Turkey’s Economic Strength: A Spotlight On Its Top 5 Industries

In this article, we explore the nation’s prowess in automotive innovation, steel production excellence, fashion flair, cutting-edge electronics, and robust defence capabilities.

Turkey stands as a burgeoning economic powerhouse, showcasing prowess in diverse industries that define its economic narrative. The nation’s automotive sector thrives on innovation, with Turkish manufacturers contributing to the global market with modern and efficient vehicles. In steel production, Turkey excels, demonstrating excellence in manufacturing and exporting steel products, cementing its position as a key player in the global steel industry. Turkey emerges as a powerhouse in five pivotal industries, shaping its economic narrative. In this article, we explore the nation’s prowess in automotive innovation, steel production excellence, fashion flair, cutting-edge electronics, and robust defence capabilities.

Major Industries in Turkey

Consumer electronics and home appliances

This surge in Turkish dominance in the European TV market was facilitated by the Customs Union agreement signed between the European Union (EU) and Turkey. The agreement led to a remarkable increase in market share for Turkish companies in consumer electronics. Specifically, the market share for Turkish companies in colour TVs rose from 5% in 1995 to an impressive 50% in 2005. Similarly, in the realm of digital devices, their market share grew from 3% to 15%, and in white goods, it increased from 3% to 18%. This significant expansion underscored the impact of the Customs Union agreement on the flourishing presence of Turkish companies in the European consumer electronics market.

Textiles and Clothing

In 2006, Turkish companies achieved significant success in the clothing export sector, reaching a total export value of $13.98 billion. Remarkably, a substantial portion of this, amounting to more than $10.67 billion (76.33%), was directed towards member states of the European Union (EU).
Among the prominent fashion brands contributing to Turkey’s success in the clothing industry are Vakko, Beymen, Yargıcı, Mavi Jeans, Ipekyol, Les Benjamins, Colin’s, Nocturne, LC Waikiki, Derimod, DESA, and Koton. These brands have played a pivotal role in establishing Turkey as a noteworthy player in the global fashion landscape.
This noteworthy accomplishment underscores Turkey’s position as a major player in the international clothing market, with a substantial share of its exports finding a significant market in the European Union. The diverse range of influential Turkish fashion brands listed has not only contributed to the country’s economic success but has also solidified its presence as a hub for stylish and well-regarded apparel on the global stage.

Motor Vehicles and Automotive Products

The automotive industry is a key player in Turkey’s manufacturing sector, contributing significantly to the country’s economy. In 2021, Turkey produced 1,276,140 motor vehicles, ranking as the 13th largest producer globally. The peak production was in 2017, with 1,695,731 motor vehicles, maintaining the 13th position. Notably, Turkish automotive companies such as TEMSA, Otokar, and BMC are renowned as some of the world’s major manufacturers of vans, buses, and trucks. A notable addition to Turkey’s automotive landscape is Togg, also known as Turkey’s Automobile Joint Venture Group Inc., marking the country’s entry into the all-electric vehicle market. In 2016, Turkey’s annual auto exports, encompassing trucks and buses, exceeded 1 million units for the first time.

Defense Industry

Turkey boasts a robust armament manufacturing sector with numerous modern facilities. In 2014, the country’s annual armament exports reached a noteworthy $1.6 billion. Key players in the Turkish defence industry include MKEK, TAI (Turkish Aerospace Industries), Aselsan, Roketsan, FNSS, Nurol Makina, Otokar, and Havelsan. A significant milestone in Turkey’s defence collaboration occurred on July 11, 2002, when the country became a Level 3 partner in the F-35 Joint Strike Fighter (JSF) development program. TAI, one of Turkey’s prominent aerospace companies, is involved in the production of various aircraft types and models, including the F-16 Fighting Falcon for the Turkish Air Force.

Steel- Iron Industry

Turkey holds the 8th position globally in terms of steel production, with a total output of 29 million tonnes in 2013. The country achieved a record-breaking crude steel production of 34.1 million tons in 2011, reflecting its substantial role in the international steel manufacturing landscape. Among the notable steel producers in Turkey, those with production capacities exceeding 2 million tonnes play a significant role in the industry. These companies contribute substantially to Turkey’s standing in the global steel production ranking. The production figures highlight Turkey’s considerable capacity and proficiency in the steel sector, positioning it as a key player on the world stage. The consistent production levels and record highs underscore Turkey’s commitment to maintaining a robust and competitive presence in the international steel industry.