Turkey set to become one of the fastest-growing markets for US exports over the next five years.

  Date posted: 26th of June 2012

 

An HSBC report on international trade has revealed that Turkey joins Peru and Brazil as the fastest-growing emerging markets for US exports.
 
US exports to Turkey are predicted to expand by 8.3 per cent a year over the next five years, says the report, which was released today by the commercial banking unit of London-based HSBC.

"Traditional export-driven economies in emerging markets are becoming more consumer-driven and importing more from high- end developed-nation producers, like the United States, to fulfill demand," said Steve Bottomley, head of commercial banking for HSBC North America.

President Barack Obama is aiming to double US exports from 2009 to the end of 2014. Biopharmaceuticals lead the export growth, increasing 8.6 per cent each year. Other key sectors include aircraft components, agriculture and finance.