Trading companies in Turkey have been doing well if we consider the latest data issued by the Exporters’ Assembly of Turkey (TIM) which shows a spectacular increase in export numbers since the beginning of the year. On an annual basis, exports have rose by 19%, 6.7% higher than during the previous year. Foreign investors interested in setting up a trading company can obtain assistance from our law firm in Turkey.
March was also the third consecutive month in which trading companies in Turkey have reported a growth in their incomes, according to TIM. The total income generated by exports since the beginning of the year reached 37 billion USD which is 6.7% higher than the 34.7 billion USD registered during the same period of 2016. In March alone, exports have rose by 19% which is the highest growth since 2012.
The increase was generated by the incentives granted by the government since the beginning of the year, according to TIM and the Turkish Statistical Institute, and it is expected to “have a positive impact” on Turkey’s economy this year.
Once more, the automotive industry was behind this significant increase in export numbers among Turkish companies. While the exports of automotive companies have registered 2.7 billion USD, the clothing sector accounted for 1.53 billion USD and the chemical materials segment which brought another 1.5 billion USD to the economy.
The countries importing the most from Turkey are located in Asia followed by those in the European Union. While export to Asia rose by 44%, the export to the EU increased by 20%. The trading relations with Russia also improved, so exports to this country rose by 40.3% in March alone.
During the next period, TIM expects a higher growth rate considering the next step of measures to be implemented by the government, among which fuel subsidies for transportation companies are the most important.
For information on the licenses related to importing and exporting products, please contact our attorneys in Turkey. We can also assist with the company registration procedure in various economic sectors in Turkey.