Imports And Exports Market In Turkey

Imports And Exports Market In Turkey

The annual export of Turkish goods is worth $139 billion, and currently, the country ranks as the 25th largest export economy in the world. Learn more about the Import Export Turkey business.
The Turkish market has made an incredible comeback in the import and export industry over the past few years. This has encouraged investors and traders to set up their companies in Turkey to participate in this market with a significant opportunity for higher profits and returns.
Turkey is known as an essential destination for imported goods in many major countries such as Germany, Russia, Italy, France, and China.
The main destinations of Turkish exports are Germany, the UK, Iraq, Italy, and France. Different products such as refined oil, automobiles, iron ore, car parts, and trucks are exported each year.
Turkey’s exports in October 2018 reached the highest monthly level in Turkish history. The value of Turkish exports reached $15,732,000 in the last month, an increase of 13.1% compared to the same period of 2017, as stated by the Turkish Minister of Trade, Mrs. Ruhsar Pekcan, in a news conference held in the south of Ankara.
In the same context, the Ministry of Commerce and the Turkish Statistics Agency pointed out that Turkish exports increased during September by 22.4% compared with the same month last year. The value of Turkey’s exports during September reached $14.456.000.000.
These figures represent a massive leap from the situation of about 15 years ago. This is in the interest of achieving the goal set by the Turkish government to become one of the top ten economies in the world by 2023.

Examples of some goods exported by Turkey

Metals: copper, iron, mercury, manganese.

Agriculture and food: cotton, figs, grapes, olives, wheat flour, barley, tomatoes, apples, vegetables.

Industry: textile industry, animal and vegetable oils, plastic materials, raw wood and its products, household tools and accessories of all kinds, sugar, cement, tires, auto parts.

Customs Union for Industrial Goods

Since 1995, Turkey has signed the Customs Union Agreement with European Union countries. According to the agreement, Turkish products must adhere to the specifications of their joint products with the European Union. This agreement applies to industrial goods and manufactured agricultural products.

Turkey now ranks seventh in the EU’s import list. There is a good chance that Turkey will become a member of the European Union in the future.
The Turks mainly import cars, gold, refined petroleum, chemicals, machinery, and others.
Turkey is also part of the Euro-Mediterranean Partnership (Euromed), which aims to promote economic integration in 16 countries of the Mediterranean region. The Turkish authorities have signed several double taxation treaties so that foreign investors avoid double taxation.

A value-added tax (VAT)

exempts goods and services (exemptions without credit) and contracts manufacturers to customers in free zones.

Importing Any Shipment from Turkey Necessitates the Completion of Certain Paperwork

♦Clearance of customs
♦Shipping Regulations
♦Packing restrictions for the Certificate of Origin
♦Certificates of evaporation for wood products
♦Food products with health certificates
♦In some countries, such as Algeria, Morocco, and China, quality certificates are required

Importing any shipment from Turkey Necessitates the Completion of Certain Paperwork

♦Register for business or industry
♦Card for Import (Import Permit)
♦Card of taxation
♦The bank’s payment document (document proving the transfer of invoice value outside the country of the importer)
♦The customs broker’s general authorization must be certified by a chamber of business or industry.

Tips and information on importing from Turkey

It may appear that working in the sector of import and export necessitates a substantial amount of capital. Still, you can start your firm with enough equity and then grow your activities after gaining a better grasp of the market through experience and accumulating information. As a result, you can obtain import offers from Turkey at the lowest possible cost.

When importing from Turkey, there are a few things to keep in mind.

To ensure a decent presence in the target market, you must adhere to product quality standards and their conformance to specific requirements and be free of quality manipulation by some companies and factories. If you don’t have enough experience with inspecting imported goods, you can use one organization that specializes in reviewing imported items.

Importers may also neglect essential details such as not stating the nation of origin or source of origin. This results in the rejection of your goods at customs and the imposition of a penalty. Therefore you must pay close attention to this topic. If your items were created in Turkey, a statement MADE IN TURKEY must be included to avoid complications or penalties. For Further Assistance based on Import Export Turkey. Contact with Industry Istanbul.