Turkey is an important destination for imported goods from Germany, Russia, Italy, France and China with an amount of $225.6 billion in 2012 by far bigger than the exports whose value reached $154.2 billion in the same year. The main destination for Turkey exports are: Germany, United Kingdom, Iraq, Italy and France, where a lot of products, such as refined petroleum, cars, raw iron bars, vehicle parts and delivery trucks, are delivered every year. Among the products exported by Turkey there are: dried fruits, pickled foods, cotton waste, wheat flours, cement etc.
Custom Union for industrial goods
The Turks import mainly cars, gold, refined petroleum, chemicals, machinery etc. Since 1995, Turkey signed the Custom Union agreement with the EU countries and in the future there is a chance to become a member of EU. In the recent years, the commercial relationships between EU and Turkey have become tighter since EU has been the most important Turkey’s partner for imports and exports. On the other hand, Turkey is the 7th in the top of EU imports.
The Customs Union is applicable for industrial goods and processed agricultural products. According to the Custom Union agreement, Turkey has to align to the acquis communautaire.
Turkey is also part of the Euro-Mediterranean partnership, called Euromed, whose goal is to promote economic integration in 16 countries from the Mediterranean region. The Turkish authorities have signed many double tax treaties in order for the foreign investors to avoid the double taxation.
A growing economy in the recent years
Turkey’s economy has grown in the recent years and become more diversified, based on the exports to European and Asian countries. A wide range of goods were exported, such as: clothes, cars, electronics, agricultural products, iron, oil, tobacco etc.
After the beginning of the economic crises, Turkey extends its exports to countries in Africa and Asia and from the Organization of Islamic Countries. The exports to the countries of OIC raised by 50% in 2008 and exports to Iraq increased by 75% at the beginning of 2009.
Turkey is considered an emerging market according to the International Monetary Fund and one of the newly industrialized countries, among the leaders for agricultural products and transportation equipments. This country has an important private sector, but the public sector is well represented in industry, transport and banking.
If you are interested in opening a company in Turkey and do business in exports or imports, you may call our Turkish lawyers for assistance and guidance.