International trade Assignment Example | Topics and Well Written Essays - 750 words - 1

International trade - Assignment Example In 1984, both in foreign exchange and Turkish currency, gold market was established. Greater restructuring of the gold sector took place in the nineties when impediments in the way of imports/exports were removed by means of new and better decision making. Milestone was achieved when the Istanbul Gold Exchange was established in 1995 to organize gold trading (Istanbul Minerals and Metals Exporters’ Associations 2011). Canada and Turkey are very good trading partners. For the year 2012, Canadian total exports to Turkey totaled 512,204 thousand Canadian dollars. The major item exported was Iron. Other commonly traded export items from Canada to Turkey include coal, oil and petroleum, newsprint, nickel, aluminum and motors and engines (Industry Canada 2011). The imports from Turkey were up to 884,779 thousand Canadian dollars. In top 25 items imported, gold occupies the first position with 143,839 thousand Canadian dollars. Other product groups commonly traded between Turkey and Canada under imports constitute trucks, Iron and its alloys, dry nuts, cruise ships and angles, bars and rods of steel (Industry Canada 2011). According to figures and statistics from government bodies (Library of Parliament 2011), Turkey is Canada’s 3rd largest export nation (when talking of Middle East) and the 24th largest across the globe. In terms of imports, Turkey stands at 4th position in providing items to Canada. Since 2001 and till 2008, value of Turkey receiving Canadian exports has skyrocketed at a pace of 33% annually. In terms of investment and services, Canadian imports from Turkey for 2009 were to the tune of $111.0 million and basically comprised of travel services. The exports ran to $174.0 million and included services like government, transportation, travel and commercial. Demography: As per 2010 figures and facts, population of Turkey is 72.5 million with