This guide provides an overview of Turkey’s economy, including the country’s primary imports and exports.
Turkey Economy Overview
Turkey exports $177 billion worth of goods each year and is currently ranked the 29th largest export economy in the world.
The country has a negative trade balance of -$25 billion after deducting annual imports of $202 billion from its export total. Between 2013 and 2018, Turkey managed to increase its exports by $14.5 billion.
The economy of Turkey is defined as an “emerging market economy” by the IMF, with a GDP of $761 billion and a GDP per capita of $9,225 according to World Bank figures.
Turkey’s Top Exports
Here is a breakdown of the most important products exported by Turkey, both commodities and other notable exports.
- Crude petroleum – $3.65 billion
- Refined petroleum – $3.42 billion
- Raw iron bars – $3.33 billion
- Gold – $3.21 billion
- Hot-rolled iron – $2.34 billion
If you’re interested in trading some of these commodities, you can jump to our list of recommended regulated brokers in at the end of the page.
Other Notable Exports
- Cars – $12.9 billion
- Delivery trucks – $5.38 billion
- Vehicle parts – $4.63 billion
- Jewelry – $4.29 billion
- Non-knit women’s suits – $2.94 billion
Turkey’s Top Imports
Here is a breakdown of the most important products imported by Turkey, both commodities and other notable imports.
- Refined petroleum – $12.4 billion
- Gold – $11.3 billion
- Scrap iron – $6.47 billion
- Petroleum gas – $3.72 billion
- Coal briquettes – $3.53 billion
Other Notable Imports
- Vehicle parts – $6.45 billion
- Cars – $6.11 billion
- Broadcasting equipment – $2.78 billion
- Propylene polymers – $2.78 billion
- Packaged Medicaments – $2.53 billion
Details on Turkey’s Exports/Imports
Turkey is the world’s 17th largest exporter of gold, with a 1.05% share of an annual market worth $305 billion.
More than half of Turkey’s gold goes to two countries only, namely the United Arab Emirates (27%) and the United Kingdom (24.5%).
Raw Iron Bars
Turkey is the biggest exporter of raw iron bars in the world. It controls 18.3% of the annual export market worth $18.2 billion. The country’s closest rival, with a 7.32% market share, is Italy.
Turkey leads the way in wheat flours exports, enjoying a 20.8% share of an annual export market worth $4.85 billion.
Kazakhstan is Turkey’s closest export rival with a 9.25% share. However, Turkey maintains its competitive edge as a key player of grain in this region with two modern flour mills operating close to important seaports.
Spain is the leading exporter of citrus fruits with a 27% market share, while Turkey is the fourth largest exporting country with a 6.17% share of the annual export market worth $15.2 billion.
Russia receives 32.7% of Turkey’s citrus fruits, with Iraq (14.6%) and Ukraine (9.61%) trailing in 2nd and 3rd place.
Interesting Facts About Turkey
- Despite most of the Turkish population being Muslim, it has been recognized as a secular nation rather than a Muslim country since 1927.
- The capital city of Istanbul spans two continents, with 97% in Asia and 3% of the city officially part of Europe.
Interested in Trading Commodities?
Interested in trading petroleum, iron ore, gold, and other important Turkish commodities? Start your research with reviews of these regulated brokers available in .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 53.00%-89.00% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Sources and Further Reading
- All figures are based on OEC 2018 calculations and projections and World Bank numbers unless otherwise stated.
- Learn more about the state of world government debt from our country debt clock pages.
- See our global economic indicator guide to more than 45 other countries.
- Get our full guide to trading commodities.
All currency is reported in US dollars.
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