Market Spotlight: Turkey
Updated: Jan 21
Turkey is strategically located at the meeting points of Asia, Europe, and the Middle East, on a peninsula surrounded by the Black Sea, the Aegean, and the Mediterranean. This location makes the country a springboard for UK companies to do business in markets such as Central Asia and the South Caucasus.
Turkey is in a Customs Union with the European Union and has 23 active Free Trade Agreements (FTAs), including its very first trade deal with the European Economic Area in 1991. An FTA with the UK was entered into force on January 1, 2021.
UK-Turkey Trade relationship
Turkey is the UK’s 18th largest trading partner (1.4% of total UK trade). English is now the official language in business, and the country has now embraced the European management mindset. Some of the UK's biggest companies operate there, including Vodafone and HSBC, and Turkey is one of the most popular destinations for British tourists. The two countries have developed strong commercial ties, particularly in sectors such as energy, infrastructure, healthcare, technology, retail, defence and security, aerospace, and financial and business services.
In the four quarters to the end of Q1 2022, the total of the UK goods exported to Turkey was £4.9 billion. The top three sectors were Mechanical (£1.4bn) Metal (£0.7) and Pharmaceutical (£0.2bn) (Source: ONS).
In terms of services, the top three exported to Turkey are Telecommunications (£434m), Financial (335m) Business services (£316m) for a total of £1.7 billion (Source: ONS).
The Turkish government is investing significantly in a wide range of infrastructure projects, from nuclear power to road and rail. This an excellent opportunity for UK businesses that are looking to invest in this country.
Greater Manchester Chamber of Commerce is organising a series of events with Turkey and other markets for next year and sponsorship opportunities are available. This call is ideally addressed to freight forwarders, banks, law firms, accountants and translation firms. If you are interested or need more information, please email email@example.com.