Turkey is set to be a prosperous business partner in the years to come. Turkey has had their credit rating increased whilst many European countries have had theirs cut.
Turkey has been said to be one of the new high growth countries, alongside the ‘BRICS’ – Brazil, Russia, India, China and South Africa. Whilst the majority of Europe has been crippled in construction for financial reasons, Istanbul is experiencing its construction boom. And Turkish banks are looking to lend more, something a lot of European countries can only dream of.
Turkey is currently Europe’s sixth biggest economy, predicted to rise to the fourth biggest economy in Europe by 2050. This would push them to the thirteenth biggest economy in the world (currently sat in seventeenth).
The construction industry is booming in Turkey. As the economy has grown, people have become wealthier and are demanding bigger and better houses. Some UK businesses have cashed in on the construction industry by creating partnerships with Turkey-based companies, supplying the construction industry with JCBs and materials.
The banks have reduced their lending rate in order to encourage consumers to spend more. This has resulted in high streets booming, with big stores moving in to cash in. Stores such as Nike, Marks & Spencer and Gap, all line the high streets.
Despite this, the UK is lagging behind on its exports to Turkey. In 2012, the UK exported goods worth £3.7bn, a far cry from Italy’s £8.7bn, and Germany’s monstrous £14bn.
The “new middle class” is said to be the major area of growth for Turkey’s economy, with household spending accounting for 70% of national income. There is said to be an opportunity for luxury goods, electronics and mobile phones, items which are not as developed as they are in other European countries.
There are several options when exporting goods to Turkey in terms of modes of transports and ports. The most frequently used port for air freight is Istanbul, whilst there are many options for sea freight, including Mersin, Ambarli, Gebze, Haydarpasa, Istanbul and Evyap.
We have excellent contacts in Turkey, and we work closely with our Turkish agent regularly.
So if you are considering exporting your goods to Turkey and are looking for a freight forwarder, give us a call today – Tel. 02392 756 575. Email: email@example.com.