Turkey’s geographical position in Europe and Asia and its close vicinity to Africa and the Middle East, makes Turkey one of the most important trading partners for countries in Europe and Asia which gives it a great advantage in both importing and exporting goods.
The trading sector makes up a large part of the Turkish economy and is of particular interest to foreign entrepreneurs.
Turkey has strong economic ties with the EU. A Customs Union Agreement which stipulates free circulation of goods has been signed despite not yet being a member of the EU. This encourages trade between them.
Turkey is a world leader, when it comes to imports and exports it is the 29th largest export economy in the world and ranks 7th in the EU for imports and 5th for exports. Some raw materials are imported by Turkish companies, processed and then re-exported as finished goods.
In 2016 Turkey exported $156B and imported $186B. In 2016 the GDP of Turkey was $863B and its GDP per capita was $25.2k.
In 2020, GDP per capita for Turkey was $7,715 US. GDP per capita of Turkey increased from $3,083 US in 2001 to $7,715 US in 2020 growing at an average annual rate of 5.86%.
Due to Covid-19, which broke out in 2019, trading all over the world took a decline.
The top exports of Turkey are Gold ($12B), Cars ($9.4B), Delivery Trucks ($5.17B), Vehicle Parts ($4.4B) and Knit T-shirts ($3.17B), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Cars ($10.3B), Refined Petroleum ($7.27B), Gold ($6.48B), Vehicle Parts ($5.24B) and Planes, Helicopters, and/or Spacecraft ($4.23B).
The top export destinations of Turkey are Germany ($16.2B), the United Kingdom ($15.2B), Italy ($8.26B), the United States ($7.69B) and Iraq ($7.63B). The top import origins are China ($25B), Germany ($22.4B), Russia ($10.4B), Italy ($10.3B) and the United States ($10.3B).