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In 2025, the unemployment rate in Turkey was 8.5 percent, compared with 8.8 percent in the previous year. 

Trade in Turkey

Turkey is a growing market and recognized as one of the world’s newest industrialized countries. Partially due Turkey’s fast growing economy, the country was able to save up and maintain a relatively large currency reserve. Currency reserves are most important in dire financial situations. Turkey is also a member of the G-20 major economies and the EU Customs Union, an organization made up of EU countries as well as neighboring countries that essentially allow no customs to be levied on goods being traded within the borders of these countries.

As a result, a large percentage of goods imported and exported were going to and coming from countries within the custom borders. However, many Turkish officials believed that it was necessary to expand exports beyond westernized countries in order to further develop the country’s trade sector, and for this reason, trades with countries such as Iran and Iraq. Primary imports into Turkey consist of machinery, chemicals, semi-finished goods, fuels and transport equipment. Additionally, a large part of those imports are made up of cotton, with Turkey being one of the largest importers of cotton in the world. Due to large imports and struggles with its exports, Turkey reported a trade deficit every year over the past decade with increasing difficulties to attain a trade surplus.