“Turkish Exports Strategy for 2023” was initiated by the Ministry of Economy and Turkish Exporters Assembly in 2009.
The main purpose of this Turkish Exports strategy
- To reach 500 billion US$ of exports volume in 2023, the centenary anniversary of the Turkish Republic,
- An average of 12% increase in exports annually.
- To become one of the world’s 10 largest economies in 2023 and taking 1,5% share from the world’s trade are also being targeted.
- Furthermore, it is planned to reach 80% exports/imports ratio in 2023.
This Turkish Exports strategy has a long term perspective rather than focusing on short term targets. In order to reach the long term targets, the new strategy encompasses both production and exports components. In this respect, the exports strategy of Turkey establishes a production plan towards export performance. Basic elements of this strategy are shifting production from low technology sectors to high value added areas and achieving new investments in high-tech sectors.
Crucial Turkish Exports actions, being implemented by Turkey
In order to reach these goals of the strategy; some crucial actions, being implemented by Turkey are:
- Carrying out projects on R&D and development of international competitiveness in order to increase sectoral exports capacity.
- Increasing the number of national participations to international fairs
- Increase general and sectoral trade delegations and buying missions in target markets.
- Implementing sectoral and country based diversification strategy in export composition.
- Focusing trade activities on target markets.
- Enhancing the export capacity of SME’ s
- Increasing the number of global Turkish brands in the world.
- Making Istanbul an international fashion, fair and trade center.
- Providing crucial inputs for exports.
- Creating sectoral clusters for gaining competitiveness in international markets.
- Improving in logistic facilities of Turkey.
- Developing new export finance tools.
In summary, “Turkey’s Export Strategy for 2023” aims modern and flexible export structure that is based on advanced technology and R&D (research and development) to respond the demands of today’s and future’s business environment by modernizing the structure of our exports.
Istanbul New Airport
According to TIM Chairman Ismail Gülle: “Istanbul New Airport would place Turkey at the forefront of the global export market. Our new airport will enable us to break records, with 1.6m square metres of air freight logistics space and 5.5m tonnes of cargo capacity, it will allow us to bring more Turkish products around the world to more destinations with shorter delivery times. This is a game changer – an exciting day for Turkish Exports and for global trade.”
2019 Top Turkish Exports
The following export product groups represent the highest dollar value in Turkish global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Turkey. (source)
- Vehicles: US$26.2 billion (15.3% of total exports)
- Machinery including computers: $16.5 billion (9.6%)
- Iron, steel: $9.9 billion (5.8%)
- Knit or crochet clothing, accessories: $9.1 billion (5.3%)
- Electrical machinery, equipment: $8.7 billion (5.1%)
- Gems, precious metals: $7.3 billion (4.3%)
- Mineral fuels including oil: $7.3 billion (4.3%)
- Articles of iron or steel: $6.5 billion (3.8%)
- Clothing, accessories (not knit or crochet): $6.5 billion (3.8%)
- Plastics, plastic articles: $6.3 billion (3.7%)
Turkey’s Top Export Countries
- United Kingdom
- United States
- Annual Export Figures July 2020
- What are Turkeys major exports
- Turkish exports products images on Pinterest
Economy of Turkey
The economy of Turkey is an emerging market economy as defined by the International Monetary Fund. 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. Turkey has the world’s 19th-largest nominal GDP, and 13th-largest GDP by PPP. The country is among the world’s leading producers of agricultural products; textiles; motor vehicles, transportation equipment; construction materials; consumer electronics and home appliances.