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New $136.5B Export in Technology-Intensive Products

In recent years, Turkey's "technology-intensive product" manufacturing industry has grown significantly. Technology-intensive product exports climbed by 19.2 percent in the first seven months of the year compared to the same period of the previous year. The aforementioned product group’s export reached 136.5 billion dollars in total.

Technology-intensive products provide enormous value to economies. As a result, technology output is now one of the elements revealing the development gap between countries. In other words, countries that have finalized their investments in technology manufacturing can differentiate themselves from other countries in terms of development.

The growth in technology-intensive product exports that occurred last year has continued to rise in the first seven months of this year. The Turkish Statistical Institute and the Ministry of Commerce both released data on technology-intensive goods. Last year, exports of high, medium-high, medium-low, and low technology products continued to rise. The exports totaled 212 billion 809 million dollars, according to the information provided.

The data revealed an increase in the export of technology-intensive products as well as the export of products with high added value. Growth in the aforementioned products in 2021 over the previous year attracted attention. Turkey now holds a significant position in this industry as a result of the 33 percent increase compared to the previous year. High-tech products contribute almost 6.5 billion dollars in technology-intensive product exports. Medium high-technology products contribute approximately 71 billion dollars. 

Turkey Gained the Most from Medium-High Technology Products

The increase in the exports of technology-intensive products last year continued at the same pace this year. According to technology intensity, exports of manufacturing industry products increased in the January-July period compared to the previous year. The export amount in the said product group increased by 19.2 percent and reached 136 billion 548 million dollars. In the same period of the last year, the number of exports was recorded as approximately 114 billion 542 million dollars.

Until July 2022, the majority of exports were in medium-high technology products. Exports of high-tech items totaled around $3.8 billion and medium-high technology products totaled $45.8 billion. Medium-low technology products totaled $43.9 billion, and low-tech products totaled $43.7 billion.

The percentage increase compared to last year is also noticeable. Exports of high-tech products climbed by 11.5 percent compared to the same period the previous year. Medium-high technology product exports increased by 14.1%.

Imports of High-Tech Products Decreased

In the January-July period, imports of manufacturing industry products, according to technology intensity, increased by 25.6 percent compared to the same period of the previous year. Imports reached 144 billion 129 million dollars in total. In the same period of last year, the import of these products was at the level of 114.7 billion dollars.

In the period covering the same month, there was a decrease in the import of "high-technology products". Turkey imported 14.6 billion dollars of high-tech products in the January-July period of last year. In the same period of this year, 13.7 billion dollars of foreign purchases were made in the same category. As a result, imports of high-tech products decreased by 6.3 percent.

Considering the imported technology groups, imports were mostly realized in the medium-high technology category. Importing approximately 61.8 billion dollars in this category, Turkey has signed import deals totaling around 61.8 billion dollars in this category, with 50.5 billion dollars in medium-low technology products and 17.9 billion dollars in low-technology products.

In summary, in January and July, exports of technology-intensive products increased by 19.2 percent compared to the same month of the previous year. Turkey continues to increase its exports in the "intensive technology product" sector. Moving towards the target planned for this sector, Turkey expects the increase to continue at the same level until the end of the year.

Turkey's Exports of Technology-Intensive Products Continue to Grow

According to the information provided, it was stated that Turkey should increase the weight of "High and Medium-High Technology Products" in its export-based growth model. Export income from technology products is important to a country's economic growth, development, and future. As a result, it was also said that the production of the aforementioned products should be mobilized for research, development, and innovation with modern and sustainable standards. 

It is also stated that the Turkish economy should be given a competitive identity in order to continue exports. The output volume of technology sectors in Turkey is expanding in response to an increase in domestic and overseas demand.