Turkey top export
Turkey was among the top exporters in the world, with automobile exports accounting for around 15.9% of overall trade, or USD 26.8 billion. Following that, machinery exports totaled around USD 15.8 billion, and iron and steel exports totaled around USD 11.6 billion. Turkey’s 2018 exports include electrical machinery, precious metals, iron and steel goods, apparel, plastics articles, and mineral fuels. It’s worth noting that auto exports increased by 97.5 percent in 2018 over 2017, a sector that earns billions of dollars each year.
Machinery, equipment, plastics, steel, iron, medicines, and organic compounds are next in line. Turkey’s imports are worth over USD 17,788 trillion. European countries, Australia, Latin America, Africa, and Asia, according to figures released at the start of the year.
Trading partners of Turkey
Turkey has strong economic ties with countries all over the world . Benefits from strategic geolocation that facilitates trade by sea, air, and land. The following data and facts depict Turkey’s trading direction in huge lines:
- Italy, Iraq, the United States, Spain, the Netherlands, France, Belgium, Romania, Israel, the United Arab Emirates, Poland, Russia, and Egypt were Turkey’s major trading partners in 2018.
How can I start a trading business in Turkey?
Although the processes of forming a corporation in Turkey are not difficult. Advisable to seek legal advice when compiling documents and applying for licenses and permits. The limited liability corporation, or LTD. The best business form for foreigners looking to start a business in Turkey. A limited liability company can be registered in Turkey for a minimum share capital of TRY 10,000 (approximately EUR 3,000). Other important formalities such as preparing the Articles of Association, a letter of undertaking showing the business activities. Power of attorney for company representatives, and copies of the owners’ identification documents.
In recent years, the economy has been booming.
Turkey’s economy has expanded and become more diverse in recent years, owing to exports to European and Asian countries. Following the onset of the economic crisis, Turkey expanded its exports to African and Asian countries, as well as the Organization of Islamic Countries. Shipments to OIC nations climbed by 50% in 2008 and exports to Iraq increased by 75% in the first quarter of 2009. Turkey is an emerging market and one of the newly industrialized countries, ranking first in agricultural products and transportation equipment.
Imported and exported product documentation
The product’s insurance certificate, import and export licenses, customs entry documents issued by the government of the product’s country of origin, certificate of free sale. Analysis certificate demonstrating that the goods are free of defects are among the documents that must be presented at customs.
Importers and exporters of perishable goods such as fruits, vegetables, meat, and fish must pay special attention to the required documentation for clearance. This implies they must present phytosanitary and health certificates, as well as any other customs-related paperwork. One of our attorneys can clarify all of the import and export rules for trade enterprises in Turkey.