Türkiye, South Korea Target $15 Billion Trade
Turkish and South Korean leaders aim to expand bilateral trade, tourism, investment and defense cooperation as Erdoğan prepares a visit to Seoul.
Updated on Nov. 1, 2026 in International Trade
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Türkiye and South Korea are seeking to increase bilateral trade volume to $15 billion, building on a free trade agreement in force since 2013. Bilateral trade reached $8.7 billion in the first nine months of 2026, and President Recep Tayyip Erdoğan is expected to visit South Korea later this month.
Why it matters
The target reflects a push to deepen economic ties between the two countries beyond goods trade, extending into services, investment, defense and tourism. Expanding trade with partners outside the traditional core is a priority under Türkiye's Distant Countries Strategy.
Bilateral trade reached $8.7 billion in the first nine months of 2026, against a stated $15 billion goal. Türkiye's exports to South Korea totaled $920.3 million over the same period, with pharmaceuticals leading at $321.8 million, and the timeline for closing the gap has not been specified.
The players
Recep Tayyip Erdoğan
Erdoğan has served as President of Türkiye and has led the country's efforts to expand its diplomatic and economic reach beyond traditional partners.
The details
Türkiye and South Korea plan to deepen cooperation across trade, tourism, investment and defense. The two sides are expected to comprehensively review bilateral relations and discuss energy, defense industries, transportation, infrastructure, high technology, culture and tourism during Erdoğan's expected visit.
Timeline
May 1, 2013: Free trade framework and goods trade agreements took effect.
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.
Later this month (November 2026): Erdoğan is expected to visit South Korea.
Market Landscape
South Korea is one of the priority countries under Türkiye's Distant Countries Strategy, which directs trade and diplomatic outreach toward partners beyond its immediate region. The bilateral trade trajectory since the 2013 free trade agreement reflects that broader push to diversify export markets.
For businesses exporting between Türkiye and South Korea, the expanding trade framework and services and investment provisions in force since 2018 create clearer rules for cross-border deals. Travelers may also see continued growth in tourism flows, as South Korean visitors to Türkiye rose 9.4 percent in 2025.
The takeaway
Expanded trade in pharmaceuticals, machinery and electrical goods signals where Türkiye's export growth with South Korea is concentrated. Watch the visit outcomes for concrete agreements that could move the trade figures toward the $15 billion goal.
What happens next
President Erdoğan is expected to visit South Korea later this month, when the two sides are anticipated to review bilateral relations and discuss expanded cooperation.
Further reading
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