Doing Import and Export Business in Turkey - 4 Market Ideas

08 July 2020
Turkey Import Export Data

Turkey is officially known as the Republic of Turkey, which is a transcontinental Eurasian country located mainly on the Anatolian Peninsula in Western Asia and a smaller portion on the Balkan Peninsula in Southeastern Europe. The Turkish market has witnessed a remarkable recovery over the past years in the import and export business. It has encouraged the investors and traders to set up their companies in Turkey in order to participate in this market with a great opportunity of high profits and returns. So, are you ready to start doing import and export business in Turkey? Follow some important market ideas and use Turkey customs data for the best market intelligence.

Market Overview

The economy of Turkey is an emerging market economy as defined by the International Monetary Fund. Turkey has the world’s 19th largest nominal GDP and 13th largest GDP by PPP. It is among the world’s leading producers of consumer electronics & home appliances, construction materials, transportation equipment, motor vehicles, textiles and agricultural products.

Turkey’s exports valued USD 171.1 billion in 2019, which ranked 30 globally. As per latest Turkey export data available, Top 10 exports of Turkey are vehicles, machinery, iron & steel, knitted or crocheted apparel & clothing, electrical & electronics, pearls & precious stones, mineral fuels & oils, articles of iron & steel, not knitted or crocheted apparel & clothing and plastics. And the largest export destinations of Turkish goods are Germany, United Kingdom, Italy, Iraq and United States.

Turkey is the 25th largest importer country in the world. According to Turkey import data, the value of shipments entered into the country recorded USD 200.5 billion in 2019. As compared to value of exports, the value of imports was the highest in the said year. Turkey’s top 10 imports are mineral fuels & oils, machinery, electrical & electronics, iron & steel, pearls & precious stones, plastics, vehicles, organic chemicals, pharma and optical equipment. And main import sources of Turkey are Russia, China, Germany, United States and Italy. These Turkey trade statistics will give you a better perspective about Turkish import and export market.

Market Challenges

Turkey is a challenging and complex market requiring persistence and adaptability. Semi-developed countries may face certain challenges in doing business in Turkey including how to find genuine buyers or suppliers, lack of transparency in tenders and instances of inconsistent or contradictory policies. Other biggest challenge is that Turkish government in recent years is giving more importance to local production while conducting government controlled tenders.

To find Turkish importers and exporters, click on Search Live Data.

Market Opportunities

Turkey’s slow but continued movement toward membership in the European Union has created momentum to adopt European business regulations and standards. As a result, it will become easier to buy and sell goods into Turkish market. Since 2001, Turkey has created a stronger and more stable economy that has attracted foreign investment. It has been followed by required capital improvements and demand for new products and services. Turkey is definitely a better place to do import and export business as companies will see good market opportunities to expand market share. Therefore, Turkey is considered a commercial hub of the region and global companies should use Turkish partners to access business opportunities throughout Central Asia, the Middle East and even Africa.

Market Entry Strategy

While there are many significant business opportunities for companies in Turkey, there are also obstacles impending entrance into the market. Any market entry strategy for Turkey should begin with great understanding of the costs and benefits to doing import and export business in Turkey. Here are some key market strategies that companies should consider in doing business in Turkey.

          ·         Companies should consider their own resources.

          ·         They must be represented by Turkish agent, distributor or partner for achieving success.

          ·         They give understanding of local legal framework, language assistance & business contacts.

When it comes to start an import-export business, every commercial activity is surrounded by certain challenges that need to be tackle properly for accomplishing success. Turkey is definitely a great country to do business and maximize profits.

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