Importing and Exporting in Turkey
Importing and Exporting in TurkeyUpdated on Sunday 03rd November 2019
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Turkey is an important destination for imported goods from Germany, Russia, Italy, France and China. 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. Our law firm in Turkey can help foreign investors who want to open trading companies in this country.
Custom Union for industrial goods
The Turks import mainly cars, gold, refined petroleum, chemicals, machinery etc. Since 1995, Turkey signed the Customs Union agreement with the EU 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 Turkey’s most important 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 Customs Union agreement, Turkey has to align to the EU acquis.
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.
Import and export procedures in Turkey
Turkey is one of the largest trading economies in the world and companies here import and export a large quantity of products, especially related to the agricultural field. This is why the country has a well-developed transportation network by land, water and air. Most of the products exported by Turkish companies are directed towards Europe and Asia. Also, both imported and exported products must be declared with the Customs Authorities in Turkey and must be accompanied by declarations of the forwarder along with other documents, such as:
- - invoices;
- - conformity certificates;
- - proof of payment of the import/export duties and other taxes.
In case of imports or export of certain special products, additional documents will be required. Also, it is strictly forbidden to export antiques out of Turkey. In order to ease import and export procedures, Turkey has adhered to several international agreements and is now part of the World Trade Organization, the Economic Cooperation Organization and the Black Sea Economic Cooperation. Companies here also use the Harmonized System in order to classify the goods imported or exported.
Top exports of Turkey
Turkey’s top imports
Turkey’s trading partners
- • approximately 58.3% of the total exports of Turkey were directed to more than 15 business partners last year;
- • 9.6% of the total exports of Turkey were directed to Germany in 2018, and worth around USD 16.1 billion;
- • Italy, Iraq, USA, Spain, the Netherlands, France, Belgium, Romania, Israel, the UAE, Poland, Russia, and Egypt were Turkey’s important trading partners in 2018;
- • according to statistics, Turkey went from a USD 70.8 million deficit in its trade with Spain registered in 2017 to earning a $2.2 billion surplus last year.
How can I open a trading company in Turkey?
Documents for imported and exported products
A growing economy in the recent years
Turkey’s economy has grown in the recent years and became 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 crisis, 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 equipment. This country has an important private sector, but the public sector is well represented in industry, transport and banking. According to recent statistics and information for Turkey, around 200 important items which took the export road in 2018 worth approximately USD 140.4 billion.
If you are interested in opening a company in Turkey and do business in exports or imports, you can call our Turkish lawyers for assistance and guidance.