International Marketing

Assignment no: 2

Economic Analysis

Exporting Furniture to Turkey

Submitted to:

Ma’am Faghia Mazhar

Submitted by:

Maneeha Nisar (L1F17BBAM0432)

Huda Zafar (L1F17BBAM0434)

Nawal Sonia (L1F17BBAM0309)

Anoosha Fatima (L1F17BBAM0295)

Submission Date: April 7th, 2021

Section: A
Executive Summary
The economic analysis has helped to determine the pros and cons of economic system of Turkey,
giving a deeper understanding to further proceed with the idea to export furniture to Turkish
furniture industry. According to the recent reports Turkey’s population rank is 17 and is
equivalent to 1.09% of world’s population with current population of 85 million in which is a
0.83% increase from year 2020. While Istanbul, Ankara, and Izmir are the most populated cities,
Istanbul is the world’s 8th largest city to exist. The urban population in Turkey is leading with
76.1% whereas the rural population is 23.9% of the population. The net migration rate of Turkey
has fluctuated substantially in recent years however, it is tended to increase in coming years.

The strong point of economic growth of Turkey is that it is increasing which may give enormous
economic benefits while working in Turkish furniture industries. During the recent years Turkey
has made considerable progress in improving the living standard and quality of life of its
citizens. However, the distribution of wealth in Turkey is not equal, and it is ranked
internationally in the low to medium income group. Being located on the Alpine-Himalayan
Organic Belt Turkey has a very important geological position with chromite, bauxite, and copper
being the most important minerals of the country. Turkey has an effective transportation system
with different modes such as plane, buses, cars, train, ship, and ferry. It also has an enhanced and
mixture of telecommunication tools like newspaper, internet, postal services etc.

The main industries of the Turkey are machinery, tourism, textile, shipbuilding, autos, mining,
steel, iron, and boron and cotton industry. Despite the severe effects of Covid-19, Turkey became
the 9th most popular FDI destination retaining its ranking in while increasing its share in overall
Europe. The exchange rate control has been abolished in Turkey. Consequently, there is free
convertibility of currency, the right to transfer capital and profits. There are no regulations
concerning currency exchange. In January 2021, Turkey labor force participation rate increased
to 49.5 %. And in March 2021, the consumer price inflation rate rose to 16.19 percent year-on-
year.

Turkey is active in producing and exporting technology and over the past two decades it has
invested heavily in technology. It is working to double the percentage of its GDP from
technology-based industries and increase its computer literacy rate to 80%. There are different
channels of distribution that follows standards rules to make supply chain activities more
productive. Lastly, there are hundreds of television channels, thousands of local and national
radio stations, several dozen newspapers, a productive and profitable national cinema however,
television is the most influential medium. Digital advertising is only surpassed by TV in total
advertising expenditure. Overall, the media in turkey is very vibrant and advanced.
Table of Contents
INTRODUCTION.........................................................................................................................................................1
POPULATION..............................................................................................................................................................2
GROWTH RATES..........................................................................................................................................................2
BIRTH-RATES...............................................................................................................................................................2
DISTRIBUTION OF POPULATION.........................................................................................................................3
AGE.............................................................................................................................................................................3
GEOGRAPHIC AREAS...................................................................................................................................................4
MIGRATION RATES AND PATTERNS.............................................................................................................................4
ETHNIC GROUPS AND LITERACY RATES.....................................................................................................................5
ECONOMIC STATISTICS AND ACTIVITY..........................................................................................................5
GROSS NATIONAL PRODUCT OR GDP........................................................................................................................5
INCOME PER CAPITA....................................................................................................................................................6
AVERAGE FAMILY INCOME.........................................................................................................................................6
DISTRIBUTION OF WEALTH..........................................................................................................................................6
MINERALS AND RESOURCES........................................................................................................................................7
SURFACE TRANSPORTATION........................................................................................................................................8
COMMUNICATION SYSTEMS......................................................................................................................................10
WORKING CONDITIONS.............................................................................................................................................11
PRINCIPAL INDUSTRIES.............................................................................................................................................13
FOREIGN INVESTMENT..............................................................................................................................................13
INTERNATIONAL TRADE STATISTICS.........................................................................................................................15
BALANCE OF PAYMENT.............................................................................................................................................18
EXCHANGE RATE SYSTEM........................................................................................................................................19
TRADE RESTRICTIONS...............................................................................................................................................19
EXTENT OF ECONOMIC ACTIVITY NOT INCLUDED IN EACH INCOME ACTIVITIES.......................................................22
LABOR FORCE...........................................................................................................................................................23
INFLATION RATES......................................................................................................................................................24
DEVELOPMENTS IN SCIENCE AND TECHNOLOGY.....................................................................................24
CURRENT TECHNOLOGY AVAILABLE........................................................................................................................25
PERCENTAGE OF GNP INVESTED IN RESEARCH AND DEVELOPMENT.......................................................................25
TECHNOLOGICAL SKILLS OF THE LABOR FORCE AND GENERAL POPULATION..........................................................26
CHANNELS OF DISTRIBUTION...........................................................................................................................26
RETAILERS................................................................................................................................................................26
WHOLESALE MIDDLEMEN.........................................................................................................................................27
IMPORT/EXPORT AGENTS..........................................................................................................................................27
WAREHOUSING..........................................................................................................................................................27
PENETRATION OF URBAN AND RURAL MARKETS......................................................................................................27
MEDIA.........................................................................................................................................................................28
AVAILABILITY OF MEDIA..........................................................................................................................................28
COSTS........................................................................................................................................................................28
COVERAGE OF VARIOUS MEDIA................................................................................................................................29
PERCENTAGE OF POPULATION REACHED BY EACH MEDIUM.....................................................................................29
REFERENCES............................................................................................................................................................31
Introduction
“It is time for Pakistan and Turkey to boost bilateral trade and both the countries want to do
this for their own reasons”[ CITATION SYE20 \l 1033 ]. Turkey and Pakistan share a strong
brotherhood relationship and strong cultural and religious ties. Both the countries have signed
many Free-Tarde agreements. One of the reasons for agreements is the willingness of Turkey to
become the part of China-Pakistan Economic Corridor to avail the economic benefits. And as for
Pakistan, it wanted to reduce its dependences on US- influenced countries. During the recent
visit of Turkish President Recep Tayyip Erdogan to Islamabad, the two countries signed some
trade and investment deals and resolved to take bilateral trade to $5 billion a year [ CITATION
SYE20 \l 1033 ].

The good relation and trade agreement between Turkey and Pakistan has given the opportunity to
export different kind of Furniture to Turkey under the brand name of HNM company. Pakistan
offers the best furniture imports around the globe. Turkish furniture industry is also known for its
good quality furniture and by the rapid globalization and all other aspects, present furniture
industry in Turkey is becoming a fashion sector.

Even Pakistan is also engaged in producing best quality furniture. UK, Spain, Italy Germany, and
USA are major furniture importers. The demand for Pakistani furniture has been rising
constantly. It has bright prospects to export more than $1 billion worth of furniture annually in
the international furniture market. Turkey is gateway to Europe and can provide huge
opportunities to the Pakistani exporters to market their products in EU countries, including Pak
handmade furniture which is a great demand globally in collaboration with Turkish companies.
Turkish furniture companies are keen to strengthen trade relations with Pakistan Furniture
Council (PFC) as both countries possessed good potential to enhance bilateral cooperation in
furniture sector by enhancing trade and economic relations [CITATION htt \l 1033 ]. The Turkish
businessman Ahmet high ranking Turkish furniture producer delegation head recently visited
Interiors Pakistan Exhibition at expo center to explore investment opportunities in areas of
interest. The delegation members applauded handmade and solid furniture products. Hence, by
considering the high quality, easy access, and reasonable price of furniture of Pakistan and
meeting the Turkish furniture industry standard provide us the great opportunity to export and

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sell our furniture at profitable prices and learning new business tricks and techniques from
Turkish industry so in future, we can run our own manufactured furniture industry progressively
around the globe.

Population
The current population of Turkey is 85,665,248 in April 2021 which is approximately a 0.83%
increase from year 2020. Turkey’s population rank is 17 and is equivalent to 1.09% of worlds
population. The population density is 109.3 per km2 (283.1 people/mi2). The population of turkey
is projected to increase by 1,436,443 people and reach 86,735,919 in the beginning of 2022. The
most populated cities in Turkey are Istanbul, Ankara, and Izmir.

The natural increase is expected to be positive, as the number of births will exceed the number of
deaths by 984,356. If external migration will remain on the previous year level, the population
will be increased by 452,087 due to the migration reasons. It means that the number of people
who move into Turkey (to which they are not native) to settle there as permanent residents
(immigrants) will prevail over the number of people who leave the country to settle permanently
in another country (emigrants). [CITATION Tur1 \l 1033 ]

Growth Rate

The current population growth rate of Turkey is an increase of 1.68% compared to the population
year before in 2020.

Birth Rate

The current birth rate for Turkey in 2021 is 15.408 births per 1000 people, a 1.64% decline from
2020. And the fertility rate for Turkey in 2021 is 2.028 births per woman, that is a 0.88% decline

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from 2020. According to experts the gradual slowdown in fertility rates is due to urbanization, as
there is rise in the number of women pursuing education and career, which indirectly leads to the
postponement of births. In the years to come this decline in the rate can lead to a large aging
population. Also, there are 4,036 live births average per day (168.16 in an hour) in Turkey.

Distribution of Population

Age and Sex

In turkey, for the age distribution 26% of the population is under 15, 67% of population is
between 15 and 64 years old and 6% is above 65 plus. The current male population is 49.9%
whereas current female population is 50.1%.

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Geographic Areas

Istanbul, Ankara, and Izmir are the most populated cities of Turkey. While Ankara is the capital
of Turkey, Istanbul is the world’s 8th largest city to exist. The current urban population of Turkey
(2021) is 64,334,000 which is 76.1% of the total population. And the current rural area
population of Turkey for 2021 is 20,180,000 which is 23.9% of the population. The province
Tunceli has the lowest population density i.e., around 12 people per square kilometer.

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Migration Rate and Pattern

The current net migration rate for Turkey in 2021 is -0.844 per 1000 population, a 240.67%
decline from 2020. The net migration rate of Turkey has fluctuated substantially in recent years;
however, it is tended to increase in coming years. As per the available data of 2018, 466,890
foreign nationals and 110,567 Turkish citizens returned to Turkey. The numbers included 52.7%
males and 47.3% females. Among foreign immigrants, Iraqis were ranked first, with 23.6%
followed by Afghans 9.6% and Syrians 8.4% [CITATION Imm \l 1033 ]. The most preferred
destination is Istanbul with migrants staying in the metropolis, followed by the capital Ankara
and Mediterranean city of Antalya.

Ethnic Groups

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The population is mainly comprised of the Turkish people, who make up 75% of the total
population, while Kurdish make up 18%. Other ethnic groups take up the remaining 17% of the
total population. The languages spoken by the majority are Turkish and Kurdish, while minority
groups speak other languages. The main religion, followed by 99.8% of the population, is Islam,
while other religions are followed by the minute .02% of the population.

Economic Statistics and Activity

Gross National Product (GNP or GDP)

Turkey Gross National Product (GNP) was reported at 748.611 USD bn in Dec 2019. This
records a decrease from the previous number of 766.457 USD bn for Dec 2018. The Gross
Domestic Product (GDP) in Turkey was worth 754.41 billion US dollars in 2019, according to
official data from the World Bank and projections from Trading Economics. Gross Domestic
Product of Turkey grew 1.8% in 2020 compared to last year. This rate is 9 -tenths of one percent
higher than the figure of 0.9% published in 2019. [ CITATION Tur4 \l 1033 ]

Personal Income Per Capita

Turkey Annual Household Income per Capita reached 3,073.314 USD in Dec 2019, compared
with the previous value of 3,060.862 USD in December 2018 [ CITATION CEI1 \l 1033 ]. By the
regions, Istanbul has the highest average annual equivalent household disposable income with
16,126 TL. This is followed by western Anatolia with 14,160 TL. Southeastern Anatolia has the
lowest average income with 5,870 TL. Wages and salaries have the highest proportion of total
household income with 46.5% of total income, which is followed by the entrepreneurial incomes
with 20.4% and social transfers with 20%, according to the survey. [ CITATION Ave \l 1033 ]

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Average Family Income

Turkey Annual Household Income per Capita reached 3,073.314 USD in Dec 2019, compared
with the previous value of 3,060.862 USD in Dec 2018. The data reached an all-time high of
4,134.509 USD in Dec 2013 and a record low of 3,060.862 USD in Dec 2018. According to
Turkey’s statistical institute, Turkeys annual average family income is $4,576 whereas, the
highest average family income is earned in its largest city Istanbul where this annual average
family income was calculated to be $6,102.

Distribution of Wealth

Income Classes

Turkey is ranked internationally in the low to medium income group. The structure of social
classes in Turkey is similar in all large cities where the population exceeds 100,000 and evolved
with urbanization and industrialization. The urban upper class is mainly made up of government
officials, wealthy businesspeople, and professionals, and is primarily determined by political
power and/or education. The urban upper class is smaller than the urban middle class and less
diverse. Education, particularly a college degree, is the passport to joining the urban middle
class. Even though the middle class was expanding steadily during the early 1980s, persistently
high inflation rates impeded its stability and growth. [ CITATION Tur5 \l 1033 ]

Is the Distribution Distorted

Turkey’s wealth distribution was almost identical to that of the United States. The richest 1
percentile of our society owned 38 percent of the total wealth in Turkey. One-third of all house
sales in Turkey during 2015 were via mortgages. From 2011 to 2015, the number of people who
could not pay their personal loans and credit card payments increased by 74 percent and 49
percent, respectively. Hence, personal debts increasingly counterbalance the volume of both
financial and non-financial wealth in Turkey. [ CITATION Hur \l 1033 ]

Although the wealth growth trends are similar in all groups, in 2014, the wealth per adult for
only the top percentile was higher than its 2008 level. This means that in Turkey, so far, only the
top percentile was able to recover from the global crisis.  As a result, the vulnerable and the poor

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disproportionately bear the burden of diminishing wealth. Hence, the result is double trouble;
less wealth overall coupled with more inequitable wealth distribution.

Minerals and Resources

Turkey's most important minerals are chromite, bauxite, and copper. The country also exploits
deposits of other minerals such as iron, manganese, lead, zinc, antimony, asbestos, pyrites,
sulfur, mercury, and manganese. Mining contributed slightly under 2 percent of GDP in 1992,
but the subsector provides the raw material for such key manufacturing industries as iron and
steel, aluminum, cement, and fertilizers. Turkey exports a variety of minerals, the most important
of which are blister copper, chrome, and boron products. Minerals accounted for an average of
about 2 percent of export earnings in the mid-1990s.

Turkey’s natural resources include iron ore, copper, coal, chromium, antimony, mercury, gold,
celestite (strontium), emery, barite, borate feldspar, pyrites, clay, limestone, magnesite, marble,
perlite, and pumice. The country plays an important role as a transit passage for crude oil and
natural gas shipments.

Transportation

Public Transport System

There is huge public transport system in Turkey such as local buses, taxis, minibuses, tram, and
metro. Your choice of transport will depend on how quickly you want to get from A to B.

Local Buses: All towns and cities have plentiful local buses which are cheap to use. You can
purchase a smart ticket for a small deposit which, once loaded with credit, can be used not only
on the buses but the metro, tram, and ferries.

Minibuses (Dolmus): Minibuses are useful alternatives to local buses and run-on standard routes
posted on the front screen of the vehicle.

Taxis: Taxis are plentiful and the best boarded at designated taxi stops. Payment is according to
the on-board meter.

Rail Transport

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Metro: Turkey's metro system of underground and surface rapid transit trains is growing
quickly. Major cities of Turkey now have the underground metros. You need to buy the smart
ticket to travel by metro.

Tram: Several cities also have overground trams, which are a quick and efficient way of getting
around.

Availability of Transportation

Although Turkey is a big country, but it is very easy to travel around the country. Virtually the
whole of Turkey is well covered by public transport, including long-distance buses, domestic
flights, minibuses, and ferries. The aged train network is being overhauled, with new high-speed
lines linking the capital Ankara with İstanbul, Konya and Sivas. Late booking is the norm for
public transport users in Turkey, but reserve well in advance for major public holidays –
especially for flights and trains. Car rental rates are reasonable if you look around, and low-
season rentals usually considerably cheaper than in high season.

Usage Rate

Public Road Transport 

For local trips to villages there are dolmuşes, small vans that seat about twenty passengers. As of
2010, number of road vehicles is around 15 million. The number of vehicles by type and use is as
follows. [ CITATION Wik \l 1033 ]
 Car 7,544,871
 Minibus 386,973
 Bus 208,510
 Small truck 2,399,038
 Truck 726,359
 Motorcycle 2,389,488
 Special Purpose vehicle 35,492
 Tractor 1,404,872
 Total: 15,095,603

Air Transport

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In 2013 Turkey had the tenth largest passenger air market in the world with 74,353,297
passengers. In 2013 there were 98 airports in Turkey, including 22 international airports. As of
2015, Istanbul Atatürk Airport is the 11th busiest airport in the world, serving 31,833,324
passengers between January and July 2014, according to Airports Council International.

Ports

A maritime country par excellence, Turkey has many ports, on the Black Sea (Rize, Trabzon,
Giresun, Ordu, Samsun, Zonguldak) and on the Mediterranean (Dörtyol, Iskenderun), as well as
Istanbul (on the Bosporus) and Izmir (on the Aegean). These are all relatively low-capacity ports,
compared to those of Europe.

Communication System
There are four main type of telecommunications tools that are being used in Turkey namely
newspaper and magazines, postal services, landline, telephone, and internet connection.

Newspaper and Magazines

Newspaper and magazines In Turkey, newspaper and magazines become the main tools of
communications as they are publications that appear regularly and frequently and carry news
about a wide variety of current events.

Postal Services

Postal services in Turkey were established in the 1620s and normally government monopolies
from the outset (Falk and Abler, 1985: 21). Post office that founded in 1840 as official Post
Office was privatized in 2005 in Turkey

Usage Rate

The number of international mail services in Turkey was increasing from 1983 to 1992 (highest
achieved). The trend was decreasing from 1993 to 2001 before increasing uptrend occurred from
2002 to 2008. The cause of decline supposed that the new technologies introduced in Turkey for
example mobile phones and internet.

Mobiles Phones and Fixed Landlines

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By 1980, the growth of telephone line approximately only 2.5 lines per 100 inhabitants. In
addition, more than 72% of Turkey’s 40,000 villages had no telephone services. However, as
time pass by, the number of lines growing at 50,000 lines per year but after 1982, the
telecommunication services in Turkey had been growing rapidly. Likewise, the adaptation of
mobile phones was rapid among Turkish teenagers regardless the levels of their educations.
Rapid growth of mobile phone subscribers began, effectively, in the late 1990s in Turkey

Usage Rate

the usage of mobile phone in Turkey tend to rise continuously from 1996 until 2009 (Penpece
and Ozturk, 2011). The number of GSM subscribers however began to decrease slightly in 2009.
However, the somewhat decrease starting from 2009 was not a meaningful decrease as the
decrement was expected due to mobile phones provider competition among companies in
Turkey.

Internet

The first connection in Turkey BITNET was established between Ege University in Izmir and the
European Academic and Research Network via Pisa, Italy in 1986. The network name was the
Turkish Network of Universities and Research Institutes

Usage Rate

In 1989, they started established an Internet Protocol (IP) based network (Ozgit et al., 1995). The
number of hosts had grown to nearly 3000 by early 1995 and the total number of daily users was
estimated to be 10,000 to 15,000 by the end of the year. They received about 200 personal
applications per month (Ozgit et al., 1995). Between 1996 and 1999, consumption and
competition on the internet has shown a rapid growth, as indicated by the approximately 700%
increases in the number of Internet service providers (ISP) and Internet users [ CITATION COM \l
1033 ].

Working Conditions

Employee Employer Relationship

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Employees and employers cannot be members of more than one union in the same business line
at the same time. However, employees who work in the same business line at the workplaces of
separate employers can be a member of more than one union. If the employees and employers
become members of more than one union in contradiction with the above, the subsequent
memberships will become invalid [ CITATION Tur6 \l 1033 ].

The statutory role of workplace trade union representatives is to:

 Hear employees' requests and handle their grievances.

 Maintain cooperation and harmony at work, and peaceful relations between employees and
employers.
 Protect employees' rights and interests
 Assist in the application of the employment conditions provided for in employment
legislation and collective agreements.

Salaries and Benefits

Salaries

The national minimum wage is determined by the Minimum Wage Fixing Board. Employers
cannot pay their employees’ salaries which are lower than the national minimum wage. From 1
January 2020, the national minimum wage is TRY 2.943 gross per month. This monthly amount
applies to employees working normal full-time hours for the whole month; employees who work
less than full-time hours are entitled to a proportional amount of the monthly minimum wage.

Overtime work is defined as the working hours exceeding 45 hours in a week. Wages to be paid
for the overtime work are calculated by increasing the hourly normal working wage by 50
percent for each hour. Days on which overtime work is done cannot exceed 270 hours a year.

High skilled workers’ pay depends on sector and personal skills and experience, which is often at
comparable levels with EU countries depending on the position. However, the wages of less-
skilled workers and fresh university graduates are relatively low

Benefits

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Statutory Benefits in Turkey

Turkey’s eight mandated paid holidays and paid annual leave depending on how long the
employee has worked for your company. Individuals working between one to five years should
get 14 working days off, while those with 15 years or more of service should get 26 days off
each year.

Turkey also provides maternity and paternity leave benefits. Pregnant women should get eight
weeks of maternity leave before and after childbirth. During that time, they should also receive
lump-sum pregnancy, childbirth, and nursing benefits. Although Turkey’s labor law doesn’t have
any statutory paternity leave requirements, most employers do give out some sort of paternity
leave after the birth of a child[ CITATION Kay \l 1033 ].

 Employers in Turkey often provide the following additional benefit options:

 Meal vouchers
 Cash allowances
 Company cars
 Private healthcare

Labor Participation

Labor Force Participation Rate in Turkey averaged 48.45 percent from 2005 until 2021, reaching
an all-time high of 53.80 percent in March of 2019 and a record low of 43.90 percent in February
of 2006. It increased to 49.90 percent in January from 48.70 percent in December of
2020[ CITATION Tur7 \l 1033 ].

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Principal Industries

The main industries of the Turkey are machinery, tourism, textile, shipbuilding, autos, mining,
steel, iron, and boron and cotton industry. In 2019, agriculture contributed 6.43 percent to GNP,
while industry and services accounted for 27.71 percent and 55.91 percent, respectively.

Foreign Investment
Turkey became the 9th most popular FDI destination with 160 projects in overall Europe in
2020, retaining its ranking in 2019, while increasing its share in overall Europe from 3 percent in
2019 to 3.1 percent in 2020, despite the severe effects of Covid-19 [ CITATION FDI \l 1033 ].
Among the sectors that attracted the highest amounts of FDI in Turkey are finance,
manufacturing, and energy, with more than 50% of the total reserves. With this the sectoral
breakdown of FDI became significantly diversified in line with Turkey’s 2023 vision of having a
higher position in the global value chain.

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The country has adopted a series of legislative reforms to facilitate the reception of foreign
investment, such as the creation of the Agency for the Promotion and Support of Investment in
Turkey, which acts as a showcase for the efforts made to favor the entry of foreign capital.
Inward FDI flows have increased considering the development of public-private partnerships for
large infrastructure projects, measures to streamline administrative procedures and the
strengthening of the protection of private property, as well as an end to FDI screening and
structural reforms with a view to future accession to the European Union. Among the factors
affecting FDI, one can mention the instability of the Turkish lira, as seen in the currency crisis
that first erupted in August 2018 and then in October-November 2020 (with unprecedentedly low
figures for the Turkish lira), inflation (which rose to double digits) and proximity to the Middle
East conflicts. Even so, The World Bank's Doing Business continued to improve in 2020, it
ranks 33rd (out of 190 economies) among the easiest countries to do business, gaining 10 spots
from the previous year. Improvements regarding the payment of taxes helped Turkey to obtain
this improvement in the ranking [CITATION UNC \l 1033 ].

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As for the opportunities, Turkey is rich in natural resources such as boron, coal, iron, chromium,
copper, silver. These resources are exploited and presents many opportunities. This can lead to
opportunities in heavy industry. Engineering works can also offer several opportunities. The
textile and agri-food sectors are also looking for equipment now. On the other hand, the
automotive sector and particularly the vehicle materials supply market are among the key
sectors. The healthcare industry is also pointing towards significant growth. Finally, we must
remember that the Turkish market has 70 million consumers. Furthermore, Tourism is one of the
key sectors of the country, even if it has already developed well on the Mediterranean coast, in
the capital region and in Cappadocia. Despite its current development, the tourism sector still has
great potential. Finally, the geographical position of Turkey offers good opportunities in the
areas of logistics, transport, and insurance.[CITATION UNC \l 1033 ]

International Trade Statistics

Turkey had a negative trade balance of -55,015,647.37 in thousands of US dollars due to total
exports of 168,023,390.68 in thousands of US dollars and total imports of 223,039,038.05 in
thousands of US dollars. Turkey's Effectively Imposed Tariff Weighted Average (customs duty)
is 2.50 percent, with a 4.56 percent MFN Weighted Average tariff. The trade growth rate is 4.55
percent, compared to 3.50 percent worldwide. In today's dollars, Turkey's GDP is
771,350,330,460. Turkey exports 48,849,000,000 in Bop (current US$) and imports
23,018,000,000 in Bop (current US$). Turkey's exports of goods and services as a percentage of
GDP are 29.53 percent, while imports of goods and services are 29.54 percent.

Major Exports
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Turkey exported over 26 billion dollars’ worth of vehicles and vehicle in 2019, making it the
country's largest export in that year[ CITATION Sta \l 1033 ]. In 2020, the Republic of Turkey
exported goods worth US$169.5 billion around the world. Turkey's exports increased 9.6% year
on year to USD 16.01 billion in February 2021, driven primarily by manufacturing (8.6%);
agriculture, forestry, and fishing (9.6%).

The following export product groups represent the highest dollar value in Turkish global
shipments during 2020. Also shown is the percentage share each export category represents in
terms of overall exports from Turkey. Vehicles: US$22.1 billion (13% of total exports),
Machinery including computers: $16.8 billion (9.9%), Electrical machinery, equipment: $9.3
billion (5.5%), Iron, steel: $8.8 billion (5.2%), Knit or crochet clothing, accessories: $8.4 billion
(4.9%), Plastics, plastic articles: $7 billion (4.1%), Gems, precious metals: $6.7 billion (3.9%),
Clothing, accessories (not knit or crochet): $6.6 billion (3.9%), Articles of iron or steel: $6.4
billion (3.8%), Fruits, nuts: $4.8 billion (2.9%)

Dollar Value

Export Prices in Turkey increased to 99.43 points in January from 93.97 points in December of
2020. Earlier in March, the currency fell to a near-record low of 8.5. In mid-2018, the Turkish
lira's exchange rates with major currencies such as the US dollar, euro, British pound sterling,
and Japanese yen were extremely volatile. The rate of exchange on January 1, 2018 was USD
1.00 = TRY 3.79. It was USD 1.00 = TRY 6.96 on August 13, 2018, a 46 percent decrease in the
value of the Turkish currency.

In Turkey, Export Prices correspond to the rate of change in the prices of goods and services sold
by residents of that country to foreign buyers. Export Prices are heavily affected by exchange
rates.

Trends

Turkey's exports reached a new high in January, surpassing $15 billion (TL 107 billion), and the
highest monthly figure ever. In the first month of 2021, revenue rose by 2.5 percent year over
year. The foreign trade deficit shrank by 32 percent on an annual basis to over $3 billion because
of lower imports and higher exports. Last month, the export-to-import coverage ratio increased

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by 6.5 percentage points to 83 percent. Imports rose by 4.3 percent to $219.4 billion. Last year,
the trade deficit increased by 69.12 percent to $49.9 billion. In 2019, Turkish exports totaled
$180.8 billion.

Major Imports

Mineral fuels, mineral oils, and products of their distillation were the most common trade
commodity imported into Turkey in 2019. In 2020, Turkey imported $219.4 billion in products
from around the world, up 10.5 percent from 2016 and 9.3 percent from 2019 to 2020.The top
imports of Turkey are Gold ($11.5B), Refined Petroleum ($9.92B), Crude Petroleum ($6.55B),
Vehicle Parts ($5.72B), and Scrap Iron ($5.19B), importing mostly from Germany ($21.2B),
China ($18.2B), Russia ($16.4B), United States ($10.4B), and Italy ($9.4B).

The following product groups represent the highest dollar value in Turkey’s import purchases
during 2020. Mineral fuels including oil: US$28.9 billion (13.2% of total imports), Gems,
precious metals: $26.6 billion (12.1%), Machinery including computers: $25.2 billion (11.5%),
Electrical machinery, equipment: $17.1 billion (7.8%), Vehicles: $15.3 billion (7%), Iron, steel:
$15.1 billion (6.9%), Plastics, plastic articles: $11.7 billion (5.3%), Organic chemicals: $5.9
billion (2.7%), Pharmaceuticals: $5 billion (2.3%), Optical, technical, medical apparatus: $4.7
billion (2.2%)

Dollar Value

The total value of imports (CIF) is US$ 223,039 million. Turkey Exchange Rate against USD
averaged 7.401 (TRY/USD) in Jan 2021, compared with 7.728 TRY/USD in the previous month.
Turkey Exchange Rate against USD data is updated monthly, available from Feb 1957 to Jan
2021. The data reached an all-time high of 8.011 in Nov 2020 and a record low of 0.000 in Jul
1958. CEIC calculates monthly average Exchange Rate against USD from monthly Buy and Sell
Rate. Central Bank of the Republic of Turkey provides average Buy and Sell Exchange Rate
against USD. Exchange Rate against USD prior to January 1985 is sourced from the
International Monetary Fund.

Trends

18 | P a g e
In 2017, Turkey's main imports were: machinery and transport equipment (31 percent of total
imports), of which road vehicles (7 percent) and electrical machinery, apparatus and appliances
(6 percent); manufactured goods (16 percent), of which iron and steel (5 percent); mineral fuels,
lubricants and related materials (16 percent), of which petroleum and petroleum products (4
percent); chemicals and related products (13 percent), of which plastics (4 percent); gold, non-
monetary (7 percent); crude materials, inedible, except fuels (7 percent); miscellaneous
manufactured articles (6 percent); and food and live animals (4 percent). The country's main
imports' sources were: China (10 percent of total imports); Germany (9 percent); Russia (8
percent); the US and Italy (5 percent each); France, Iran, Switzerland, South Korea, the UK,
Spain and India (3 percent each)[CITATION Tur8 \l 1033 ].

Balance of Payment Situation

Turkish Balance of Payments statistics are issued monthly and compiled based on the 6th edition
of the IMF's Balance of Payments and International Investment Position Manual released in
2009. [ CITATION Tur21 \l 1033 ]. There are two main types:

Current Account

 The current account deficit recorded USD 1,867 million indicating a decrease of USD 166
million compared to January of the previous year, bringing the 12-month rolling deficit to
USD 36,599 million.
 Turkey’s goods deficit narrowed by USD 1,404 million to USD 1,913 million in January
2021, while services surplus decreased by USD 1,118 million to USD 455 million, causing a
decrease in the current account deficit over the same month of 2020.
 Gold and energy excluded current account indicated USD 1,177 million surplus, which was
observed as USD 3,024 million surplus in the same month of the previous year.
 Travel item under services recorded a net inflow of USD 487 million, decreasing by USD
739 million compared to the same month of the previous year.
 Primary income item indicated a net outflow of USD 472 million, increasing by USD 89
million compared to the same month of the previous year.
 Secondary income recorded net inflow of USD 63 million decreasing by USD 31 million
compared to the same month of the previous year.

19 | P a g e
Financial Account

 Direct investment recorded net inflow of USD 194 million.

 Portfolio investment recorded a net inflow of USD 4,830 million. As regards to sub-items
through liabilities, non-residents’ equity securities indicated net sales of USD 293 million,
while non-residents’ transactions on government domestic debt securities recorded net inflow
of USD 924 million.
 Regarding the bond issues in international capital markets, banks and General Government
realized net borrowing of USD 857 million and USD 3,500 million, respectively.
 Under other investment, Turkish banks’ currency and deposits within their foreign
correspondent banks increased by USD 5,919 million.
 Non-resident banks’ deposit accounts held within domestic banks expanded by USD 3,010
million, of which USD 1,478 million in foreign currency and 1,532 million in Turkish lira
accounts.
 Regarding the loans provided from abroad, banks and General Government realized net
repayments of USD 291 million and USD 36 million respectively, while other sectors
borrowed USD 256 million on net basis.
 Official reserves recorded net inflow of USD 3,570 million.

Exchange Rates

Lira is the local currency of Turkey. The exchange rate control has been abolished in Turkey.
Consequently, there is free convertibility of currency, the right to transfer capital and profits.
There are no regulations concerning currency exchange.

Trade Restrictions

20 | P a g e
Government imposed limits on foreign trade, known as trade barriers, reduce overall economic
performance.

Embargoes

In 1995, European Union and Turkey established a Customs Union that covers processed
agricultural goods and industrial products. For industrial components of agricultural products and
most industrial products, Turkey adopted the European Union's common external tariff. Both the
Turkey and European Union agreed to abolish all quantitative limits, charges on their bilateral
trade with equal effect, and custom taxes. Turkey's implementation of European Union's CET
resulted in lower import duties for third country goods, including those from the US. For non-
agricultural products from the EFTA and European Union, the Customs Union provides for no
quotas and zero rates of duty. European Union and Turkey have shown interest in extending the
Customs Union to include more sectors, such as agricultural products and services, but political
issues have hindered development.

Quotas

Some of the countries of European Union place quota restrictions on transporters of the Turkish
Roads, which may limit trade between Turkey and the related country indirectly. Road transport
quotas have a major impact on Turkish foreign trade with European Union countries. This is
achieved using a gravity model that was calculated using panel data from 18 European Union
countries between 2005 to 2012. Furthermore, the textile sector is examined as a case study
because it is one of the most important sectors that uses road transportation for Turkey's export
to European Union countries. Quotas have a major impact on Turkish total exports through
Turkish textile exports to European Union countries as well as the road transport, according to
the findings. In the analyzed time frame, the approximate loss of Turkish exports to the selected
countries was 10.6 billion dollars in total road transport exports and 5.65 billion dollars in total
textile exports. As a result, quota limits are in violation of CU regulations because they restrict
not only trade between parties but also road transportation.

Import Taxes

21 | P a g e
A value added tax is applied on most foreign, as well as domestic services and products, and is
included in customs surcharges. Payment of VAT is the responsibility of the importer. Before the
goods clear customs, VAT is measured on a CIF basis, plus the duty rate and any other relevant
charges.

Most of the agricultural products i.e basic food have a VAT rate of 1% to 8%, with certain
refined products having a VAT rate of up to 18%. Import fees are waived for certain raw
materials, capital goods, state owned companies, products for investment with incentive
certificates and purchases by government entities. Internal taxes on goods and services, rather
than import taxes such as custom duties, to raise revenue of government, Turkey is relied upon
that.

Tariffs

Turkey uses the Common External Tariff of the Customs Union for manufactured goods, and it
is the most favored nation. Tariffs are low for nonagricultural products, averaging 5% [ CITATION
Tur9 \l 1033 ]. Turkey's WTO commitments, however, do not reflect this relative transparency, as
it has left unbound, 66 percent of its non-agricultural tariff lines. Agricultural goods have a high
level of tariff protection.

Many of Turkey's most powerful trading partners profit from duty free access due to the
European Union's Customs Union and free trade agreements. In addition, Turkey's investment
incentive schemes include duty and tax discounts on imports, exporters benefit from an inward
processing system, and a suspension list allows it to open tariff rate quotas for non-agricultural
products. The Turkish Government increased import tariffs on approximately 4,000 products to
up to 50% until the end of September 2020, after which tariffs are due to decrease, but for many,
not back to the prior levels.

Licensing

The Turkish Ministry of Trade released a Communique in May 2020. The Communique said that
if the customs value is below the price building, importation can only be done with a surveillance
certificate provided by the Ministry of Trade. In other words, a surveillance certificate is not
needed if the value of imports exceeds the defined threshold. The price threshold for cell phone

22 | P a g e
imports is, as previously reported, USD 200 per piece. Certification of legal books by a notary
public, registration with the Trade Registry Office, and obtaining a tax identification number are
all standard requirements for forming a company. To start a legal services firm, you will need a
law degree and membership in the Bar Association.[ CITATION Glo \l 1033 ]

Custom Tax

Turkey is a member of the World Trade Organization and follows WTO rules when it comes to
customs. Turkey's customs duties are only measured on an ad valorem basis. The current
classification of customs is based on international nomenclature. Many forms of imports are
eligible for duty free entry. Turkey's tariffs were matched with the European Union's common
external tariff scheme in 1996. Importers no longer need an import license or a bank's import
authorization. Imports of alcohol and tobacco are governed by TEKEL which is a government
monopoly. Narcotics and Guns are strictly forbidden. A value-added tax ranging from 0 percent
to 26 percent a local tax of 15 percent, and a stamp tax of 10 percent are among the other
fees[ CITATION Tur10 \l 1033 ].

Extent of Economic Activity Not Included in Each Income Activities

Countertrade in Turkey

Counter trade means international trade by exchange of goods rather than by currency purchase.
Turkey trades 177 billion dollars’ worth of merchandise every year and is as of now positioned
the 29th biggest fare economy on the planet. The nation has a negative exchange surplus of 25
billion dollars in the wake of deducting yearly imports of 202 billion dollars from its fare
absolute. Somewhere in the range of 2013 and 2018, Turkey figured out how to build its fares by
14.5 billion dollars. The economy of Turkey is characterized as a developing business sector
economy by the IMF, with a GDP of 761 billion dollars and a GDP for every capita of 9,225
dollars as per World Bank figures.

Products Generally Offered for Countertrading

Turkey's Top Exports Here is a breakdown of the main items traded by Turkey, the two products
and other striking fares. Item Exports Crude oil 3.65-billion-dollar, Refined petrol worth 3.42
billion dollars, Raw iron bars 3.33 billion dollars, Gold 3.21 billion dollars, Hot moved iron 2.34
23 | P a g e
billion dollars. Other Notable Exports Cars 12.9 billion dollars, Delivery trucks 5.38 billion
dollars, Vehicle parts 4.63 billion dollars, Jewelry 4.29 billion dollars, non-weave ladies’ suit
2.94 billion dollars. Turkey's Top Imports Here is a breakdown of the main items imported by
Turkey, the two wares and other outstanding imports. Item Imports Refined oil 12.4-billion-
dollar, Gold 11.3 billion dollars, Scrap iron 6.47 billion dollars, Petroleum gas 3.72 billion
dollars, Coal briquettes 3.53 billion dollars. Turkey is the world's seventeenth biggest exporter of
gold, with a 1.05% portion of a yearly market worth $305 billion.

Types of Countertrades Requested

Turkey keeps up its serious edge as a central member of grain in this area with two current flour
factories working near significant seaports. Citrus Fruits Spain is the main exporter of citrus
organic products with a 27% piece of the overall industry, while Turkey is the fourth biggest
sending out country with a 6.17% portion of the yearly fare market worth $15.2 billion. Russia
gets 32.7% of Turkey's citrus natural products, with Iraq (14.6%) and Ukraine (9.61%) following
in second and third spot.

Foreign Aid

Since the mid-1980s, Turkey has provided development assistance, but it has been limited until
the Justice and Development Party came to power in 2002. Since then, Turkey has been a major
donor to international assistance. Help volumes nearly quadrupled from $67 million to $2.53
billion between 2003 and 2012. Turkey gave $3.3 billion in foreign assistance in 2015,
accounting for 1.56 percent of the country's total budget. Turkey's contributions have exceeded
those of several developed donor countries, including Spain and Belgium, as well as most other
emerging economies.

Labor Force
Turkey Labor Force Participation Rate increased to 49.5 % in Jan 2021, compared with 47.9 %
in the previous month. The data reached an all-time high of 54.4 % in Jul 2018 and a record low
of 42.4 % in Feb 2006. Turkey Labor Force Participation Rate is reported by reported by CEIC
Data. In the latest reports, Turkey Population reached 83.6 million people in Dec 2020.
Unemployment Rate of Turkey dropped to 13.2 % in Aug 2020.[CITATION CEI \l 1033 ]

24 | P a g e
Inflation Rates

Turkey's consumer price inflation rate rose to 16.19 percent year-on-year in March 2021, from
15.61 percent in the previous month and slightly above market expectations of 16.11 percent. It
was the highest rate since July 2019, amid a falling lira. Main upward pressure came from food
and non-alcoholic beverages (17.44 percent vs 18.40 percent); transportation (24.85 percent vs
22.47 percent); housing and utilities (12.17 percent vs 11.69 percent); furnishing, household
equipment, routine maintenance of the house (23.64 percent vs 23.74 percent); hotels, cafes, and
restaurants (15.39 percent vs 13.44 percent); clothing and footwear (7.43 percent vs 6.31
percent); and miscellaneous goods and services (21.49 percent vs 20.61 percent). On a monthly
basis, consumer prices climbed 1.08 percent in March, also above forecasts of 1.04 percent
[ CITATION Tur3 \l 1033 ].

Development in Science and Technology

25 | P a g e
Current Technology Available

Turkey is active in producing and exporting technology. It has invested heavily in technology
over the past two decades. In 2020, it saw a significant development in the field of technology
that include the manufacturing of high-tech medical devices, the first Turkish “unicorn” startup,
and the launch of a new communications satellite. The number of internet users in Turkey has
surged from just three percent in 2000 to 44% today, and 96% of the population now owns a
mobile phone. The Turkish people are increasingly interconnected and technologically advanced,
and it is having a ripple effect across many aspects of life in the country from education and
infrastructure to business and research and machinery.

Turkey is investing in its future. From elementary-level education to start-ups and energy, these
investments will continue to pay dividends. By 2023, Turkey is working to double the percentage
of its GDP from technology-based industries and increase its computer literacy rate to 80%.

Percentage of GNP Invested in Research & Development

Turkey's percentage of GNP invested in research and development is increasing day by day. The
stats depict the percentage of GNP spent on research and development in Turkey from 2000 to
2018, with a low of 0.47 percent in 2000. Between 2000 and 2018, R&D spending as a
percentage of GNP increased. In 2018, about 1.03 percent of GNP was spent on research and
growth, the highest percentage in the time period.

26 | P a g e
Technological Skills of the Labor and General Population

To create more and better employment in Turkey, it is important to upgrade the skills of the
current labor force. Even though the young are becoming more trained and qualified, half of the
working-age population still has less than a high school diploma, and the demand for skills in
formal nonagricultural sectors continues to rise. Furthermore, recently, many college graduates
and high school students lack the required skills. It is critical to upgrade the current labor force,
especially new entrants, to resolve the skills shortage in the short to medium term.

By 2020, Turkey is a socially united, knowledge-based economy with a smaller number of

regional inequalities and an active entrepreneurial workforce in which young people and women
can participate fully, driving the high technology and high-capability agenda. Coordinated and
coherent employment, education, and the sector skills related priorities at national and regional
level, anticipating labor demand and providing a high-quality supply of required human
resources.

Channel of Distribution

Retailers

With its economic growth and its large population with rising disposable income, Turkey looks
attractive for foreign retailers. Retail good can be sold through the stores, kiosks, by internet too.
2019 KPMG report found that the value of Turkey’s retail industry reached 1.1 trillion Turkish
liras (£108 billion) and suggested a recovery in 2020. The sector is one of the biggest engines for
the economy, employing over 1.9 million people. The report also showed that the rate of people
using online channels for shopping reached 34 per cent in Turkey in 2019, up from 29.2 per cent
in 2018. The retail market mainly consists of traditional players, despite steady growth of local
and international chain stores and recent acquisitions and mergers. Some of the biggest Turkish
retailers include the likes of BİM A.Ş, Migros Ticaret A.Ş, A101, and CarrefourSA. The retail
sales volume in Turkey increased by 4.2 per cent in October 2020 compared with the previous
month, according to findings by Turkish Statistics Institute. Economy boomed in turkey at a time
when everyone was told to stay home. the top three payment method in turkey are: online
payment methods consist of VISA, MasterCard, and PayPal. An alternative local payment
method called BKM Express (eWallet) gains popularity.
27 | P a g e
Wholesale Middlemen

The act of purchasing and selling goods in the form of bulk. They buy from another retailer and
sell their products to their customers. It is essentially middleman between a manufacturer and
retail establishment. Commissioners are powerful collectors that buy products from producers at
a commission discount and exchange the products and sell them to retailers like shopping malls,
catering firms and green grocers. It is also notified that these intermediaries also receive up to 8
% of the sales revenue as commission receipts [CITATION Bur06 \l 1033 ]. Merchants. Merchants,
such as wholesalers and retailers, buy and re-sell their goods.

Import and Export Agent

Import and export agent export more efficiently by using trade companies, sales agents,
distributors, and advertising agencies. By Improving the imports and invest overseas safely. In
Turkey commission agents take around 0.5 to 1% of the deal amount from both parties and most
of the agents in Turkey are commission agents. These agents can be easily found, and it is easy
to deal with them.

Warehousing

The task of distribution consists of moving goods from the production line to the customer in an
acceptable time and doing it economically. In turkey, there are many companies who have their
warehouse in country. Receiving of goods, storage, and order preparation, local delivery to
clients and Inventory Management. To make the supply chain effective and easy and convenient
deliver to the clients.

Penetration of Urban and Rural Markets

In Turkey today, we observe the emergence of new demographics, for example of people who
live in both rural and urban settings and of people who live in the countryside but work in non-
agricultural jobs. In fact, in terms of the total rural employment, non-farm work in rural areas has
reached nearly 40%, climbing from less than a quarter in the 1990s and around a third in the
early 2000s. Rural population in turkey was reported at 24.37% in 2019 and in urban 75.63% of
the total population lived in urban areas.

28 | P a g e
For the furniture, we must decide to open the retail shop which is called showroom because the
consumer needs to see the product first and then buy the products. It is deal like manufacturer to
direct consumer and for the storage we will have a small warehouse in the city in which business
will be operated to make the supply chain effective and to meet the standards.

Media

Availability of Media

In Turkey, there are hundreds of television channels, thousands of local and national radio
stations, several dozen newspapers, a productive and profitable national cinema, and a rapid
change in the world of digitalization and the use of broadband and various internet facilities.
Whereas the television is the most influential medium to reach the people of 18 million
households. Broadcast and print media are dominated by pro-government outlets. Facebook is
the most popular platform, followed by Instagram and YouTube and Twitter is a popular forum
for political debate.

Cost

TV will remain the most important advertising medium in Turkey throughout the forecast period,
with net TV advertising revenues rising from US$1.6bn in 2013 to US$2.3bn in 2018.

Digital advertising is only surpassed by TV in total advertising expenditure (17.9%). Search

advertising accounted for TRY 387 million, followed by Classified & Directories (TRY 49.8
million). Nearly half of digital advertising and 64% of the social media advertising occurred on
mobile platforms (TRY 454 million)[ CITATION Int \l 1033 ]. Internet service is relatively
expensive in the country. People pay $1285 to 1890 for 50 to 100 Megabits through wholesale
DSL internet. It has 2 main service providers. First is TTNet. It offers speed from 8MB to 24 MB
with the price range of 49.90 TL to 59.90 TL monthly.

Radio advertising has always been common in Turkey and on the rise recently. Radio advertising
accounted for TRY 91 million in the first six months of 2018 (9.9% year-on-year increase, third
highest increase after TV and digital advertising). The top media/news sources as reported by
Turkish adults are private broadcaster’s ATV (28.9%), Fox TV (27.1%) and Kanal D (23.2%).

29 | P a g e
Coverage of Various Media

In Turkey there are 196 television channels; 19 of which are national, 12 regional, 165 locals.
State-owned Turkish Radio and Television Corporation (TRT) owns 13 channels in total
(RATEM 2018). Main Televisions channels are TRT, ATV, Kanal D, Star TV, Show TV, Fox,
NTV, CNN Turk. Turkey has a wealth of written press that has never been on the decline since
2012. According to latest statistics, the total number of written press was 6,265 (3,738 magazines
and 2,527 newspapers) in 2016 (7.9% decrease compared to 2015)[ CITATION Tur2 \l 1033 ].
Readership of written press has also been on the decline since 2013 and reached 1.7 billion in
2016 (20% year-on-year decrease).

Percentage of Population Reached by Each Medium

73% of the population watch TV (at least one hour per day), 39% read daily newspapers (at least
1 newspaper per week) and 10% listen to the radio (at least one hour per day), %44 of the
population uses the internet (at least once per day). The rate of internet penetration is increased

30 | P a g e
by 14.9 % and reached 72.9% in two years [CITATION TUİ \l 1033 ]. According to the 2018
research by Reuters Institute, almost two-thirds of the sample (64%) use Facebook to share and
discuss the news in 2016 but it shows a sharp downturn in the use of Facebook for news sharing
(51%) in 2018 which may be related to the surveillance of the government on the social media
shares of the public. With a rate of 77% TV is the second most popular news source for Turkey.
Print follows with 46% and radio is the least popular traditional media with a rate of 39%.
Statistics show that the Turkish public uses mostly mobile/smartphones (72%) to access the news
and online media (45%) is the primary source for left-wing respondents whereas TV (59%) is for
those on the right [ CITATION Dig \l 1033 ]

As for the business of furniture for the advertisement our priority would be digital media because
it is in demand and fast to reach to target audience and the, adds on television and radio can be
used, these are expensive mediums to reach out the people but impactful.

31 | P a g e
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Santander Trade: https://santandertrade.com/en/portal/analyse-markets/turkey/reaching-the-
consumers

Turkish Statistical Institute. (n.d.). Turkey Inflation Rate. Retrieved from Trading Economics:
https://tradingeconomics.com/turkey/inflation-cpi

Wikipedia. (n.d.). Retrieved from Transport in Turkey:

https://en.wikipedia.org/wiki/Transport_in_Turkey

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