Europe Leads the Top Export Destinations of Turkey; Key Insights of the Globally Growing Trade

Nov 22, 2024

Europe Leads the Top Export Destinations of Turkey; Key Insights of the Globally Growing Trade

The divergent range of exports from the trade management authorities of Turkey across all corners of the world has made the country a crucial player in the global export market. Despite its stable political relationship with different foreign investors and international trade authorities across the world Turkey trades most of its exports with the European Union because of its closer geographical proximity which leads to a lesser consumption of trade revenues. The export sector of the nation holds a maximum share of 20% of the overall GDP accounting for the globally growing trade rank.

The countries within the European Union being the closest in terms of geographical proximity to Turkey record themselves as one of the top export trade partners, the valuation of exports to the same has gained a hike from 2019 onwards with a total valuation of 80 billion U.S. dollars accounting for 40% of its total global export. At present, the export of different acquired necessities like textiles iron steel articles plastic and other requirements has recorded an export trade value of 200 billion U.S. dollars in 2023.

What Are the Top 10 Exports of Turkey to the European Union in 2023?

According to Turkey Export Data the divergent rate of products exported from the nation and the increasing productivity of the industrial sectors have led to a tremendous increase in the growth rate, the leading ones on the list with the valuations of exports are,

1. Motor Vehicles - The ongoing requirement of motor vehicles in the transportation industry due to the daily requirement of transportation and the increasing productivity of top companies like Ford and Renault have led to a total export trade value of 78 billion U.S. dollars in 2023.

SUBCATEGORIES

• Passenger Vehicles
• Commercial Vehicles
• Motorcycles and Mopeds
• Electric Vehicles
• Heavy-Duty Vehicles

2. Machinery - The low-cost labor force engaged in the industrial sectors for the efficient production of different globally acquired machinery like turbines, engines, and generators has led to a total export trade value of 55 billion U.S. dollars in 2023.

SUBCATEGORIES

• Construction Machinery
• Agricultural Machinery
• Industrial Machinery
• Mining Machinery
• Food Processing Machinery

3. Textiles and Clothing - The high-quality fabrics available in the land area of Turkey and the increasing productivity of the textile industries for different ready-to-wear garments have recorded an export trade value of 42 billion U.S. dollars in 2023.

SUBCATEGORIES

• Natural Fibers
• Synthetic Fibers
• Blended Fibers
• Functional and Technical Textiles
• Home Textiles

4. Iron and Steel - The growing construction sectors, the increasing evolution of the economical infrastructure and the global requirement of iron and steel products from the trade management authorities of Turkey have recorded an export trade value of 35 billion U.S. dollars.

SUBCATEGORIES

• Carbon Steel
• Alloy Steel
• Stainless Steel
• Tool Steel
• Cast Iron

5. Pharmaceuticals - The globally growing health concerns and the rapidly evolving medicinal industries of the nation accounting for the majority of its exports to the European Union have gained a hike of 2% worth an export value of 32 billion U.S. dollars.

SUBCATEGORIES

• Prescription Pharmaceuticals
• Over-the-counter (OTC) Pharmaceuticals
• Biopharmaceuticals
• Generics
• Nutraceuticals

6. Plastics - Plastic a globally growing necessity of different industries for several purposes like packaging and molding of different staple food products and other minerals and fuel essentials has gained a hike of demands leading to an export trade value of 24 billion U.S. dollars.

SUBCATEGORIES

• Thermoplastics
• Thermosetting Plastics
• Elastomers
• Engineering Plastics
• Biodegradable Plastics

7. Electronics - As electronic equipment has become a regular necessity of our daily life the global and the European authorities’ demands from the Turkish production industry have increased which has recorded an export trade value of 18 billion U.S. dollars.

SUBCATEGORIES

• Consumer Electronics
• Industrial Electronics
• Communication Electronics
• Medical Electronics
• Power Electronics

8. Dairy Products - The increasing health awareness of the global population and the mineral essentials present in dairy products like cheese and butter have increased the export rate from the Turkish authorities recording an export value of 12 billion U.S. dollars in 2023.

SUBCATEGORIES

• Milk and Milk Beverages
• Cheese
• Butter and Margarine
• Yogurt and Fermented Dairy Products
• Ice Cream and Frozen Dairy Products

9. Precious Stones and Metals - The growing demand for different pieces of jewelry and precious stones like gold and diamonds and the abundance of natural resources in the land area of Turkey has led to an export trade value of 10 billion U.S. dollars in 2023.

SUBCATEGORIES

• Gemstones
• Diamonds
• Sapphires
• Emeralds
• Opals

10. Furniture - The globally growing demand for wooden products and the increasing production range of the manufacturing industries of Turkey has led to an export trade value of 8 billion U.S. dollars.

SUBCATEGORIES

• Sofas and Couches
• Coffee Tables
• Armchairs
• Dining Tables
• China Cabinets

Top 10 Exporting Companies of Turkey

The crucial player in the global export market Turkey has acknowledged a tremendous growth in its export to the European Union because of its wide production units of different globally acquired necessities. According to the Turkey Trade Data, the top exporting companies of the nation in 2023 are,

• Ford Otosan – This Company with an export trade value of 68 billion U.S. dollars in 2023 records itself as the leading exporter of Turkey. Passenger cars and other automotive products are exported in a wide amount from the same to the European Union.