India Turkey Trade
The bilateral trade between India and Turkey stood at US$ 10.4 billion during 2023-24.
Last updated: Apr, 2026
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$ 4.59 billion in FY26 (till November 2025).
- Turkey occupies the 47th position in FDI equity inflows into India with a cumulative FDI number of US$ 254.88 million from April 2000-September 2025.
- India’s exports to Turkey stood at US$ 2.87 billion, while imports were valued at US$ 1.72 billion in FY26 (till November 2025).
- Turkey ranks 30th 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 3,878 commodities to Turkey in FY26 (till November 2025).
- Major exported items include electrical machinery and equipment and parts (US$ 344.75 million), nuclear reactors, boilers, machinery and mechanical appliances (US$ 320.51 million), vehicles and auto components (US$ 303.74 million), organic chemicals (US$ 265.33 million), and iron and steel (US$ 250.77 million). Other notable exports comprised tanning and dyeing extracts and related products (US$ 108.95 million), aluminium and articles thereof (US$ 100.29 million), and man-made staple fibres (US$ 89.13 million), etc. in FY26 (till November 2025).
Major imports by India from Turkey
- India’s imports from Turkey stood at US$ 1.72 billion in FY26 (till November 2025).
- India imported 2,406 commodities from Turkey in FY26 (till November 2025).
- Major items imported by India from Turkey include nuclear reactors, boilers, machinery and mechanical appliances (US$ 475.00 million), followed by mineral fuels and mineral oils (US$ 312.72 million), salt, sulphur, earths and stone, plastering materials, lime and cement (US$ 151.13 million), natural or cultured pearls and precious or semi-precious stones (US$ 98.14 million), and inorganic chemicals (US$ 93.04 million). Other notable imports included plastic and articles (US$ 57.71 million), iron and steel (US$ 57.42 million), electrical machinery and equipment (US$ 52.79 million), and fertilisers (US$ 49.73 million), etc. in FY26 (till November 2025).
Economic Relations and Investments
- In FY25, bilateral trade between India and Türkiye stood at approximately US$ 8.71 billion, with India maintaining a trade surplus as Indian exports reached about US$ 5.72 billion and imports from Türkiye were around US$ 2.99 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:
Ambassador - Mr. Muktesh K. Pardeshi;
Telephone: +90-312-4403427 / +90-312-4403429
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
Partners
