According to allcitypopulation, Turkmenistan is a country located in Central Asia and is bordered by Iran, Afghanistan, Kazakhstan, and Uzbekistan. It has an area of 488,100 square kilometers, making it the 51st largest nation in the world. Turkmenistan is mainly composed of desert and semi-desert terrain. The Kopet Dag mountain range lies along the border with Iran and has peaks that reach up to 3,000 meters. The Amu Darya river forms part of the border between Turkmenistan and Uzbekistan to the east. According to Petwithsupplies, the capital city of Turkmenistan is Ashgabat with a population of 828,000 (UN estimate 2019). Other major cities include Turkmenabat, Tasjaouz, Mary.
The economy of Turkmenistan is largely based on its vast reserves of natural gas which account for around 40% of its GDP. Oil also plays a significant role in the economy as it contributes around 25% to GDP. Agriculture is another important sector with cotton being a major export crop. Other goods such as wheat and wool are also produced in large quantities. The government has invested heavily in infrastructure projects such as roads, railways, airports and communications networks to stimulate economic growth. The service sector also plays an important role in contributing to GDP with tourism being an increasingly important sector since independence from the Soviet Union in 1991.
Foreign Trade of Turkmenistan
Turkmenistan is an important trading partner in Central Asia with exports and imports totaling $9.8 billion in 2019. The country’s main export commodities include natural gas, oil, cotton, and textiles. Natural gas accounted for around 50% of total exports in 2019 while oil accounted for a further 25%. Cotton and textiles are also important export items with China being the largest importer of these goods. Other export commodities include chemicals, fruits, vegetables, metals and machinery.
The country’s main import partners are Russia, Turkey, China and the United Arab Emirates (UAE). Imports totaled $6.7 billion in 2019 with machinery and transport equipment making up the largest share of this figure at around 21%. Other significant imports include food products such as wheat, sugar, tea and fish as well as chemicals and minerals. The UAE is also a major source of imports for Turkmenistan with fuel products such as crude oil accounting for around 14% of total imports from the UAE.
In terms of foreign investment, Turkmenistan has attracted investments from countries such as Russia, China, Turkey and the UAE. In recent years there has been an increase in foreign direct investment (FDI) into the country which totaled $567 million in 2018. Most FDI has gone into infrastructure projects such as roads and railways to improve connectivity between cities within Turkmenistan as well as to neighboring states. There have also been investments made into energy projects aimed at diversifying sources of energy production within the country as well as developing new sources of renewable energy such as solar power.
Major Trading Partners of Turkmenistan
Turkmenistan is an important trading partner in Central Asia, with exports and imports totaling $9.8 billion in 2019. The country’s main export partners are China, Turkey, and the United Arab Emirates (UAE). China is the largest importer of Turkmenistan’s export goods such as natural gas, oil, cotton, and textiles. Natural gas accounted for around 50% of total exports in 2019 while oil accounted for a further 25%. Cotton and textiles are also important export items to China which totaled $2.3 billion in 2019. Other significant export partners include Russia, Iran, and Kazakhstan.
The country’s main import partners are Russia, Turkey, China and the United Arab Emirates (UAE). Imports totaled $6.7 billion in 2019 with machinery and transport equipment making up the largest share of this figure at around 21%. Other significant imports include food products such as wheat, sugar, tea and fish as well as chemicals and minerals. The UAE is also a major source of imports for Turkmenistan with fuel products such as crude oil accounting for around 14% of total imports from the UAE.
Russia is an important trading partner for Turkmenistan with bilateral trade totaling $3 billion in 2019. Russia mainly supplies fuel products such as crude oil to Turkmenistan while Turkmenistan mainly exports natural gas to Russia which accounted for around 66% of total exports from Turkmenistan to Russia in 2019. In addition to this bilateral trade between the two countries there has been an increase in investments from Russian companies into energy projects within Turkmenistan aimed at diversifying sources of energy production within the country as well as developing new sources of renewable energy such as solar power.
Turkey is another key trading partner with bilateral trade between both countries totaling $1.5 billion in 2019 with most of this coming from Turkish exports to Turkmenistan which consisted mainly of machinery and transport equipment followed by food products such as wheat and sugar. In addition to this there has been an increase in Turkish foreign direct investment (FDI) into infrastructure projects within Turkmenistan since 2018 which has gone towards improving connectivity between cities within Turkmenistan as well as neighboring states through roads and railways projects funded by Turkey over recent years.
Finally,the UAE is an important trading partner for Turkmenistan with bilateral trade totaling $1 billion in 2019 with most of this coming from UAE exports consisting mainly of fuel products such as crude oil followed by electrical machinery. The UAE also acts a source for FDI into infrastructure projects within Turkemnistansuchas roads, railways,and energy projects aimed at developing new sourcesof renewable energy.
Major Imports and Exports of Turkmenistan
Turkmenistan is a country located in Central Asia bordered by Iran, Afghanistan, Uzbekistan and Kazakhstan. It is rich in natural resources such as oil and gas but also depends on imports for its economic growth. The major imports of Turkmenistan include machinery and transport equipment, food products such as wheat, sugar and tea, chemicals and minerals.
The main export of Turkmenistan is natural gas which accounts for around 66% of total exports from the country. Other major exports include crude oil (10%), textiles (7%), fruits & vegetables (5%) and cotton (3%). These goods are mainly exported to Russia, Turkey and the UAE.
Russia is an important trading partner for Turkmenistan with bilateral trade totaling $3 billion in 2019. Russia mainly supplies fuel products such as crude oil to Turkmenistan while Turkmenistan mainly exports natural gas to Russia which accounted for around 66% of total exports from Turkmenistan to Russia in 2019. In addition to this bilateral trade between the two countries there has been an increase in investments from Russian companies into energy projects within Turkmenistan aimed at diversifying sources of energy production within the country as well as developing new sources of renewable energy such as solar power.
Turkey is another key trading partner with bilateral trade between both countries totaling $1.5 billion in 2019 with most of this coming from Turkish exports to Turkmenistan which consisted mainly of machinery and transport equipment followed by food products such as wheat and sugar. In addition to this there has been an increase in Turkish foreign direct investment (FDI) into infrastructure projects within Turkmenistan since 2018 which has gone towards improving connectivity between cities within Turkmenistan as well as neighboring states through roads and railways projects funded by Turkey over recent years.
Finally,the UAE is an important trading partner for Turkmenistan with bilateral trade totaling $1 billion in 2019 with most of this coming from UAE exports consisting mainly of fuel products such as crude oil followed by electrical machinery. The UAE also acts a source for FDI into infrastructure projects within Turkemnistansuchas roads, railways,and energy projects aimed at developing new sourcesof renewable energy.
In conclusion, it can be seen that the major imports and exports of Turkmenstan are primarily focused on fuel products such as crude oil, natural gas, textiles, fruits & vegetables and cotton with major trading partners being Russia, Turkey and the UAE. Investment from foreign companies into infrastructure projects have also helped improve connectivity within the country over recent years thus helping its economy grow further.