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Turkey: New Opportunities in the LED Lights Industry

In recent years, LED lighting industry is becoming mature in Europe, the United States, Japan and other places, China's domestic market competition tends to white-hot, and turn into the era of fighting the scale, fighting the price. The establishment of the ASEAN Community and the promotion of the strategy of "The Belt and Road Initiative", leaving LED lights manufacturers increasing the attention rate in Southeast Asia and Egypt, Israel, Saudi Arabia and Turkey etc. "The Belt and Road Initiative" national market year by year.

Turkey is another booming emerging economy after "BRIC countries", China, Russia, India, Brazil and South Africa. It enjoys the reputation of "Next Eleven" in the international community and has become the member of "Economic Security Council" G20. According to data from 2016, Turkey's economy grew by a percent of 4.8, making it become one of the top five fastest-growing economies in the world.

With the construction of Silk Road economic belt and 21st century maritime Silk Road, China and Turkey once again in close contact, the two sides have a wider range of cooperation in the areas of frastructure construction, economic and trade. According to the latest data released by the Turkish Statistical Bureau, the first half of 2016, China-Turkey trade amounted to 13.716 billion US dollars, up to 0.73% year on year. Among them, Turkey imports 12.728 billion US dollars from China, up to 2.48% year on year, exports 989 million US dollars to China, low to 17.44% year on year. Data shows that China is the second largest trading partner for Turkey, the proportion of China and Turkey trade volume accounted for total foreign trade of Turkey rose 0.1%, China and Turkey trade deficit expanded 4.61% year on year.

On the LED lights industry, from the data of General Administration of Customs shows that in the first half of 2015, China's total exports of LED lighting
products about 50 billion US dollars, grow 16% compared with the first half of 2014 year on year, of which more than 45 million US dollars exported to Turkey. First half of 2016, China's top ten key areas of LED products exports amounted to 20.221 billion US dollars, of which the amount of exports of Turkey over 129 million, jumped to 28th.

With the development of the local economy, in recent years, productivity of the Turkish lighting industry has been greatly improved, but still the lack of LED lights manufacturers, LED technology is low, high production costs, unable to meet the local demand, mainly rely on imports, then brings business opportunities to overseas suppliers.

Due to the changment of government investment in outdoor lighting, the penetration rate of LED lighting will show an exponential rise in the next few years, replacing the traditional halogen lamps and incandescent lamps in rural areas. The data shows that the market size of current lighting and lighting market in Turkey is about 350 million US dollars. Research and Markets expects the Turkish LED market will grow at a compound annual growth rate of 15.6% from 2016 to 2022. By the the year of 2022, the market size will reach 344 million US dollars. In the Turkish market, LED signage and billboards are expected to have the highest growth rate.

In addition, because of its special geographical location, national manufacturers regard Turkey as a strategic market. Turkey across the Eurasian
continent, north of the Black Sea, south of the Mediterranean, west of the Aegean Sea, so the products exported to Turkey, can be exported to the Middle East, Europe and even Africa and other markets. Turkey has a customs union with the European Union, the EU is Turkey's traditional market; the transport only takes 6-11 days from Turkey to major European countries. Istanbul and Turkey share the European information in a large extent. By understanding the Turkish market, you can understand the latest European market letter, making enterprises seize the opportunity in the fierce competition.

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