As we approach the winter months, of course, the biggest demand is for citrus products. Orange in particular attracts attention as the most demanded winter fruit worldwide. Delicious, juicy, and rich in vitamins, oranges are a type of fruit known on seven continents.

Due to their high vitamin C and antioxidant content, oranges are one of the citrus fruits that people have enjoyed and cultivated since ancient times. The southern Himalayan foothills, eastern Assam, northern Myanmar, and the Yunnan province in western China are the locations of the orange gene center.

In Roman times, the orange was regarded as the world's richest’s fruit. In the gardens of wealthy Roman families, greenhouses were employed to keep oranges from the cold, but with the fall of the Roman Empire, citrus fruits perished along with wealthy households. Oranges to Europe were brought by the Genoese trade between 1400 and 1500 C.E.

The orange is now a fruit that can be grown almost everywhere, with the expansion of trade networks, the development of technology, and the increase in transportation types. Which countries are the leaders in orange production? Which are the leading countries in export besides production?

Leading Countries in Orange Production

According to USDA data, a total of 49 million tons of oranges were produced in the world as of the 2021/22 market year. In addition, around 103 million tons of citrus fruit were produced. 47% of this production belongs to orange.

Oranges were the citrus fruit with the largest demand, even though more and more people were using citrus fruits in other contexts. 

Especially in fruit juice, dried orange peel, and slices, as well as essences, is gaining in value in terms of demand. The presenting forms of orange have also increased as more people choose organic products in the modern world. Brazil is ranked first with a share of 34% of the global orange output in the market year 2022–2023, according to the production shares of the top-producing nations. The EU comes in third with a production of 12%, while China comes in second with a share of 16%. Mexico produces 9% of the total amount of goods produced worldwide. With 1.8 million tons of orange output, Turkey is ranked 7th in the world.

While a very important part of Brazil's orange production consists of industrial varieties, the most common industrial orange variety is the Pera orange. Since China is the homeland of citrus fruits, it has serious production values and cultivates both industrial and table varieties.

Leading Countries in Orange Export

Exports and orange production both matter. 11.5 million tons of citrus fruits were exported globally during the 2021–2022 market year. Orange accounted for 39% of all exports. This year, countries have given close attention to the use of oranges in the local market, especially in light of the political unrest, the lack of precipitation, and the chilly weather. However, some nations have seen an increase in exports. Furthermore, global exports of oranges have climbed by 10% during the last five seasons.

Egypt

While many people know Egypt for its pyramids and tourism, the country is fast becoming an agricultural powerhouse in Africa. Over the years, they continue to invest in increasing their small areas of agriculture. The majority of the world's orange exports, or over 80% of the entire citrus production in 2022, come from Egypt.

In the global orange export, which was 4.5 million tons in the 2021/2022 market year, Egypt takes first place with a share of 32%. Egypt is anticipated to keep this position, according to the US Department of Agriculture (USDA), even if exports have decreased by about 200,000 tons and production has decreased by 1.45 million tons as a result of unfavorable meteorological conditions. However, two of the biggest importers into the nation are Russia and Ukraine.

South Africa

South Africa is in the top three for 2021–2022, with a 28% export share of oranges. Surprisingly, one of the top producers and exporters of oranges is South Africa, a country whose importance to agriculture has grown. Moreover, when examined on a monthly basis, South Africa emerged as the top exporter of oranges to the European Union in October 2022, accounting for 132 455 tons of the 157 821 tons in total imports from all nations.

USA

The USA is among the leading countries in orange exports with a 10% share in the 2021-2022 period. The USA, which gives importance to orange production, especially for fruit juice production, is the leader in orange juice exports.

Turkey

Turkey is among the leading countries in the production and export of oranges. Although it has experienced a decrease in exports compared to production between 2021-2022, it is in eighth place. When evaluated according to orange varieties, Turkey has been a pioneer among the most diverse exporting countries. Looking at the product types; In 2021-2022, it is seen that 68% of orange production belongs to Washington, 28% to others, and 3% to Jaffa orange.

Why is Orange Trade Important in the World?

Oranges are a storehouse of vitamin C, which helps to defend against many ailments. In terms of both health and the value it lends to various culinary dishes, it has a significant place in the globe. In temperate and Mediterranean regions, orange is grown sloping locations that are ideal for cultivating it and can endure low temperatures of zero. 

But the orange tree can perish if the air temperature begins to fall below -9. As a result, it is exceedingly challenging to grow in locations with extremely harsh and cold weather. Additionally, the growth of the orange tree halts in locations where the air temperature exceeds 45 degrees. Orange growth is negatively impacted by snow and ice. It is a fruit that should be taken care of in terms of protection, cultivation, and fruiting. Orange continues to gain value due to its use and diversification in various industries.

Export control is a shared responsibility between industry and authorities. The Internal Compliance Program (ICP) is essentially a set of policies and procedures. Internal compliance programs are created to help organizations comply with various regulations and laws. They are designed to ensure that an organization follows all the necessary steps. This is done to ensure they stay compliant with federal, state, local, and international regulations.

All in all, the Internal Compliance Program (ICP) is a set of policies and procedures that help protect an organization’s assets, as well as the interests of its stakeholders. They are basically a way to ensure that an organization is in compliance with all of the regulations and standards that they need to be. This ensures that they are able to maintain a good reputation. Internal compliance programs are also beneficial because they can help prevent liability. If there is an issue with the company, this means that the company will be able to identify it and make changes before it becomes a bigger problem. Let's take a closer look at ICP.

Purposes of an Internal Compliance Program

• Compliance with unilateral and international sanctions, including the screening of customers and suppliers for potential reputational and security risks 

• Company staff being instructed in the terms of both multilateral and unilateral sanctions as well as all facets of their execution, compliance, and due diligence procedures.

• Enhancing the security of raw material and semi-processed material supply chains. It ensures adherence to international laws and regulations 

• Assistance with voluntary guidelines and other due diligence programs aimed at reducing the use of penalties, the violation of human rights, and other transgressions of international humanitarian law 

• International sanctions compliance and its effects on trade and supply networks 

Basic Elements of an Internal Compliance Program

• A company's culture should include compliance. This depends on senior management's and executives' clear dedication. A crucial component of this is making the necessary resources accessible and designating a committed compliance officer.

• Regular employee training is crucial to ensuring that all teams involved from sales to delivery are aware of their obligations and contribute appropriately, supporting the cultural approach toward compliance.

• Continued screening against all relevant, published entity lists is necessary. It guarantees that commerce does not take place with people or organizations that are included on relevant restricted party lists. The same is true for routinely checking commercial dealings against any relevant embargoes, product lists, and end-use limitations and prohibitions.

• Records should be readily available to assist efficient and effective audits, the detection of infractions, and voluntary disclosures. Therefore, it is crucial to maintain track of any inspections that are pertinent to export restrictions.

• Corporate policy on export controls must be clearly stated and meticulously documented as part of an ICP. These must also be conveyed and reiterated as necessary, which is related to the need for education and awareness.

• A corporation should periodically conduct its own internal audits to support the continuing maintenance of a compliance program and to reduce the chance of infractions being discovered during an external audit.

• Internal Compliance Programs need to be set up to accommodate shifting laws, regulations, and other factors. An ICP needs to be strong and flexible enough to handle ambiguity and unpredictability.

• Automation of necessary checks provides security and efficiency in light of the sizeable volumes and frequent modifications of export control legislation around the world. Without hindering corporate operations, software solutions are a particularly cost-effective way to guarantee export control security.

Advantages of Internal Compliance Program:

Internal Compliance Programs are a great way for organizations to maintain their reputation, stay out of trouble and save money. They are also an excellent way for organizations to keep up with the changing regulatory environment.

Internal compliance programs provide benefits such as:

• Protecting the organization's reputation from lawsuits and negative publicity
• Removing the need to hire expensive consultants and lawyers
• Providing an unbiased look into the company’s operations by educating employees on how to avoid legal problems.
• Gaining the trust and respect of employees and customers

Internal Compliance Program (ICP) Instructions

Internal Compliance Programs don't typically follow a set format. The content of an ICP is often very company-specific, personalized, and adapted to the unique products and procedures of a business as well as the legal framework to which it is subject. Although official recommendations about Internal Compliance Programs have been released by numerous export control authorities around the world, each country conducts its own programs. Therefore the Internal Compliance Programs of the European Union and of Australia differ from each other.

The best way to stay out of trouble is by following the law. The Internal Compliance program helps ensure that this is the case. It should be a money-saving measure as well because if you follow all applicable regulations, your organization will not have to pay fines or buy expensive consultants or lawyers in order to do so. Internal compliance programs are also a great way to educate employees about avoiding legal problems and staying on the right side

The primary actor of tired, happy, and sad moments, coffee has a very special place in human life. There is no moment when a good cup of coffee with a fresh coffee smell does not feel good. Coffee, which enchants with its smell and gives happiness with its taste, has its own story. It is an integral part of human life that has been consumed in daily life for about 1300 years. Furthermore, the interest in this special bean is increasing day by day. You are definitely among the people who cannot start the day without coffee, who always drink their coffee with their dessert, or who always sip their coffee during a pleasant conversation.

While brewing your coffee, have you ever wondered which beans make the coffee that slowly drips into your cup? If your answer to this question is yes, we invite you on a journey of coffee beans. After reading this article, you can call yourself a coffee gourmet! If you are ready, let's take a look at a comprehensive guide to the types of coffee beans.

The Journey of the Coffee Bean Types

This dark, fragrant beverage is an important part of many people's daily lives. The journey of a cup of a beverage that revitalizes our body and soul is also interesting. Coffee is a tree in the genus Coffea of the Rubiaceae family. The fruit beans of this tree are roasted and ground into a powder. Mixing the powder with boiling water or milk creates coffee, the drink we can't get enough of.  

The coffee tree grows in regions with tropical and equatorial climates. Today, coffee is cultivated in nearly 80 countries from Asia to the Americas. Coffee trees grow in climates with temperatures of 20-30 degrees Celsius, abundant rainfall, and dry climates. However, coffee trees do not grow in places where the temperature drops below 8 degrees Celsius. 

Arabica

Arabica is the most widely consumed type of coffee bean in the world. This coffee bean accounts for approximately 60% of all coffee in the world. The widespread production area of the Arabica coffee bean has influenced its consumption more than other beans. This coffee bean was discovered centuries ago in the mountainous regions of Ethiopia. In fact, it was from these geographies that coffee was discovered. Nowadays, Arabica is mainly grown in Central and East Africa, India, Latin America, and Indonesia in areas above 600 meters. 

The distinctive feature of the Arabica coffee bean is its susceptibility. Because of this susceptibility, the flavors of the spices and fruits affect it in the soil where it grows. Although the type of coffee bean is Arabica, coffee prepared with beans grown in different parts of the world can have different flavors and aromas. Also, Arabica beans need good care to produce a quality crop. Arabica, which is very susceptible to disease, needs extra shade and needs to be above sea level. 

Standing Out with Unique Flavor

Coffee made from the Arabica bean is smooth-drinking and often has a fruity aftertaste. In addition, Arabica contains less caffeine than other coffee beans. However, the caffeine content of a coffee is not a determining factor in its quality. Quality coffee should have an excellent aroma and taste. 

Arabica coffee, which has an aromatic and delicious taste, is also available in different varieties. The coffee types known as Ethiopia, Sumatra, Guatemala, Kenya, and Indonesia are Arabica coffee varieties grown in these geographies. They are all Arabica coffee, but there is a difference in taste due to their geography and climate.

Robusta

The second type of coffee bean that comes to mind is undoubtedly Robusta. Robusta bean is a type of coffee made from the seeds of the 'Coffea Canephora' plant. This coffee bean grows in the Eastern Hemisphere, mainly in Africa and Indonesia. One of the best features of the Robusta coffee plant is that it is very durable. The plant is very resistant to diseases and grows at low altitudes. One of the most important reasons why it is a hardy coffee plant is its high caffeine content because pests avoid the bitter taste of caffeine. Also, it needs a lot of water to grow in a healthy and high-quality way. 

The Most Caffeinated Form of Coffee

The dominant characteristic of Robusta coffee is its bitterness. It is used in instant coffee, espresso, and specific ground coffee blends. Robusta is a strong coffee with high caffeine content. Leaving a more intense flavor on the palate, these beans have high caffeine content. If you start the day with coffee made from Robusta coffee beans, you are likely to sober up but we recommend that you take care not to consume too much during the day.  

Liberian 

Liberian coffee is named after its native Liberia. This coffee tree is much larger than Arabica and Robusta coffee trees. In addition, it grows in hot and humid climates and is usually grown in Malaysia, the Philippines, and Indonesia. The bean is similar in appearance to Robusta. The Liberian coffee bean stands out with its pungent aroma. Also, the Liberian coffee bean has a long oval shape and a floral, fruity, and woody taste. The Liberian coffee bean accounts for about 2% of world coffee production.  

Excelsa 

Excelsa, a subspecies of Liberica, is considered a separate type of coffee bean because it is different in taste and shape from Liberica. It originated in Africa, but today it is usually grown in South East Asian countries. The countries where Excelsa coffee beans are produced are Vietnam, the Philippines, India, Malaysia, and Indonesia. In addition, the flavor of Excelsa coffee is very intense. For this reason, it is only used to enhance the flavors of blended coffee. The Excelsa coffee bean has a small round shape and a fruity and tart taste.

Import the Best Quality Coffee Beans with Turkish Goods

The most important feature of a good-tasting coffee that will give you pleasure is that it is ground from high-quality beans. As Turkish Goods, we enable you to import the best coffee beans in the world. No matter which part of the world you are in, you can import coffee beans produced under the best conditions to your location. Click to get detailed information about coffee beans and start your import process now.  

Credit insurance is a protection intended for companies of all sizes (VSEs, SMEs, ETIs, and large accounts) to guarantee unpaid bills. It is also a guarantee on trade receivables against the risk of payment defaults by customers. Every year, one in four companies disappears due to non-payment or the loss of one or more buyers. This is why Trade Credit Insurance is immensely important. 

When a company's commercial clients are unable to pay for goods or services due to bankruptcy, insolvency, or political unrest in the nations where the trade partner conducts business, it is possible to obtain trade credit insurance (TCI). 

As a result, TCI is known as accounts receivable insurance, debtor insurance, or export credit insurance. It aids companies in safeguarding their capital and balancing their cash flows. Additionally, since banks are more confident that their customers' accounts receivable will be paid back, it may assist them in getting better financing terms from such institutions.

Definition of Trade Credit Insurance (TCI)

When making big purchases of goods or services, commercial purchasers frequently ask for credit. However, financing these customers puts a supplier in danger of not being paid back. If the client declares bankruptcy, the creditor frequently only obtains a part of what is owed to it or nothing at all. That is especially true for unsecured loans, for which the creditor lacks any assets to support the loan. 

By paying policyholders for the outstanding debt up to the applicable coverage limits, TCI reduces that risk. TCI has the benefit of allowing businesses to securely provide credit to both new and existing clients. They would be reimbursed regardless of the customer's financial situation. Insurance can therefore be helpful to businesses to expand without taking on excessive risk. 

The official export credit institution of the United States is the Export-Import Bank of the United States (EXIM). It offers credit insurance to shield foreign accounts receivable from political and insolvency risk. If the buyer doesn't pay, businesses covered by EXIM receive 85% to 95% of the invoice total.

The Functioning of Trade Credit Insurance (TCI)

Like any insurance product, the price is a reflection of the anticipated risk the policyholder represents to the insurer. Insurers consider a number of factors when assessing a company's risk, including the volume of trades a client does and the creditworthiness of its clients. Other factors include the sector in which it operates and the payback conditions to which clients have agreed. According to Meridian Finance Group, the average cost of coverage is less than 1% of the insured sales volume. 

Insurance coverage for businesses is frequently scaled to meet their budget and risk profile. For instance, they might be able to choose to cover just one client—especially if it's a sizable or high-risk account—or a small group of clients. Some policies additionally offer supplemental coverage, which only becomes active when the original insurance is unable to fully pay a claim. 

Insurance companies often give each of a client's covered trade partners a certain credit limit based on their financial stability. The insurer will only pay losses up to that indemnity ceiling if the buyer refuses 

Some carriers' TCI coverage covers non-payment due to trade embargos or other government-related events. Other insurers provide political risk insurance as a separate product. Multinational organizations and major hotel chains are two examples of businesses that may find this protection to be particularly crucial.

Benefits of Trade Credit Insurance (TCI)

Offering customers extensive loan terms might help certain businesses recruit more significant customers or pave the way for potential development into other geographical markets. TCI typically increases the comfort level of firms when issuing loans because the danger of default is significantly reduced. It may be necessary to have a loss-mitigation plan in order to remain competitive in markets where the majority of the large competitors already bear TCI. 

Increasing the credit limits available to customers might also help businesses achieve economies of scale. Customers can purchase larger quantities. Therefore, a business might find itself buying from its own suppliers in larger quantities, giving it the power to haggle for lower prices.

Which Risk Categories Does TCI Cover? 

Two categories of hazards are commonly covered by trade credit insurance: - 

1. Commercial risk: This is the possibility that a buyer would be unable to pay an invoice or outstanding amount owing to financial issues like bankruptcy, insolvency, lengthy default, and more. 

2. Political risk: This refers to the buyer's failure to pay as a result of outside circumstances beyond either party's control. Geopolitical unrest such as war, terrorist attacks, riots, or natural disasters may be included in it. This risk also includes any local government actions, such as cash shortages, license cancellations, import-export restrictions, and other economic constraints. Only in cases where there are foreign buyers are political risks relevant.

The Trade Credit Insurance (TCI) Market is Growing

The adoption of TCI accelerated during the economic slump of 2020, according to a 2021 analysis by Allied Market Research, which served as a reminder of the possibility of market disruption and lost receivable income. According to predictions made by the research company, the global market for TCI reached $9.39 billion in 2019 and is anticipated to grow to $18.14 billion by 2027. That equals an 8.6% compound annual growth rate. 

It is always healthier to consume vegetables that grow in season. This is because the vegetables grown in the season ripen naturally. In this way, the vitamins and minerals in the vegetable preserve its nutritional value. In addition, all vegetables and fruits grown in season are much tastier. 

When it comes to the winter seasons, following a healthy diet that will strengthen the immune system is necessary. At this point, natural and delicious winter vegetables with high nutritional value are preferred. In winter, tasty vegetables add flavor to the tables at every meal of the day.  Healthful and delicious vegetables such as cabbage, onions, spinach, leeks, carrots, parsley, radishes, garlic, and celery are among winter vegetables.

Turkey is a country with fertile centuries-old lands where all seasons are happening. For this reason, almost every winter vegetable is produced in these fertile lands. Turkey is a country both self-sufficient and exports some of the winter vegetables. This article will examine the winter vegetables exported from Turkey to different countries. Let's explore the winter vegetables produced and exported in Turkey together.

Onion

Onion is a winter vegetable with numerous health benefits. Such that this vegetable is known as a natural remedy against diseases. Onion has miraculous benefits such as reducing the risk of various types of cancer, protecting skin and hair health, and strengthening the immune system. Although chopping onions makes you cry so much, this vegetable is the main character of many dishes. Also, it can be consumed both raw and cooked.

According to 2021 data, approximately 105 million tons of onions were produced in 5.5 million hectares of land in 138 countries. Furthermore, according to the data from the Food and Agriculture Organization, Turkey is among the leading countries in onion production globally and ranks 5th. In 2021, 2.5 million tons of onion production was realized in Turkey. Also, Turkey exported 221 thousand tons of onions in 2021. In the ongoing 2021-2022 agricultural season, the countries that import the most onions from Turkey are Bangladesh, United Arab Emirates, Russia, Iraq, and Georgia, respectively.

Onions are produced in almost every region of Turkey. The areas where production is concentrated are Central Anatolia and the Central Black Sea. Besides, the provinces where production is most intense are Ankara, Çorum, and Amasya.

Garlic

Garlic is a winter vegetable belonging to the Amaryllidaceae family. Thanks to the vitamins and minerals in garlic, it is a powerful and natural source of antioxidants. This vegetable, consumed fresh during the winter months, is also known as a natural antibiotic source. Therefore, it is recommended to be consumed in winter for a healthier and more resistant immune system. 

Garlic is a delicious vegetable that adds flavor to dishes in the food industry. Other sectors also benefit from the miraculous features of garlic. The cosmetics industry especially benefits from garlic. There are shampoos and conditioners with garlic extract for healthy and lush hair.

Garlic, popularly known as a natural source of antibiotics, is produced in Turkey. In addition, Taşköprü garlic grown in Kastamonu is on the European Union Geographically Indicated Products list. This special garlic grown in Turkey is a registered agricultural product of Turkey. 

The garlic cultivation area in Turkey is approximately 12.7 thousand hectares. In addition, garlic production in Turkey exceeded 136 thousand tons in 2021, 117 thousand tons of which were dried, and 20 thousand tons of which were fresh. The province where garlic is produced the most is Kastamonu, located in the Black Sea Region. Gaziantep, Kahramanmaraş, Aksaray and Tokay followed Kastamonu. 

Celery

Celery, indispensable for winter tables, is a vegetable belonging to the Apiaceae family. It is a low-calorie vegetable and has many health benefits. It is a vegetable especially rich in vitamins C and K. Thanks to this feature, it regulates blood circulation, repairs cells, and gives energy.

Celery is suitable for growing in regions where the winters are warm and the summers are not very dry. This plant is not ideal for growing at low and high temperatures. The optimum temperature range for celery is 15 to 20 Celsus degrees. Besides, the region where celery production is common in Turkey is the Mediterranean. Every year in Turkey, 15-20 thousand tons of celery is produced on approximately 1200-1500 hectares of land. 

Spinach

The vegetable that comes to mind as a winter vegetable is undoubtedly spinach. Also, spinach is an iconic vegetable that a generation grew up with Popeye. The role of consuming spinach for a strong and healthy immune system is essential. Spinach contains plenty of vitamins A, C, E, and B. It is an essential vegetable for cardiovascular diseases and eye health. In addition, it has a protective effect against cancer and accelerates metabolism.

Spinach is a vegetable suitable for growing in cool climates. In particular, it is unsuitable for growing in hot and dry weather. The ideal temperature range for spinach to grow is 15 to 20 degrees Celsius. The annual production of spinach, which is widely cultivated worldwide, is approximately 30 million tons. Turkey is in the 4th place in the world in spinach production. About 220 thousand tons of spinach are produced in Turkey every year.

Spinach grows very limited in the eastern Black Sea region of Turkey, where there is heavy rainfall. However, it is a vegetable that can be grown in regions other than this. According to current data, Aegean is the region that produces the most in Turkey. Central Anatolia, the Black Sea, Marmara, and the Mediterranean followed the Aegean Region.

Import Natural Winter Vegetables at the Best Price with Turkish Goods

Turkish Goods has one of the largest supplier databases in Turkey. It offers unrivaled service to its solution partners who want to import the best quality and natural vegetables from Turkey. Turkish Goods provides the best service to its customers in 13 languages. In addition, it offers the best price quote within 48 hours.

Turkish Goods is the best choice if you want to supply products from the Turkish market. You can import vegetables produced under the best conditions in Turkey to your location, regardless of where you are. If you want to import winter vegetables from Turkey, contact us and we will start your import process quickly. 

Every major event or development in one part of the world has positive or negative effects all over the world. The biggest reason for this situation is globalization. With globalization, there have been significant changes in economic, social, and political fields. With the effect of globalization in the economic field, goods and services and capital have started to circulate freely between countries. In addition, foreign investments and the number of international companies continue to increase day by day in the globalized economy. This situation has caused states to become more economically interdependent. The 21st-century interdependence defines this situation. 

Free trade based on interdependence has enabled countries to make decisions aligned with their common interests. As countries have become more interdependent, foreign trade in the world has increased day by day. For all these reasons, international trade results and analysis are of great importance for every state. Just before the end of 2022, what are the global foreign trade expectations for 2023? What are the reasons behind these expectations? It is necessary to seek answers to such questions. In this article, detailed information about the international trade forecast for 2023 will be given. 

International Trade Expectations in 2023

The World Bank publishes a detailed report annually containing its expectations regarding international trade. In June 2022, the World Bank published the Global Economic Prospects Report. 

In the first part of the report, current situations in the world and their effects on international trade are discussed. It was stated that the effects of Russia's attack on Ukraine after the pandemic that has been going on for more than two years would accelerate the slowdown in global economic activity.  The ongoing war in Ukraine is increasing commodity prices, supply disruptions, poverty, food insecurity, and inflation. Besides, this ongoing situation increases financial instability and policy uncertainty. International trade has faced many downside risks, including escalating geopolitical tensions, economic instability, and supply shortages. 

However, in addition to all these adverse events, some countries give hope for international trade. In particular, 2023 forecasts for developing countries and the Asia-Pacific region are more optimistic. Positive developments in these regions are also among the reports that can prevent a possible economic recession in international trade.

Economic Growth Forecasts by Country

The 2022 Global Economic Prospects is a comprehensive report detailing the state of global trade. In this report, the economic and commercial situations of countries and regions are analyzed separately. In addition, the report includes forecasts for the economic growth of countries and regions.

Forecasts for the USA and Eurozone

The 2022 growth forecast for the US economy, which is in the group of developed countries, has been reduced from 3.7% to 2.5%. In addition, the country's 2023 growth forecast was reduced from 2.6% to 2.4%. Finally, it was noted in the report that the growth expectation for the USA for 2024 is 2%.

In the report, the growth forecast of the Eurozone economy for this year was reduced from 4.2% to 2.5%. The expectation for 2023 has been reduced from 2.1% to 1.9%. Finally, the report predicts that the Eurozone will grow by 1.9% in 2024.

Chinese Economy

China is among the developing countries. In the report, the 2022 growth expectation for the Chinese economy was reduced from 5.1% to 4.3%. The country's 2023 growth forecast has been reduced from 5.3% to 5.2%. The report determined the 2024 growth forecast of the Chinese economy as 5.1%.

Economic Forecasts for Russia

Growth forecasts for Russia, which were in the middle of the war, decreased. In the report, it is predicted that the Russian economy will shrink by 8.9% in 2022 and 2% in 2023. In addition, it is predicted that Russia will grow by 2.2% in 2024.

Turkish Economy's Growth Forecast Raised

It also included expectations regarding the Turkish economy in the report. The 2022 growth forecast for Turkey is 2.3%. It is 3.2% for 2023, and 4% for 2024.

Turkey's Foreign Trade Targets for 2023

According to the 2023-2025 Medium-Term Program shared on September 4, 2022, Turkey's 2023 export target has been determined as 265 billion dollars. In addition, exports are targeted to be 285 billion dollars in 2024 and 305 billion dollars in 2025.

It was stated in the Program that Turkey's export-oriented growth strategy would be sustained. The average growth target for 2023-2025 has been determined as 5.3%. In addition, 5% economic growth is targeted for 2023.

Asia Pacific Region Stands Out with Economic Growth

Recent published reports highlight that countries in the Asia-Pacific region will dominate global growth in 2023. Economic growth of around 3.5% is expected for the region in 2023. The region is highly important for international trade and accounts for 35% of the world's GDP. Significant investments in the region every year, regional free trade agreements, and efficient supply chains are among the factors driving economic growth. In addition, competitive cost and economic policies of the countries in the region ensure the development of the Asia-Pacific region with each passing year.

Importance of the Region for International Trade

Asia-Pacific economies are among the driving forces of international trade. Countries in the region are home to about 2.9 billion people. This situation increases the labor force, supply, and demand in the area of the world. Asia-Pacific countries represent almost half of the world's trade. APEC, which was established to support the economic cooperation of the countries in the region, enabled its member countries to increase their economic growth. Asia-Pacific countries are engaged in various joint ventures to help integrate the region's economies and promote international trade.

The Asia-Pacific region is clearly of strategic importance for the world economy and trade. The total GDP of the region is 39 trillion dollars. This figure represents 56% of the world’s economic output. In addition, the Asia-Pacific countries include some of the world's most dynamic energy and trade routes. The region's economic growth forecast for 2023 also offers a glimmer of hope for stagnant international trade.