Trade

Development of Turkmenistan in conditions of stability, neutrality status and the policy of "open doors" proclaimed by the first President of Turkmenistan Saparmurat Niyazov resulted in significant progress on the way of the extension of foreign economic relations. The international authority of the country grows and intensifies: foregn trade relations with 85 countries of the world have been established. The country is the member of around 40 international organizations.

The main indicators of foreign trade and, in particular, export of goods determined the sustainability of the state within the recent years.

Since 1992 to 2001 the foreign trade turnover of Turkmenistan accounted to about US $ 28 billion, of which the export was over US $ 15,3 billion, and import - US $ 12,5 billion. Within the last several years the foreign trade balance of the country has a surplus. The gas, crude oil, petroleum products, cotton-fiber and the products of textile industry are the main export items of Turkmenistan.

Regionally, it is a member of the Economic Cooperation Organization (ECO), which includes Central Asian countries, plus Azerbaijan, Turkey, Pakistan, Iran and Afghanistan. Turkmenistan also has free agreements (FTAs) with Armenia and Georgia. The country does not hold membership in the World Trade Organization (WTO), and nor has it applied for accession. It also has degraded its membership with the Commonwealth of Independent States (CIS) in 2005 to associate status.

Over the years of reforms the structure of import substantially changed. The large-scale structural reforms in the economy predetermined the high share of the import of capital goods. If in the 1991 the import of machinery and other equipment made only 5%, then by the year of 2001 it was about 50%. Big quantity of equipment of gas, textile industries and agricultural sector is supplied now.

The trend will remain, as it is envisaged to scale up the policy of the provision of economic independence of the country and strong reduction of the import of foodstuffs.

The economic potential created over the years of independence forms the basis for the basis for the further stable development of Turkmenistan, and prospects of this development are reflected in the National Program of the President of Turkmenistan Saparmurat Turkmenbashi "Strategy of socio-economic development up to the period of 2010".

According to the official reports on the results of the country's social and economic development in January-September 2008, GDP made up 160 trillion mantas (11,1 billion dollars) or increased by 23 percent as compared to the same period of 2007. The economic performance was achieved through the growth of industry - by 37 %, construction - by 28 %, trade - by 24,6 %.

The share of industry in the gross output is 52 %, agriculture - 11,5 %, construction - 5,7 %, transport and IT - 4,3 %, trade - 5,4 %, service - 21 %.

As compared to the same period of 2007, foreign trade turnover considerably increased till 15,2 billion dollars, export made up almost 10 bln. dollars, import accordingly - 5,3 bln., the black ink of foreign trade - 4,7 bln. dollars.

 

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