Import and Export in Turkiye

The Republic of Turkey, currently with the 20th largest nominal gross domestic product (GDP) and 11th largest GDP based on purchasing power parity (PPP), has long drawn the presence of U.S. corporations across a myriad of sectors. Turkey’s sizable, young population (of approximately 84 million), combined with the country’s highly favorable geostrategic position, positively impact its investment climate and enhances Turkey’s ability to reach its economic goal of becoming a top-10 economy within several years as TurkStat announced.

Customs Union for Industrial Goods

Since 1995, Turkey has signed the Customs Union Agreement with European Union countries. According to the agreement, Turkish products must adhere to the specifications with their joint products with the European Union. This agreement applies to industrial goods and manufactured agricultural products. Turkey now ranks seventh in the EU’s import list. In the future, there is a good chance that Turkey will become a member of the European Union. The Turks mainly import cars, gold, refined petroleum, chemicals, machinery, and others. Turkey is also part of the Euro-Mediterranean Partnership (Euromed) Which aims to promote economic integration in 16 countries of the Mediterranean region. The Turkish authorities have signed several double taxation treaties so that foreign investors avoid double taxation.

TÜRKİYE'S EXPORTS SOAR TO RECORD USD 254 BILLION IN 2022

Türkiye is making significant progress toward its goal of earning a place among the top 10 exporters in the world, with exports reaching a record high of USD 254.2 billion in 2022, President Recep Tayyip Erdoğan announced. President Erdoğan highlighted that Turkish exports increased 12.9 percent year-on-year despite global challenges, adding, "We have all followed, step-bystep, how our exports have risen to new heights, breaking record after record. I am pleased to announce that Türkiye marked USD 254.2 billion in exports in 2022, the highest such figure in our Republic’s history.” President Erdoğan firmly emphasized his ambition for Türkiye, adding, “Our goal is to ensure that Türkiye takes its place among the top 10 exporting countries in the world." Germany, the US, Iraq, the UK, and Italy have become Türkiye’s top five export partners, while top export destinations include Russia, Iraq, the US, Germany, and Romania.

President Erdoğan also underlined that the number of countries and regions to which Türkiye exports in Turkish liras has reached 197, with a total value of TRY 350 billion. Speaking at the ceremony, Minister of Trade Mehmet Muş said that Türkiye broke a record in exports despite the uncertainty and stagnation in global trade. “By closely monitoring our companies’ needs and keeping a close eye on global trends, we improve the support measures we currently have in place for them and launch new support mechanisms,” declared Minister Muş, adding “We support our companies operating in high-tech and high-valueadded industries and create tools to increase IT service exports."