Newsletters & Press

Türkiye's economic and commercial news has been marked by several significant developments which reflect the challenges and opportunities facing the country. On the one hand, Türkiye continues to navigate a complex global economic environment, impacted by fluctuations in commodity prices, geopolitical tensions and persistent inflationary pressures. However, the Turkish economy continues to show remarkable resilience with notable economic growth of 5.7% in the first quarter of 2024, highlighting Türkiye's ability to maintain a development trajectory despite global challenges.

This month, Türkiye made a strategic decision to impose an additional 40% customs duty on the import of vehicles from China. This measure aims to protect the national automobile industry in the face of growing competition from Chinese manufacturers, who have gained significant market share in Türkiye. The Turkish government hopes to encourage local production, stimulate investment in the domestic automotive sector and reduce dependence on foreign imports, while strengthening the country's trade balance. This measure also aims to encourage Chinese manufacturers to invest in Türkiye to market their cars there.

In addition, the tourism sector is currently in full swing. The number of foreign tourists visiting Türkiye reached 5.1 million in May, up 14% compared to May 2023, bringing year-to-date arrivals to 15.8 million, a new record (+12.5% ​​at an annualized rate). If we add the arrival of more than 2 million Turkish citizens living abroad, this figure reaches almost 17.1 million. The government expects an arrival of 60 million tourists this year for an income amounting to 60 billion USD. During the first five months of the year, Germans were the most numerous to visit Türkiye, with 1.9 million arrivals, marking an increase of 17% compared to the previous year. They were followed by the Russians with 1.8 million arrivals, and the British with 1.2 million. Istanbul attracted 43.9% of all foreign visitors.