The Turkish new lira (TRY) is considered to be an exotic currency in the Forex market.
Turkey is the world’s sixteenth largest economy.
Does Your Economy Run a Trade Surplus or a Trade Deficit?
Turkey runs a trade deficit of $38.82 billion, giving the country a ranking of 183 out of the 190 countries tracked by the CIA in The World Factbook.
What Does Your Economy Export?
Turkey exports apparel, foodstuffs, textiles, metal manufactures, and transport equipment.
According to the World Trade Organization (WTO), Turkey exports $102.1 billion in goods and merchandise compared to only $32.8 billion in commercial services. The WTO breaks down those exports as follows:
Goods and Merchandise
- Agricultural products: 10.7 percent
- Fuels and mining products: 6.9 percent
- Manufactures: 76.5 percent
Commercial Services
- Transportation: 23.1 percent
- Travel: 64.9 percent
- Other commercial services: 12.0 percent
To Whom Does Your Economy Export?
The WTO ranks the following countries as the top destinations for exports from Turkey:
- European Union: 46.8 percent
- Iraq: 5.0 percent
- Switzerland: 3.9 percent
- United States: 3.2 percent
- Russian Federation: 3.1 percent
What Does Your Economy Import?
Turkey imports machinery, chemicals, semifinished goods, fuels, and transport equipment.
According to the WTO, the country imports $141 billion in goods and merchandise compared to only $15.6 billion in commercial services. The WTO breaks down those imports as follows:
Goods and Merchandise
- Agricultural products: 6.8 percent
- Fuels and mining products: 26.7 percent
- Manufactures: 63.5 percent
Commercial Services
- Transportation: 41.9 percent
- Travel: 26.6 percent
- Other commercial services: 31.5 percent
From Whom Does Your Economy Import?
The WTO ranks the following countries as the top sources of imports to Turkey:
- European Union: 40.2 percent
- Russian Federation: 14.0 percent
- China: 9.0 percent
- United States: 6.1 percent
- Iran: 2.4 percent
Do You Have an Attractive Government Debt Market?
Turkey currently has a Moody’s rating of Bal. It received this latest rating on May 24, 2006. This most recent rating was an upgrade from the Ba3 rating that the country had held previously. This is a positive sign for the country’s government debt market.
Do You Have an Attractive Equities Market?
Turkey has an attractive equities market, but it is not very large. It is the thirty-third largest equities market in the world, with a total market value of $225.7 billion.
Tell Me About Your Central Bank
The primary objective of the Central Bank of the Republic of Turkey is to achieve and maintain price stability.
The Central Bank of the Republic of Turkey has foreign currency reserves of 579,042 million and gold deposits of $5,258 million.
Do You Have an Overinvolved Government?
The Turkish government is not known as an aggressive currency manipulator.
What Economic Announcements Are Important to You?
When you are watching the economic announcements coming out of Turkey, make sure that you keep your eye on the following:
- Interest rates
- Employment
- Inflation
- Gross domestic product (GDP)
- Trade balance
Are You a Safe-Haven Currency?
No, the Turkish new lira is not considered to be a safe-haven currency.
How Can I Trade You?
You can trade the Turkish new lira using either of the following:
- Spot Forex
- Forex futures
