Product and Market Diversification in Turkey’s Foreign Trade
Abstract
One of the most important criteria in determining the economic size and the level of mastery of countries in international markets is the ratio of the volume of foreign trade to GDP. With this criterion, reducing the concentration (increasing the diversify) in foreign trade on the basis product and market plays an important role in helping countries achieve competitive advantage in the global economy. Turkey’s foreign trade strategy in recent years, primarily has to reduce the trade deficit (and current account deficit) by increasing the export. However, increasing diversification in foreign trade on the basis both product and market has been revealed as an important goal by economy policy makers. In this study covering the years 1990-2012, the level of product and market diversification in Turkey’s export and import was determined by using Concentration Ratio of Commerce, Gini-Hirschman Index, Entropy Index, Deviation Index and Penetration Index. In this connection, it has been found that Turkey is successful market diversification, on the other hand, unsuccessfull product diversification.
Keywords: Foreign Trade, Product and Market Diversification, Gini-Hirschman Index, Entropy Index, Turkey.
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