October 2023 Sets Export Records for Turkey

October 2023 marked a record month for Turkey's exports, with total export value reaching USD 22.9 billion, representing a 7.4% increase compared to the same period last year. This achievement was realized during celebrations marking the 100th anniversary of the Republic, with exports reaching USD 210 billion over the last ten months and USD 254.8 billion over the last twelve months—the highest figures in the country's history. Among leading sectors, the automotive industry topped the rankings again with USD 3.087 billion in exports, while the chemical sector also made a significant contribution to the national economy with USD 2.7 billion in exports. This success has been interpreted as evidence of the sector's resilience and competitiveness on the global stage. Drawing attention to challenges such as global market fluctuations and production cost pressures, Gökhan EROL, General Director of İnovakademi, stated that the chemical sector's performance reflects the strategic focus of Turkish exporters. He noted that these results align with the goal of placing Turkey among the top 10 exporting countries in the Republic's second century.

Gökhan Erol continued as follows:

Based on 2022 data, the 10 countries to which we export the most are, respectively: Netherlands, Germany, Italy, Russia, Romania, United States, Spain, Iraq, Lebanon and Egypt. Additionally, companies exporting in the chemical sector can benefit from support provided by the Ministry of Commerce for goods exports. These supports can be summarized as follows:

1. Overseas Market Research Support

Travel undertaken while seeking new customers abroad falls within the scope of overseas market research support. Business trips must be between a minimum of 2 and a maximum of 10 days. Transportation, accommodation and vehicle expenses during travel are supported at a rate of 50%. A maximum of 5 trips per year are covered, totaling 20 trips of support, with support of TRY 180,000 available per trip.

2. Overseas Trademark Registration Support

Overseas registrations of your trademarks registered in Turkey are covered by support. For 4 years, overseas trademark registration support can be received at a rate of 50% and up to TRY 1,357,000 annually. (Companies located in target countries and regions 4, 5 and 6 benefit separately with an additional 10% bonus points) To benefit from overseas trademark registration support, it is sufficient to have applied for overseas registration; completion is not required.

3. Overseas Trade Fair Participation Support

If you want to participate in overseas trade fairs but do not wish to incur large expenses, overseas trade fair participation support is ideal for you. Participation in trade fairs held overseas is covered by support. For overseas trade fair participation support, the fairs to be supported and square meter rates are determined annually by the Ministry.

4. Domestic Trade Fair Participation Support

The objective is to ensure international promotion of sectoral qualified international domestic trade fairs designated by the Ministry and to increase international-level participation, with expenses incurred by organizers and participants covered by the Support and Price Stability Fund (DFİF) within the amounts and rates specified in the relevant articles of this decision. For domestic trade fairs, support for booth rental and booth expenses up to 50% is covered up to TRY 144,000.

5. Overseas Advertising Support

Overseas advertising support will benefit you while advertising abroad and increasing your brand awareness. It is possible to receive refunds at certain rates for advertisements prepared for overseas promotion of products manufactured in Turkey. For 4 years, advertising expenses to be incurred on social media, printed and visual media are covered by support at an annual rate of 50% and up to a total of TRY 4,524,000. (Companies located in target countries and regions 4, 5 and 6 benefit separately with an additional 10% bonus points.)

6. Overseas Rental Support

Overseas rental support is available for companies wishing to establish a presence abroad. Store, office, warehouse, showroom and shelf rentals are covered by support. For each country, companies can benefit from overseas rental support for 4 years. Companies receive overseas rental support at a rate of 60% for support provided for a maximum of 25 units.

7. Market Entry Documentation Support

Quality and mandatory standards vary from country to country. These documents cover quality, health and safety, and testing and analysis expenses. Through certification support, the Ministry of Commerce covers expenses at a rate of 50% and up to TRY 7,239,000 annually.

8. Eximbank Export Credit Insurance Compensation Support

For buyer credits for exports of investment-type goods on medium and long-term basis provided by Eximbank, full interest expenses corresponding to the difference between the interest rate applied by Eximbank and the CIRR (reference commercial interest rates) are supported.

9. Multi-Channel Chain Store Support

For multi-channel chain store brand owner companies, overseas trademark registration/renewal/protection expenses, market research studies and reports, promotional expenses, unit rental expenses, basic setup and concept architectural work/decoration expenses are supported.

10. Global Supply Chain Support

For the purpose of establishing and developing design culture in Turkey, expenses incurred by designer companies, design offices and cooperation institutions for promotion, advertising, marketing, employment, patent, utility model and industrial design registration, as well as consulting expenses and expenses relating to units to be opened overseas are supported.

11. Overseas Brand Purchase Support

For the creation of market entry strategies and action plans for companies and cooperation institutions targeting overseas markets, support is provided for sector, country and overseas-based company or brand-focused report expenses purchased, as well as for financial and legal consulting services related to overseas-based company purchases.