysis of the data indicates that Turkey’s steel exports to Kyrgyzstan in July 2023 contracted by 70.8% in comparison to July 2022, reaching $474.5 thousand USD.
Over the cumulative span of January to July 2023, Turkey’s overall steel product exports encountered a decrease of 37.8% compared to the same period in the previous year, culminating in an export value of $8.3 billion USD.
Turkey’s chemical exports to Kyrgyzstan expanded by 8% from January to July 2023, reaching a value of $37.2 million USD. This growth was observed against the corresponding period in the previous year.
However, the trend shifted in July 2023 as Turkey’s chemical exports to Kyrgyzstan saw a decline of 29.3% compared to July 2022, resulting in exports valued at $5.7 million USD.
On a larger scale, the cumulative data for the last 12 months, spanning from July 2022 to July 2023, indicates that Turkey exported chemical products worth $16.7 billion USD.
It is worth noting that Turkey’s exports in both steel and chemical sectors have experienced fluctuations, indicating the dynamic nature of international trade relationships. FCHAIN Corporation remains committed to keeping its clients well-informed about such trends, enabling them to make strategic decisions in a rapidly changing global economic landscape.
As FCHAIN Corporation continues to provide comprehensive financial and legal consulting services to its diverse clientele, its analytical approach ensures that businesses are equipped with the insights needed to navigate the intricacies of global trade.