Türkiye, South Korea Eye $15 Billion Trade Goal
Exporters and importers in pharmaceuticals and industrial goods should watch the planned Erdoğan visit for signals on the trade push.
Updated on Nov. 1, 2026 in International Trade
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Türkiye and South Korea are pursuing a goal of lifting bilateral trade volume to $15 billion, building on a free trade framework that has been phased in since 2013. The push comes as President Recep Tayyip Erdoğan is expected to visit South Korea later this month, with trade, tourism, investment and defense cooperation on the agenda for importers and exporters tracking the corridor.
Why it matters
Bilateral trade reached $8.7 billion in the first nine months of 2026, so the $15 billion target implies a substantial expansion from current levels. Businesses trading between the two markets should watch how the agreements' staged implementation and the planned talks affect tariffs, services and investment conditions.
Bilateral trade grew from $6.9 billion in 2013 to $11.4 billion in 2025, and reached $8.7 billion in the first nine months of 2026 against a $15 billion goal. Türkiye's exports to South Korea totaled $920.3 million in January-September 2026, led by pharmaceutical products at $321.8 million, followed by ores, slag and ash at $124.2 million and boilers and machinery at $101.6 million.
The players
Recep Tayyip Erdoğan
President of Türkiye, whose government runs the Distant Countries Strategy that names South Korea a priority market.
Türkiye
A Eurasian trading nation whose exporters are pushing into Asian markets, with South Korea a key partner in its outreach strategy.
South Korea
A major Asian industrial economy and trade partner whose imports and tourism flows are central to the bilateral agreements.
The details
The free trade agreement's framework and goods trade agreements took effect on May 1, 2013, and were phased in, with services trade and investment agreements following on Aug. 1, 2018. Under the arrangement, tariff and trade-rule changes reached goods first and services and investment later, which is why the two sides are now looking to deepen cooperation across additional sectors. South Korea is also one of the priority countries under Türkiye's Distant Countries Strategy, which frames the relationship as part of a broader outreach to markets beyond the immediate region.
Timeline
May 1, 2013: Free trade framework and goods trade agreements became effective.
Aug. 1, 2018: Services trade and investment agreements took effect.
2025: Bilateral trade totaled $11.4 billion and South Korean visitors to Türkiye rose 9.4 percent to 226,434.
January-September 2026: Türkiye's exports to South Korea reached $920.3 million.
November 2026: Erdoğan is expected to visit South Korea later this month.
Market Landscape
The Türkiye–South Korea free trade agreement, phased in from 2013 and extended to services and investment in 2018, follows the Distant Countries Strategy that positions Türkiye's outreach toward markets beyond its neighborhood. Bilateral trade has grown from $6.9 billion in 2013 to $11.4 billion in 2025, a pattern that shows staged trade agreements can expand flows over time, though the $15 billion goal still implies a meaningful step up.
Exporters and importers working between Türkiye and South Korea should track how the visit shapes priorities in pharmaceuticals, industrial machinery and energy-related trade. Firms in tourism and hospitality may also see early effects from South Korean visitor flows, which rose 9.4 percent in 2025.
The takeaway
Operators with exposure to the Korean market should watch the outcome of the planned Erdoğan visit as a signal for whether the $15 billion target gains policy backing. Businesses in pharmaceuticals and industrial goods should review their current export volumes against the January-September 2026 baseline of $920.3 million in Türkiye's exports to South Korea.
What happens next
President Erdoğan's visit to South Korea is expected later this month, when the two sides are expected to review bilateral relations and discuss cooperation in energy, defense industries, transportation, infrastructure, high technology, culture and tourism.
Further reading
For broader context on how trade agreements reshape cross-border sales, see our coverage of International Trade.
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