Turkey's rapidly expanding economy, political and economic stability, and the possibility of EU membership have attracted a large and varied set of American companies, ranging from mining to high technology to energy.
Double-digit growth in bilateral trade continued from 2002 through 2006, when the total was $11 billion. In 2007, U.S. exports to Turkey continued to grow, from $5.7 to $6.4 billion, while Turkish exports to the U.S. shrank. This was primarily due to an overvalued Turkish Lira. However, Turkey's overall international trade has grown faster, so the U.S. has lost market share, primarily to China and Russia.
Today the U.S. is Turkey's sixth largest trading partner and U.S. exporters have excellent prospects in this diverse market.
Perhaps the most important sector for the next decade will be energy. Electricity demand is growing at 8% a year, and Turkey must quickly add to its capacity to meet that demand. U.S. suppliers and service companies should look into the sector as it relates to electricity and gas distribution, power generation and renewable energies (wind and hydro, particularly).
In addition, there may be rapid developments in the nuclear sector, and interested U.S. firms should keep an eye on bilateral agreements and new legislation, as well as upcoming projects.
Among many other sectors where opportunities exist are:
- Telecommunications Services & Equipment
- Safety and Security Equipment and Services
- Automotive Aftermarket
- Medical Devices
- Higher education services (Turkey sends the largest number of students among all European countries – around 12,000 each year – to U.S. colleges and universities)
Review the information below for more details about documentation, standards and shipping to Turkey!