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Analysis and Studies - Country Analysis

Turkey: a look at the market

By SkyMinder Sales Enablement Team August 29th 2024

Turkey has a rich history that begins with ancient Anatolian civilizations such as the Hittites and Lycians, and progresses through the classical eras of Greek and Roman influence. It later became significant to the Byzantine Empire, with Constantinople (modern-day Istanbul) being its key hub. The arrival of the Seljuk Turks in the 11th century set the stage for the Ottoman Empire, which, from the 14th century, emerged as a dominant global power, extending across Europe, Asia, and Africa for over six centuries. Following the Ottoman decline and World War I, the empire was dismantled, leading to the establishment of the Republic of Turkey in 1923 under Mustafa Kemal Atatürk. His reforms modernized and secularized the country, setting the foundation for Turkey's role as a pivotal regional and global player in contemporary times.

Turkey has a high level of specialization in Borates (45.7), Hand-Woven Rugs (37), Marble, Travertine and Alabaster (29.3), Boron (25.2), and Bitumen and asphalt (22.4). $669M, $2.34B, $657M, $194M, $261M.

 

 

In 2022, Turkey was the 29th in total exports with a trade of $262B, and the 22nd in total imports with a trade if $299B.

In 2022 the most exported product was Refined Petroleum with a trade of $12.3B, ahead of Cars ($9.67B), Jewellery ($8.12B), Motor vehicles; parts and accessories ($6.78B), and Delivery Trucks ($5.88B), with Germany being the most significant destination (8.34%), followed by United States (6.53%), Iraq (5.24%), United Kingdom (5.24%), and Italy (4.8%).

This graphic highlights Turkey's effective use of its geographic location to serve both industrial needs in Europe and consumer demands in the Middle East.

 

 

Refined petroleum finds multiple buyers across Europe and the Middle East, while cars and motor vehicle parts are predominantly destinated to European countries like Germany and the United Kingdom, underscoring Turkey's integration into the European automotive industry. Jewellery exports are concentrated in the Middle East, particularly in the United Arab Emirates and Iraq, showcasing Turkey's strong presence in luxury goods.

  1. Refined Petroleum (4.7%): 10.9% Netherlands, 9.77% Lebanon, 8.89% South Africa, 7.8% Romania, 4.99% Cyprus, 3.87% Italy, 3.24% Germany, 2.81% United States, 2.2% United Arab Emirates, 1.89% France, 1.71% Belgium, 1.4% Morocco, 1.24% Egypt, 1.13% United Kingdom, 0.71% Iraq
  2. Cars (3.69%): 15.5% France, 11% United Kingdom, 9.9% Italy, 8.43% Germany, 6.44% Poland, 3.6% Belgium, 2.32% Egypt, 1.72% Netherlands, 1.19% United States, 0.73% Iraq
  3. Jewellery (3.09%): 23.9% United Arab Emirates, 21.2% Iraq, 9.31% United States, 4.72% Libya, 2.15% Egypt, 1.4% Germany, 1.39% Lebanon, 1.19% Netherlands, 0.84% Poland, 0.81% United Kingdom, 0.73% Italy
  4. Motor vehicles; parts and accessories (2.58%): 22.3% Germany, 8.02% United States, 7.63% France, 6.07% Italy, 5.38% United Kingdom, 4.92% Poland, 3.06% Belgium, 1.48% Netherlands, 1.09% Brazil, 0.85% United Arab Emirates, 0.42% Iraq
  5. Delivery Trucks (2.24%): 28.3% United Kingdom, 11.5% Italy, 8.8% France, 8.4% Belgium, 6.56% United States, 3.64% Germany, 2.57% Poland

Whereas the most imported product was Gold with a trade of $19B, followed by Refined Petroleum ($17B), Scrap Iron ($8.77B), Cars ($8.75B), and Petroleum Gas ($8.48B), with China being the major source (12.9%), ahead of Germany (9.23%), Russia (8.46%), United States (4.89%), and Italy (4.73%).

This graphic shows how Turkey’s strategical diversifications of import sources across different regions to secure its energy, industrial, and automotive needs. Gold imports are predominantly sourced from Switzerland and the United Arab Emirates, indicating strong ties in the precious metals trade.

For energy needs, Turkey relies heavily on Russia and India for refined petroleum, while the United States is a major supplier of both scrap iron and petroleum gas, highlighting important industrial and energy linkages. Automotive imports were primarily from Germany and Spain, emphasizing Turkey's integration into the European car market.

  1. Gold (6.34%): 58.5% Switzerland, 17.9% United Arab Emirates, 3.73% Italy, 3.53% United Kingdom, 2.99% South Africa, 1.99% Russia. 1.82% United States
  2. Refined Petroleum (5.69%): 38.3% Russia, 19.6% India, 8.25% Italy, 6.38% Greece, 1.86% United Arab Emirates, 1.08% Spain, 0.57% Egypt, 0.49% United States
  3. Scrap Iron (2.93%): 18.4% United States, 11.3% Netherlands, 9.63% United Kingdom, 7.08% Belgium, 4.6% Venezuela, 2.9% Germany, 2.22% Russia, 2.06% Italy
  4. Cars (2.92%): 28.7% Germany, 16.6% Spain, 6.21% Czechia, 3.98% Morocco, 3.65% United Kingdom, 2.72% China, 1.4% Belgium, 1.39% Italy, 1.21% India. 0.45% United States
  5. Petroleum Gas (2.83%): 4% United States, 26% Azerbaijan, 19.1% Egypt, 11.3% Algeria, 1.54% Russia, 0.83% Spain

Between 2021 and 2022 the exporter which saw a fastest growth was Russia, with an increase of $3.31B, followed by Iraq ($2.62B) and United States ($2.26B).

 

 

  1. Russia: from $5.93B to $9.24B
  2. Iraq: from $11.1B to $13.7B
  3. United States: from $14.9B to $17.1B

Whereas the fastest growing importer was Switzerland, with an increase of $10.4B, ahead of China ($6.92B) and Russia ($5.22B).

 

 

  1. Switzerland: from $2.85B to $13.2B
  2. China: from $31.6B to $38.5B
  3. Russia: from $20.1B to $25.3B

Sources: 

https://oec.world/en

https://www.cia.gov/the-world-factbook/countries/