The import volume of oil products to Turkey demonstrated a fluctuating trend from 2013 to 2023, standing at 25.75 Million Metric Tons in 2023. The percentage variation in recent years indicates a mixed pattern: a notable decline of 24.29% in 2019 and 12.99% in 2020 followed by a significant rebound in 2021 with a 32.35% increase. The year-on-year growth rate in 2022 was 4.43% and a modest 2.93% in 2023.
Observing the Compound Annual Growth Rate (CAGR) over the last five years (2019-2023), there was an average annual decrease of -1.29%, reflective of volatile market dynamics perhaps linked to geopolitical and economic factors. For the forecast period from 2024 to 2028, a much steadier outlook is projected with an estimated CAGR of 0.19%, signaling minimal but positive growth.
Future trends to watch for include potential geopolitical shifts impacting trade policies or oil prices, advancements in renewable energy technology, domestic production capabilities, and economic conditions influencing Turkey's demand for imported oil products. Stability in these factors could support the projected modest growth in imports.
