Exploring Turkey’s Industrial Landscape: Key Reasons To Import
Turkey presents a unique and lucrative opportunity for businesses looking to import industrial goods.
We’ll uncover the significant advantages that make Turkey a preferred partner for businesses seeking to import industrial goods.
Quality and Diversity of Goods
Turkey’s industrial sector is vast and multifaceted, housing over 75,000 manufacturing businesses.
Top export industries are automative, textile and clothing, chemical products and steel products.
In the realm of carbon steel production, Turkey ranks among the top ten globally.
As of 2022, the country had produced over 35 million tons of crude steel, a significant portion of which is carbon steel. Turkey also houses some of the world’s largest textile manufacturers and is among the top 5 electronics exporters to the European Union.This wide range of high-quality goods allows importers to consolidate their sourcing efforts.
Competitive Pricing
Turkey’s competitive pricing strategy is supported by a labor cost that is approximately 70% lower than the European Union average.The low cost of manufacturing, paired with a favorable exchange rate offers significant cost benefits to importers.
Favorable Trade Agreements
Turkey has 20 FTAs in force with countries ranging from South Korea to the United Kingdom. Also, the customs union agreement with the EU eliminates tariffs on industrial goods, which comprised over 95% of Turkey’s exports to the EU in 2020. This extensive network of trade agreements creates an advantageous trading environment, reducing the costs and complexities associated with importing goods.
Growing Economy and Stable Business Environment
Turkey’s GDP has been growing consistently, with an average growth rate of 5.5% between 2010 and 2019, demonstrating economic resilience. Turkey has a business-friendly environment, ranking 33rd out of 190 economies in the World Bank’s Ease of Doing Business Report 2020. The country’s stable business environment is conducive to long-term trade relationships.
Geographical Advantage
Situated at the junction of Europe, Asia, and Africa, Turkey provides direct access to markets with a combined GDP of over $25 trillion. This strategic positioning significantly reduces transit times. For instance, it takes under four days to ship goods from Turkey to major European ports.Importing from Turkey offers quality, convenience, and economic advantages. Streamline operations, diversify offerings, optimize costs.
Make Turkey your strategic trade partner. Contact us for your requests.
