Written by Louis | 12/5/22 5:18 PM
Made in Türkiye
Turkey has an emerging market economy and is forecasted to have the world's 20th-largest nominal GDP and 11th-largest GDP by PPP by the end of 2022.
Turkey is the 29th biggest exporter in the world with exports totaling $177B in 2020.
Automotive production is a significant part of Turkish industry and economy, with most companies in the sector based in Marmara. In 2015, Turkey produced over 1.3 million motor vehicles- the 14th largest producer globally! Most exports (85%) go to Europe, earning the country nearly $20 billion annually from exporting cars and components. Some well-known global car brands with production plants in Turkey include Fiat/Tofaş, Oyak-Renault, Hyundai, Toyota, Honda, and Ford /Otosan.
TEMSA, Otokar, and BMC are among the world's largest van, bus, and truck manufacturers and are Turkish based, this contributes to almost half of their car exports per year.
Another interesting part of the economy is the Textile industry in Turkey.
Turkey is the 3rd biggest textile and apparel manufacturer in the EU and the 5th in the world. The textile industry contributes 7% to Turkey's GDP and employs 1 million people.
With Turkey connecting Europe and Asia, it's no wonder that its biggest trading partner is Germany followed closely by the United Kingdom.
In January 2020, the Turkish Exporters' Assembly (TİM) — the umbrella organization of Turkish exports — announced that it would use "Made in Türkiye" on all its labels in a bid to standardize branding and the identity of Turkish businesses on the international stage, using the term 'Türkiye' across all languages around the world.