Turkey has a population of around 75 million and holds the seventh position in terms of size within the import list in the EU countries and fifth in terms of export. The EU is their top trade partner. The main export partners of Turkey are Iraq, EU, Russia, United Arab Emirates, USA and Iran.
Imports sit around an average of 18000 USD million, with the main trading partner being China (USD2 billion), Germany (USD2.2 billion), Russia (around USD1.6 billion) and USA (around USD950 million). Imports into Turkey average at around 4100 USD Million from around 1955 until today, and this hit a peak of around 23000 USD Million in the middle of 2013 and a low of around 14 USD Million at the end of 1958.
The main imports into Turkey are machinery, almost finished goods, chemicals, fuels and transport equipment. The main import partners have been Russia (10%); China (10%); Germany (9%); the US (5%); Italy (5%); Iran (4%); France (3%); South Korea (3%); India (almost 3%); and Spain (over 2%). The main Turkish exports are machinery, transport equipment and then manufactured goods. The imports that come into Turkey are from the EU, China, USA, Russia, Iran and South Korea.
Exporting to Turkey? Contact our local experts
Trade finance is a revolving facility which some banks and specialist lenders offer - it enables firms to purchase stock and can help ease cash flow problems.
Generally, an export finance bank will fund most of the cost of the products, including charges (e.g. bank charges).
If you're an organisation importing or exporting stock supplies internationally, then a trade finance facility would help you to fund this through offering a LC (letter of credit) or some form of cash advance.
If you’re looking to export goods to other markets, you may require finance for exporting, which is a commercial agreement between you (the exporter), and the foreign importer. A non-bank lender will advance you the cost of producing the stock that you’re exporting (as a debt instrument), either once you have shipped the goods, or before you have produced them. Once the importer has received the products and pays you for the import, you will repay the advance from the export bank over an agreed period of time.
Read the TFG Exporters Guide here.
Importing from Turkey? Contact our local experts