Main exports imports of Turkey - New

Main exports imports of Turkey – New

April 7, 2021

News

Main exports imports of Turkey – Key Facts

Turkey has the 19th largest ecnomy in the world with a population of 83,155,000. The offical language is Turkish but other languages such as Arabic, Kurmanji, Zaza and Laz are also spoken. Nominal gross domestic product (GDP) is $ 814 billion with a per capita income of $9,680 which is the 70th highest in the world. The national currency is the Turkish Lira and the country is located in time zone is UTC+3.

Main exports imports of Turkey – Economy by sector and developments

The Turkish economy by sector:

Agriculture – 8.6%

Industry – 27.1%

Services – 64.3%

Turkish exporters have seen a noteworthy surge in their sales to the United Kingdom from January through March this year following the signing of a post-Brexit free trade agreement (FTA).

Sales to the U.K. increased by 12.7% to reach $2.7 billion (TL 22.05 billion), making it the country’s second-biggest market in the first quarter of the year, according to data compiled from the Turkish Exporters Assembly (TIM).

Ankara and London inked the FTA pact in the last days of 2020 to support a trade partnership worth around $25 billion.

The deal became effective as of January 1, when Britain formally left the European Union, ensuring a quick transition after the previous deal ended at year-end.

The landmark deal is Turkey’s most important trade deal since its 1995 Customs Union with the EU. Yet, the officials of both Turkey and the UK have stressed an aim for a new and more ambitious agreement in the months to come. The current pact is expected to be expanded to include areas such as investments and services.

Details of Turkeys free trade agreements can be found on the Turkish government Department of Trade website via the link below:

https://www.trade.gov.tr/free-trade-agreements

Main exports imports of Turkey – Exports & imports by category

Turkey main exports by category:

Vehicles
Machinery including computers
Iron/steel
Clothing accessories
Electrical equipment
Gems/precious metals
Mineral fuels/oil
Articles of iron and steel
Clothing
Plastics

Turkey main imports by category:

Mineral fuels/oil
Machinery including computers
Electrical equipment
Iron/steel
Precious metals/gems
Plastics
Vehicles
Chemicals
Pharmaceuticals
Optical and medical apparatus

Main exports imports of Turkey

Main exports imports of Turkey – Trade deals

Trading partners – Germany, United Kingdom, UAE, İraq, United States, Italy, France, Spain

Turkey is a member of WTO and GATT

Total value of exports – $180 billion

Total value of imports – $234 billion

Turkey is a formal candidate for membership of the European Union although talks over many years have failed to produce the breakthrough that would lead to full membership.

In recent weeks Turkish President Erdogan has taken conciliatory steps aimed at bolstering ties with Brussels and EU leaders have agreed to increase trade and improve cooperation with Turkey on migration issues. EU leaders said last month that the bloc was ready “to engage with Turkey in a phased, proportionate and reversible manner to enhance cooperation in a number of areas of common interest”.

The latest talks between Turkey and the European Union were held on 6 April in Ankara. Both sides stressed a desire for stronger ties but the EU continued to voice concerns on human rights issues in Turkey. A spokesman for the Turkish president stressed that the objective of the ongoing process was full EU membership for Turkey.

Main exports imports of Turkey – Business development

Turkey Business Development information

Ease of doing business ranking –33rd in the world

International dialling code – +90

Main business domain – ..tr

If you found this article useful then check out similar articles on other countries here in our latest news section including this one on the USA

United Kingdom Trade Agreements – New

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Main exports imports of Turkey