India Turkey Trade
The bilateral trade between India and Turkey stood at US$ 10.4 billion during 2023-24.
Introduction
Despite recent diplomatic strains, India and Turkey maintain longstanding diplomatic ties and active trade relations, with both nations recognising their economic potential and engaging in bilateral commerce efforts. India has historically provided humanitarian support to Turkey, such as during the 2023 earthquake relief. Both countries continue to engage in cultural and diplomatic exchanges, reflecting opportunities to build constructive cooperation where interests align.
Turkey was among the first European countries to develop diplomatic relations with independent India in the year 1947. The close bilateral relationship is based on shared commonalities and commitment to the rule of law, federalism, and pluralism. Turkey supports India’s aspiration for permanent membership of the UNSC.
India-Turkey Trade
- The bilateral trade between the nations stood at US$ 6.88 billion in FY26.
- Turkey occupies the 47th position in FDI equity inflows into India with a cumulative FDI number of US$ 258.49 million from April 2000-March 2026.
- India’s exports to Turkey stood at US$ 4.54 billion, while imports were valued at US$ 2.34 billion in FY26.
- Turkey ranks 28th as an export destination and 41st as an import partner for India.
Major exports from India to Turkey
- India’s exports to Turkey stood at US$ 2.87 billion in FY26 (till November 2025).
- India exported 4,288 commodities to Turkey in FY26.
- Major items exported by India to Turkey included engineering goods (US$ 1.96 billion), followed by organic and inorganic chemicals (US$ 526.80 million), electronic goods (US$ 369.84 million), drugs and pharmaceuticals (US$ 271.79 million), man-made yarn, fabrics and made-ups (US$ 212.31 million), cotton yarn, fabrics, made-ups and handloom products (US$ 136.51 million), plastic and linoleum (US$ 104.49 million), and rice (US$ 94.49 million) during FY26.
Major imports by India from Turkey
- India’s imports from Turkey stood at US$ 1.72 billion in FY26 (till November 2025).
- India imported 2,732 commodities from Turkey in FY26.
- Major items imported by India from Turkey included machinery, electrical and non-electrical (US$ 590.64 million), followed by petroleum, crude and products (US$ 431.71 million), metalliferous ores and other minerals (US$ 263.37 million), organic and inorganic chemicals (US$ 167.94 million), iron and steel (US$ 98.33 million), gold (US$ 84.58 million), artificial resins, plastic materials and related products (US$ 81.08 million), and transport equipment (US$ 79.96 million) during FY26.
Economic Relations and Investments
- In FY26, bilateral trade between India and Türkiye stood at approximately US$ 6.88 billion, with India maintaining a trade surplus as Indian exports reached about US$ 4.54 billion and imports from Türkiye were around US$ 2.34 billion, reflecting ongoing commercial engagement despite broader geopolitical tensions.
- In February 2025, World Trade Center (WTC), Mumbai, and the DEIK–Turkey‑India Business Council signed an MoU to foster deeper trade and investment linkages. The aim: nearly doubling bilateral trade from about US $10.4 billion in FY24 to US $20 billion within five years, targeting sectors such as textiles, pharmaceuticals, agriculture, auto, metals, and even exploring a potential Free Trade Agreement.
- Indian companies have invested about US$ 126 million in Türkiye (as per Central Bank of Türkiye data) and Turkish investment in India is approximately US$ 210.47 million (as per Department for Promotion of Industry and Internal Trade, India).
- Turkish companies operating in India include Koç Holding (consumer durables), Arcelik A.S (home appliances), Doğuş Holding Doğuş Construction (construction), Limak Holding (construction), Fernas (construction), Sarar (Turkish menswear), Soktas (fabric company now acquired by Grasim Industries Ltd), Çelebi Holding (aviation services), Orhan Holding (automotive supplier), Hidromas (hydraulic products – owned by Netherland-based HMS Global), etc. Many Turkish firms have structured their Indian business holdings as joint ventures with Indian firms. Turkish stakeholders are involved in engineering, procurement, and constructing (EPC) contracts as engineers, technical consultants, and constructors.
- Based on a June 2022 press release by the Indian Ministry of External Affairs, Indian companies are present in Türkiye’s automobile, pharmaceutical, and IT sectors while Turkish businesses have a presence in India’s infrastructure and engineering sectors.
- For Indian companies, Türkiye serves as a base to do business with markets in Europe, Central Asia, and the Black Sea Region, besides expanding access to the Middle East.On the other hand, Turkish firms can locate their Asia production base in India and tap into its manufacturing ambitions, besides participating in the country’s infrastructure and logistics projects. Key industries in India that are ripe for Turkish investments include construction, medical tourism, and auto components.
- The Turkish Indian Chamber of Commerce & Industry (TICCI), an affiliate of the Turkish business confederation TUSKON, has offices in Bangalore, Chennai, New Delhi, Hyderabad, Kolkata, and Mumbai. TICCI has been tasked with facilitating contacts for exports, joint ventures, and alliances. TICCI has also signed an MoU with ASSOCHAM (Associated Chambers of Commerce and Industry of India).
Recent Trends & developments
- In April 2025, Indian firms committed approximately US$ 6 million in foreign direct investment to Azerbaijan and Turkey via joint ventures by Omega Plasto, Rama Pure Water (in wholesale, retail, hospitality) and Axiro Semiconductor in manufacturing.
- As per the Embassy of India in Ankara, prominent Indian companies registered in Türkiye include Tractors and Farm Equipment Limited (TAFE), Mahindra, Sonalika, Tata Motors, Jindal, Indo-Rama, Birla Cellulose, Polyplex, GMR Infrastructure, Merrill Lynch, Punj Lloyd, Reliance Industries, Thermax, Wipro, Dabur, Jain Irrigation, etc. and have invested around US$ 125 million in the country.
- India and Turkey had a Cultural Agreement in place since 1973. An MoU was signed between ICCR and BOZAR (Centre for Fine Arts – Brussels) for cooperation in the field of culture on February 4, 2021.
- Foreign Office Consultations (FOCs) at Secretary (Deputy Foreign Minister) level were institutionalized through a Protocol signed in April 2000. The last round of consultations was held on June 10, 2022, in Ankara.
- Several events have already been organized in connection with Azadi ka Amrit Mahotsav (India@75), marking 75 years of India’s independence. The Indian Council of Cultural Relations (ICCR) sponsored a Gujarati folk dance group ‘Saptak’ and visited Bursa (Türkiye) in the 34th International Golden Karagoz Folk Competition in July 2022. Teaching and learning Turkish and Indian languages are also being encouraged and facilitated in each other’s countries.
- On September 16, 2022, Indian Prime Minister, Mr. Narendra Modi unexpectedly met Turkish President, Mr. Recep Tayyip Erdogan on the sidelines of the Shanghai Cooperation Organization (SCO) Summit in Samarkand, Uzbekistan. Both the leaders discussed the ways to strengthen bilateral relations, in particular giving a thrust to economic cooperation.
Conclusion
Despite periodic tensions, India and Turkey continue to maintain diplomatic ties and active economic engagement, with diversified trade and cultural exchanges still ongoing. Both are important emerging economies with shared interests in global forums like the G20, and there are opportunities to build cooperation through business links and people-to-people connections.
India-Turkey economic and commercial cooperation has deepened over the years and constitutes an essential dimension of the bilateral relationship. Several bilateral agreements and institutional mechanisms, at the governmental level and B2B provide the framework for strengthening ties in other sectors.
Contacts
- Embassy of India, Turkey
Address: 77, Cinnah Caddesi, Cankaya 06680,
Telephone: +90-312-4382195-98 (4 lines)
Officials:
PS to Ambassador – Mr. Amit Kumar Sharma;
Telephone: +90-312-4403427/29
Email: amb.ankara@mea.gov.in - Embassy of Turkey, India
Address: 50-N, Nyaya Marg, Chanakyapuri, New Delhi, Delhi 110021
Phone: +91-11 2688 9053 / +91-11 2688 9054
Email: embassy.newdelhi@mfa.gov.tr
Ambassador - Mr. Ali Murat Ersoy
FAQs
India exports to Turkey are led by engineering goods (US$ 1.96 billion), followed by chemicals, electronic goods, pharmaceuticals, man-made textiles, cotton products, plastics, and rice. These sectors account for a major share of India Turkey trade and support India's manufacturing exports.
India Turkey trade has remained resilient despite periodic diplomatic challenges, with bilateral trade between India and Turkey reaching US$ 6.88 billion in FY26. India continues to maintain a trade surplus, reflecting sustained demand for Indian manufactured goods in the Turkish market.
The India Turkey economic partnership is driven by engineering goods, chemicals, pharmaceuticals, automotive, textiles, construction materials, and information technology. Manufacturing cooperation and growing business linkages are helping diversify bilateral trade beyond traditional sectors.
Türkiye offers significant trade opportunities between India and Turkey as a gateway to Europe, Central Asia, and the Black Sea region. Indian exporters can leverage the country as a regional distribution hub while expanding exports of engineering products, pharmaceuticals, textiles, and industrial goods.
Strong Turkey imports from India include engineering products, chemicals, pharmaceuticals, electronic goods, textile materials, plastics, and agricultural products. These exports support Türkiye's manufacturing sector by supplying industrial inputs and intermediate goods.
India Turkey trade relations are supported by institutional mechanisms such as the World Trade Center Mumbai-DEIK Türkiye-India Business Council MoU, the Turkish Indian Chamber of Commerce & Industry (TICCI), and business-to-business partnerships. These initiatives promote joint ventures, investment, and stronger commercial engagement.
Future trade opportunities between India and Turkey are expected in automotive components, pharmaceuticals, construction materials, medical tourism, information technology, renewable energy, and engineering services. These sectors are supported by growing industrial collaboration and investment interest.
The growth of India Turkey trade is being supported by complementary manufacturing capabilities, expanding business partnerships, increasing investments, and stronger institutional cooperation. Continued engagement between industry bodies and government-backed trade initiatives is helping sustain commercial relations.
Indian businesses can strengthen India exports to Turkey by building partnerships with local distributors, participating in joint ventures, and using Türkiye as a manufacturing and logistics base for nearby regional markets. Collaboration through business councils can also help improve market access.
Emerging export opportunities include advanced engineering products, auto components, healthcare products, renewable energy equipment, industrial machinery, digital technologies, and specialised manufacturing inputs. These sectors have the potential to further strengthen the India Turkey economic partnership over the long term.
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