The economy of Turkey has an Economic Complexity Index (ECI) of 0.176 making it the 52nd most complex country. Turkey exports 389 products with revealed comparative advantage (meaning that its share of global exports is larger than what would be expected from the size of its export economy and from the size of a product’s global market).
The economy of Turkey is defined as an emerging market economy by the IMF. Turkey is among the world's developed countries according to the CIA World Factbook. Turkey is also defined by economists and political scientists as one of the world's newly industrialized countries.
After experiencing an economic boom during 2002-2007, Turkey’s economy took a beating in 2008, following the global financial meltdown. One of the major issues that the country is facing is the declining exports to European countries. Turkey’s trade, exports and imports were hit badly in the year 2008, when the trade deficit stood at -31%.
Turkey imported US$223 billion worth of goods from around the globe in 2018, down by -7.9% since 2014 and down by -4.6% from 2017 to 2018. Turkish imports represent 1.3% of total global imports which totaled an estimated $17.788 trillion one year earlier as calculated on January 21, 2019.
Imports to Turkey plunged 15.1 percent from a year earlier to USD 17.5 billion in April 2019. Purchases of intermediate goods, which accounted for 80.2 percent of total imports, declined 9.8 percent; and those of capital and consumption goods slumped 25.9 percent and 37.8 percent, respectively.
Turkey - Import Requirements and DocumentationTurkey - Import Requirements Includes import documentation and other requirements for both the U.S. exporter and foreign importer.
Turkey is the EU's 5th largest trading partner, both in exports and imports. The EU is by far Turkey's number one import and export partner, as well as source of foreign direct investment (FDI). After several years of rapid growth in the EU-Turkey bilateral trade in goods, in 2018 trade showed a mixed picture, in particular due to the Turkish ...
Turkey and the EU have developed a strong economic relationship even if Turkey is not yet an EU member, but it signed a Customs Union agreement with the European Union in order to encourage trade and economic relationships.In recent years, the EU has ranked 1st at the top of Turkey’s imports and exports, while Turkey is the 7th in the EU top imports and 5th for exports.
Exports from Turkey grew 4.6 percent from a year earlier to USD 14.5 billion in April 2019, as shipments of manufactured products, which accounted for 95 percent of total sales, rose 5.1 percent. Also, exports of mining and quarrying advanced 2.7 percent, while those of agriculture, hunting and forestry fell 10.2 percent. Among major trading partners, exports increased mainly to Iraq (18.6 ...
Turkey’s top 10 exports accounted for three-fifths (60.9%) of the overall value of its global shipments. The iron and steel metals category was the fastest-growing among Turkey’s top 10 export categories via its 40.6% increase from 2017 to 2018. Lagging in second place were actual exported goods made from iron or steel, up 16.9%.