Export to Turkey
Providing a centuries-old bridge between Europe and Asia, Türkiye is one of the fastest growing economies in the OECD. With the 17th largest economy in the world, it is one of the most attractive and dynamic overseas markets for British goods and services. In 2024, Türkiye’s growth rate was 3.2 percent, boosted by household consumption, fixed investment, exports and government spending.
With a population of 87 million, and a young, well-educated workforce, the country is already a member of the EU Customs Union and has been in negotiations with the EU about potential membership, though these have been long and difficult.
Direct foreign investment in the country was 11.3 billion USD in 2024, and continues to grow.
Türkiye has seen a wholesale modernisation of its economy and business sector. During 2018-2023 period, more than 750,000 firms were established. Türkiye is the UK’s 17th largest bilateral trade partner, accounting for 1.5% of total UK trade in the four quarters to the end of Q3 2024. In 2024, around 7,800 UK VAT-registered businesses exported goods to Türkiye, while around 14,200 imported goods from Türkiye.
Key export opportunities for British companies continue to exist in sectors such as technology, automotive, telecommunications, financial and professional services, smart cities, ICT, advanced engineering, retail and consumer goods, and the oil and gas sector.
Industry and manufacturing are fundamental to Türkiye’s economy, representing a substantial portion of commerce with Europe. Türkiye is the 13th largest producer worldwide and the 3rd in Europe, producing 1.4 million automobiles in 2024.
The services sector is substantially varying, encompassing real estate, financial services, healthcare, education, and an expanding digital ecosystem.
Türkiye's strategic aspiration to establish itself as a significant European energy hub is progressing, supported by its closeness to 73% of global oil and gas reserves and its growing investments in renewable energy. Significant infrastructure initiatives encompass the fully functioning Istanbul Airport, the inaugural active reactor of the Akkuyu Nuclear Power Plant, the Eurasia Tunnel, the Trans-Anatolian Natural Gas Pipeline (TANAP), and the recently inaugurated Istanbul Finance Centre, establishing Istanbul as a global financial center.
The current value of trade between Türkiye and the UK was £25.8 billion in 2023. The UK enjoys a number of large business links with Türkiye including: BP; Shell; Vodafone; Unilever; BAE; Aviva. Big high-street retailers include Harvey Nichols, M&S and Laura Ashley.
The value of trade between Türkiye and the UK was £25.8 billion in 2023, and increased to £26.4 billion by the end of 2024, driven by growth in sectors such as automotive, machinery, chemicals, and technology.
The UK enjoys a number of large business links with Türkiye including: BP; Shell; Vodafone; Unilever; BAE; Aviva, and there has been an increasing interest from UK-based fintech and technology companies seeking opportunities in the Turkish market.
Major high-street retailers include Harvey Nichols, M&S, and Laura Ashley, while brands like Next and Ted Baker are also broadening their presence in Türkiye, especially via e-commerce platforms.
Business strategies
Selecting distributors, partners and identifying investment opportunities does require in-depth knowledge of local business culture and potential risks. As always, businesses should take great care not to act in contravention of the UK’s far-reaching UK Bribery Act 2010, which imposes stiff penalties on firms found guilty of corrupt practices, even if they are undertaken unwittingly. Businesses need to be vigilant in the early stages of their market entry strategies, and seek advice and guidance from The British Chamber of Commerce Turkey who can provide a range of services, including due diligence.
Useful information
Türkiye - Trade & Investment Factsheets
Chamber International's partner, The British Chamber of Commerce Turkey, provides full support for UK companies interested in exploring Turkey.
Contact us for further details.
