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Importing from Turkey

Turkey Import Guide | Trade Finance Global

Importing from Turkey

Turkey sits at the twenty-seventh largest export economy in the world and in terms of difficulty, is the fortieth most complex economy according to the Economic Complexity Index (ECI). In recent years, Turkey exported over $160B and imported around $220B, which resulted in a negative trade balance of around $60B. In recent years, the GDP of Turkey was around $820B, with a GDP per capita of around $18k.

The main exports of Turkey are machinery, transport materials and goods, which are already manufactured. These consist of cars (around $7B), refined petroleum (around $5B), raw iron bars ($4B), vehicle parts ($4B) and delivery trucks (around $4B). The main imports are gold ($16B), refined petroleum (under $16B), cars ($9B), scrap iron ($7B) and petroleum gas ($5B). When looking at the main export destinations, these are Germany ($15B), Iraq (around $12B), UK ($9B), France (under $8B) and Italy (around $7B). The main import origins are Germany (around $25B), China ($24B), Russia (under $15B), Italy ($13B) and the United States ($12B). In terms of location, Turkey borders Azerbaijan, Iran, Georgia, Armenia, Iraq, Syria, Greece and Bulgaria by land and Romania, Egypt, Cyprus, Ukraine and Russia, by sea.

Turkey Country Profile

Official Name (Local Language)Turkiye Cumhuriyeti
CapitalAnkara
Population80,274,604
CurrencyTurkish Lira
GDP$856.8 billion
LanguagesTurkish
Telephone Dial In90

Turkey Exports Profile

Exports ($m USD)

156,993

Number of Export Products

4,292

Number of Export Partners

215

Top 5 export partners

Country

Trade

% Partner Share

Germany

15,119

9.63

United Kingdom

9,603

6.12

United Arab Emirates

9,184

5.85

Iraq

9,055

5.77

United States

8,655

5.51

Top 5 Export Products at HS 6 digit level

Export Product

Number

Gold in unwrought forms non-monetary

7.5%

Diesel powered trucks with a GVW not exceeding

4.2%

Art. of jewellery and pts thereof of/o prec mtl

3.1%

Petroleum oils, etc, (excl. crude); preparation

2.6%

Automobiles with reciprocating piston engine di

2.6%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Turkey

Agriculture

%

Product List

6.1%

Tobacco, cotton, grain, olives, sugar beets, hazelnuts, pulses, citrus; livestock

Industry

%

Product List

28.5%

Textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper

Services

%

Product List

65.5%

Importing from Turkey: What is trade finance?

Export finance is a revolving facility which lenders offer – it enables businesses to buy stock and can help ease the pressure from cash flow issues.

Often, an alternative financier will fund all of the cost of the receivables, including charges (e.g. VAT taxes).

Trade finance offers benefits over more traditional bank funding including asset finance or loans. Trade finance provides quick funding without affecting existing bank relationships.

How does it work?
If you’re a firm importing or exporting stock supplies from or to other countries, then a trade finance facility would help you to fund this through offering a LC (letter of credit) or some form of cash advance.

I’m looking to import from Turkey, how can Trade Finance Global help, and how does it work?
If you are looking to import inventory from other countries, you may require import finance, which is an agreement between yourself (the importer) and the foreign exporter. A non-bank lender would act as the intermediary, paying the foreign exporter on your behalf until you get the stock supplies and have then sold them to your customer. Repaying the funder then happens over an agreed period of time.

Information

Importing from Turkey? Contact our local experts

First Name*

Last Name*

Your Organisation*

How much trade finance are you seeking?*

Your Email*

Telephone Number*

Briefly, what type of stock or trade are you looking to finance?

(Marketing Terms can be found here)

Turkey Economic Statistics

Government Website

https://www.turkiye.gov .tr/non-citizens

Sovereign Ratings

https://countryeconomy. com/ratings/turkey

Central Bank

Türkiye Cumhuriyet Merkez Bankasi

Currency USD Exchange Rate

43588

Unemployment Rate

10.9%

Population below poverty line

21.9%

Inflation Rate

8.5%

Prime Lending Rate

15.2%

GDP

$856.8 billion

GDP Pro Capita (PPP)

$21,100

Currency Name

Turkish Lira

Currency Code

TRY

World Bank Classification

Upper Middle Income

Competitive Industrial Performance

55/138

Corruption Perceptions Index

81/180

Ease of Doing Business

43/190

Enabling Trade Index

59/136

Currency in Turkey

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