An overview of the import and export market in Turkey

An overview of the import and export market in Turkey

The Turkish market has witnessed a noticeable recovery over the past years in the import and export market, which encouraged investors, traders and industrialists, to set up their companies in Turkey in an effort to participate in a market with great profits and returns, as Turkey is an important destination for imported goods in many major countries such as Germany. Russia, Italy, France and China.

The main destinations for Turkish exports are: Germany, the United Kingdom, Iraq, Italy and France, where many different products such as refined oil, cars, iron, vehicle and truck spare parts are exported every year.

Turkey's exports in October 2018 achieved the highest monthly level in Turkish history, as the value of Turkish exports last month reached $15,732,000, an increase of 13.1% in the same period in 2017. As indicated by Mrs. Ruhsar Pekcan, Minister of Trade Turkish in a press conference held in Adana state, south of the country.

In the same context, the Ministry of Commerce and the Turkish Statistics Authority explained that Turkish exports increased during the month of September by 22.4% on an annual basis compared to the same month last year, as the value of Turkey’s exports during the month of September reached 14 billion dollars.

The aforementioned numbers represent a huge leap from what was the situation about 15 years ago, which is in the interest of achieving the goal set by the Turkish government for the year 2023 for Turkey to be among the top ten economically in the world.

Examples of some of the goods that Turkey exports abroad

Minerals: copper, iron, mercury, manganese.

Agriculture and food field: cotton, figs, grapes, olives, wheat flour, barley, tomatoes, apples, vegetables.

In the field of industry: textile industry, animal and vegetable oils, plastic materials, raw wood and its products, all kinds of household tools and supplies, sugar, cement, tires, and car spare parts.

Customs Union for Industrial Goods

Import and export in Turkey

Since 1995, Turkey has signed the Customs Union Agreement with the European Union countries. According to the agreement, Turkish products must conform to the specifications of the joint holdings between it and the European Union. This applies to industrial goods and manufactured agricultural products.

• Turkey now ranks seventh on the EU imports list. In the future, there is a good chance that Turkey will become a member of the European Union.

• Turks mainly import cars, gold, refined petroleum, chemicals, machinery, etc.

Turkey is also part of the Euromed Partnership called Euromed.

Which aims to enhance economic integration in 16 countries in the Mediterranean region. Turkish authorities have signed many double taxation treaties so that foreign investors can avoid double taxation.

Value Added Tax (VAT)

VAT exemptions include exports of goods and services and also contract manufacturers to customers in free zones.