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Turkey attaches great importance to the Asia-Pacific region which is home to one third of all global manufacturing activities. With the rising awareness of the shift in economic activity towards the region, Turkey put into implementation “the Strategy for Improving Trade and Economic Activities with the Asian-Pacific Countries” in 2005.
The total trade volume between Turkey and the region in 2004 was around USD 17 billion. This amount rose over USD 44 billion, marking a 161% increase over the period.
Along with the volume of trade with the region, the share of Asia-Pacific region countries in Turkey’s total foreign trade rose as well. This share increased to 5,7% in 2010 from 3,3% in 2005.
Increasing commercial relations with the region has been associated with significant trade deficit figures for Turkey. The total trade deficit for the first eleven months of 2011 was around USD 40 billion and constitutes over 40% of Turkey’s overall foreign trade deficit.