Turkey seeks to address trade imbalance with China by increasing agricultural exports

(MENAFN) According to a Turkish diplomatic source on Wednesday, Foreign Minister Hakan Fidan conveyed Ankara's intention to reduce its trade deficit with China during discussions with Chinese officials this week. Fidan, who visited Beijing to meet with his Chinese counterpart Wang Yi and other officials, highlighted Ankara's desire to boost agricultural and food exports as a means to achieve this goal. The diplomatic engagement also included a visit to China's far western Xinjiang region, home to millions of Uighurs and other Muslim minorities.

China holds a significant position in Turkey's trade landscape, serving as its largest trading partner in Asia and the fifth largest globally. Fidan emphasized Ankara's expectation for China to increase imports of agricultural and food products from Turkey, while also expressing a desire for enhanced Chinese investment in Turkey and an uptick in Chinese tourism to the country.

Official data indicates that Turkey's imports from China totaled USD44.9 billion in 2023, dwarfing its exports, which stood at USD3.3 billion. Last month, discussions between the Turkish Minister of Energy and Chinese authorities and companies focused on potential projects in mining, nuclear, and renewable energy sectors. These talks coincided with the signing of an energy conversion agreement between the two nations.

Ankara is currently engaged in negotiations with China regarding the construction of a third nuclear power plant in the Thrace region, further underscoring the growing economic collaboration between the two countries. As Turkey seeks to address its trade imbalance with China, diplomatic efforts and discussions across various sectors continue to play a crucial role in fostering economic cooperation and bilateral relations. 

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