Despite regional turbulence, Türkiye remains an attractive export destination full of opportunities
- Türkiye is an important market and a strategic bridge between Europe and nearby regions, with close ties across a wide set of partners
- Türkiye combines a well-developed banking sector with a dynamic corporate sector and diversified sources of foreign income
- Credendo upgraded Türkiye’s ST and MLT political risk ratings to 4/7 (from 5/7) in December 2025
- The Middle East conflict is pushing up energy costs and could hit inflation, tourism and demand from the region
Together with about 450 other participants, a Credendo delegation will attend the Belgian Economic Mission to Türkiye, from 10 until 14 May 2026, in Istanbul and Ankara. This poses the perfect opportunity to meet with local communities, authorities and companies, as well as to accompany our clients and prospects in this diversified market.
Improved economic situation
With a young and dynamic population of 85.5 million, Türkiye remains an attractive economic destination with significant economic strengths. The country combines a well-developed banking sector with a dynamic corporate sector and diversified sources of foreign income. Manufactured goods, tourism, transport and food constitute its main export earnings. Bilateral trade between Türkiye and Belgium is significant: in 2025, Türkiye was Belgium’s 13th client and 15th supplier worldwide, with a total volume reaching EUR 6.5 billion and EUR 5.6 billion respectively.
Türkiye’s economic situation has improved over recent years. Following his re-election in May 2023, President Erdoğan appointed a team with a more orthodox economic policy. Measures taken have contributed to a gradual reduction in macroeconomic imbalances, including the narrowing of the current account deficit and a sustained decline in inflation, although it remains elevated. Furthermore, the country shows a strong solvency and solid public finance. Supported by the effects of this policy turnaround, Credendo upgraded Türkiye’s ST and MLT political risk ratings to 4/7 (from 5/7) in December 2025.
Resilient growth despite vulnerabilities
Growth stayed robust in 2025 (real GDP up 3.6%), although it is expected to slow in 2026 as higher energy prices filter through the economy. Goods exports to the Middle East represent almost one fifth of the total, so a regional slowdown would be felt. At the same time, the EU remains Türkiye’s largest trading partner.
The main vulnerability is liquidity. Foreign exchange reserves (excluding gold) remain limited and volatile, and the country depends on portfolio flows. Inflation, while easing, is still in double digits and the exchange rate remains under pressure. After the outbreak of the conflict in the Middle East, Credendo downgraded the business environment risk to G/G, reflecting the likely impact of higher energy and food prices, weaker tourism and softer regional demand.
Export opportunities at a geopolitical crossroads
Geopolitics will remain front and centre. Türkiye is a NATO member and, in the current context, a go-between with working relationships with Ukraine and Russia, and acting as a mediator between Iran and the USA. A further escalation of the conflict, including spillovers linked to Iran, could weigh on investor confidence and add pressure through refugee flows and higher domestic costs.
“Türkiye’s upgrade reflects real progress in policy and funding conditions, but the country is not out of the woods,” said Credendo’s Deputy CEO Nabil Jijakli. “For Belgian companies exporting to Türkiye, the message is to recognise that Türkiye remains a key market and a crucial link between Europe and its neighbouring regions, while staying alert to currency and liquidity risk.”
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Spokesperson:
Nabil Jijakli
Deputy CEO
rue Montoyerstraat 3
1000 Brussels
E n.jijakli@credendo.com
M +32 478 25 11 33
Press contact:
Griet Van Gorp
Content and Press Relation Specialist
E g.vangorp@credendo.com
M +32 473 33 20 50