Turkey is a rapidly growing economy with a focus on both imports and exports. The country is strategically located at the crossroads of Europe, Asia, and Africa, making it an important hub for international trade. In 2020, Turkey’s total exports reached over $169 billion, with exports of goods and services accounting for more than 50% of the country’s GDP.
Overview About The Imports and Exports Market In Turkey:
Turkey is a country located in the Middle East and Southeast Europe. The country has a population of over 80 million people and a GDP of over $1 trillion. Turkey’s exports totaled $169.5 billion in 2017, while its imports totaled $269.5 billion. The country’s main export partners are Germany, the United States, Italy, and Russia, while its main import partners are China, Russia, and the United States.
Turkey’s exports are largely composed of manufactured goods, with machinery and transport equipment making up the largest share. The country’s main export partners are Germany, the United States, Italy, and Russia. These countries account for over 50% of Turkey’s exports.
Turkey’s imports are largely composed of raw materials and intermediate goods, with fuels and mining products making up the largest share. The country’s main import partners are China, Russia, and the United States. These countries account for over 50% of Turkey’s imports.
The country’s main export partners are Germany, the United States, Italy, and Russia. These countries account for over 50% of Turkey’s exports. The country’s main import partners are China, Russia, and the United States. These countries account for over 50% of Turkey’s imports.
Exports from Turkey, Examples of some goods exported by Turkey
Turkey is a major player in the global economy and boasts a diverse export sector.
Here are some of the top goods that Turkey exports to the world:
Textiles and apparel: Turkey is a leading exporter of textiles and apparel, with products ranging from traditional Turkish kilims to high-fashion garments. The country’s textile and apparel industry is worth an estimated $17.5 billion annually.
Cars: Turkey is a major manufacturer of cars, with exports totaling $7.5 billion in 2016. The country’s top export destinations for cars are Germany, Iraq, and the United Arab Emirates.
Machinery: Turkey is a leading exporter of machinery, with a total export value of $7.3 billion in 2016. The country’s top export destinations for machinery are Germany, the United States, and Italy.
Food: Turkey is a major exporter of food, with a total export value of $6.5 billion in 2016. The country’s top export destinations for food are Germany, Iraq, and the United Arab Emirates.
Chemicals: Turkey is a leading exporter of chemicals, with a total export value of $5.5 billion in 2016. The country’s top export destinations for chemicals are Germany, Italy, and South Korea.
Customs Union for Industrial Goods in Turkey
The Customs Union for Industrial Goods in Turkey is a trade agreement between Turkey and the European Union (EU) that eliminated customs duties and quotas on industrial goods traded between them. The agreement, which came into effect in 1996, aims to create a single market for industrial goods between Turkey and the EU, allowing for the free movement of goods and promoting economic cooperation.
As a result of the Customs Union, Turkish industrial goods have access to the EU market without any tariffs or quotas, and vice versa. This has led to increased trade and investment between Turkey and the EU and has also helped to boost Turkey’s manufacturing sector and exports.
In addition to eliminating trade barriers, the Customs Union for Industrial Goods in Turkey also requires both parties to align their regulations and standards related to industrial goods. This helps to ensure that goods traded between Turkey and the EU meet the same safety, health, and environmental standards, thereby reducing technical barriers to trade.
A value-added tax (VAT)
Value-added tax (VAT) is a consumption tax that is levied on the value added to goods and services during production and distribution. In Turkey, VAT was introduced in 1985 and is governed by the Law on Value Added Tax (VAT Law).
According to the VAT Law, VAT is applicable to most goods and services supplied in Turkey and is charged at a standard rate of 18%. There are some goods and services that are exempt from VAT or subject to reduced rates, such as basic foodstuffs, books, and certain medical supplies.
The VAT charged on goods and services is collected by the seller and paid to the government. Businesses can claim a VAT credit for the VAT they have paid on their inputs, which can be offset against the VAT they are required to collect and pay to the government. This system helps to ensure that VAT is only levied on the value added at each stage of production and distribution.
In Turkey, VAT is considered an important source of revenue for the government and plays a significant role in financing public spending and supporting economic growth.
Papers required to export any shipment to Turkey
The specific papers required to export a shipment to Turkey may vary depending on the type of goods being exported and the country of origin, but some of the common documents required include:
Commercial Invoice: This is the main document that outlines the details of the goods being exported, including the type and quantity of goods, prices, and terms of sale.
Bill of Lading: This is a document that serves as a receipt for the goods and is issued by the carrier transporting the goods. It is also a contract of carriage and provides evidence of ownership of the goods.
Certificate of Origin: This document certifies the country of origin of the goods being exported and may be required to claim preferential treatment under a free trade agreement.
Packing List: This document provides details of the packaging of the goods, including the number of packages, type of packaging, and gross weight of the shipment.
Insurance Certificate: This document provides evidence of insurance coverage for the goods being exported.
Health or Sanitary Certificate (for food and agricultural products): This document certifies that the goods meet Turkish health and sanitary requirements.
In addition to these documents, other permits, licenses, or certificates may be required depending on the specific goods being exported and the requirements of the Turkish authorities. Exporters should check with the relevant Turkish authorities or their freight forwarder to ensure that they have all the necessary documentation for their shipment.
Papers required to export any shipment to Turkey
The specific papers required to import a shipment from Turkey may vary depending on the type of goods being imported and the country of destination, but some of the common documents required include:
Commercial Invoice: This is the main document that outlines the details of the goods being imported, including the type and quantity of goods, prices, and terms of sale.
Bill of Lading: This is a document that serves as a receipt for the goods and is issued by the carrier transporting the goods. It is also a contract of carriage and provides evidence of ownership of the goods.
Packing List: This document provides details of the packaging of the goods, including the number of packages, type of packaging, and gross weight of the shipment.
Certificate of Origin: This document certifies the country of origin of the goods being imported and may be required to claim preferential treatment under a free trade agreement.
Insurance Certificate: This document provides evidence of insurance coverage for the goods being imported.
Health or Sanitary Certificate (for food and agricultural products): This document certifies that the goods meet the health and sanitary requirements of the importing country.
Import License (for restricted or regulated goods): Some goods may require an import license or other permission from the relevant authorities before they can be imported into the country.
In addition to these documents, other permits, licenses, or certificates may be required depending on the specific goods being imported and the requirements of the importing country’s authorities. Importers should check with the relevant authorities or their freight forwarder to ensure that they have all the necessary documentation for their shipment.
Things to consider when importing from Turkey
When importing goods from Turkey, there are several important factors to consider to ensure a successful and smooth transaction:
Regulations and Compliance: Familiarize yourself with the regulations and requirements for importing goods into your country, including customs, health and safety, and environmental regulations. Ensure that your shipment complies with these regulations and that you have all the necessary documentation and permits.
Shipping Methods: Consider the most suitable shipping method for your goods, such as air, sea, or road transport. Consider factors such as transit time, cost, and the type and size of goods being shipped.
Product Quality: Make sure to obtain a sample of the goods or request detailed product specifications before placing an order. This will help you verify the quality of the goods before they are shipped.
Payment Terms: Negotiate payment terms with your supplier that are suitable for both parties. Consider using a letter of credit or other secure payment methods to protect yourself from fraud or non-delivery of goods.
Logistics and Freight Forwarding: Work with a reliable logistics company to handle the shipping and transportation of your goods. A freight forwarder can help you navigate the customs and import processes, ensure that your goods are properly packaged and labelled, and provide information on transit times and shipping costs.
Lead Times: Consider the lead time for your goods to be manufactured, shipped, and cleared through customs. Plan accordingly to ensure that you have the goods in hand when you need them.
Tariffs and Taxes: Be aware of the tariffs and taxes that will apply to your goods when they are imported into your country. These fees can significantly impact the cost of your shipment and should be factored into your budget.
