Skip to content Skip to Search
Skip navigation

Turkey introduces 20% extra tariff on gold imports

By Pramod Kumar
UAE India rupees Creative Commons
India’s gems and jewellery exports increased 14.1 percent yerar-on-year to December 2023. The UAE and India signed a MoU in July 2023 to set use their respective local currencies to settle bilateral transactions

Turkey has introduced a 20 percent additional charge for some gold imports.

Gold imports originating from countries without a free trade agreement and that are not in the European Union (EU) will be charged an additional fee on top of the existing import and other duties, Reuters reported.

Gold imports such as jewellery products and parts, and some base metal products plated with precious metals will be charged the additional fee.

State-owned Anadolu Agency said earlier that the government introduced an import quota to relieve the current account deficit and boost forex reserves.

The quotas will apply to the import of raw gold carried out by Borsa Istanbul Stock Exchange members engaged in precious metal brokerage.

The move aims to stimulate gold production and trade, generating long-term solutions to the current account deficit.

According to trade ministry data, the country’s gold imports rose 5.1 percent year on year to $217.1 billion in the first half of 2023.

The imports of unprocessed gold jumped by 180 percent annually to $19.4 billion.

Register now: It’s easy and free

AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East.

Why sign uP

  • Exclusive weekly email from our editor-in-chief
  • Personalised weekly emails for your preferred industry sectors
  • Read and download our insight packed white papers
  • Access to our mobile app
  • Prioritised access to live events
Register for free

I’ll register later

Latest articles

New factories and licenses issued in Saudi Arabia's industrial sector are projected to generate over 5,600 jobs, marking significant growth in February

New licences drive strong Saudi industrial growth

Saudi Arabia’s industrial sector recorded strong growth in February, with 105 new industrial licences issued, representing a 66.7 percent month-on-month increase. These newly awarded licences represent around SAR1 billion ($272 million) in investments and are expected to create 1,504 jobs, according to a report by the Ministry of Industry and Mineral Resources’ National Industrial and […]

Sandstone rock formations rise above the Hisma desert, Neom

Aiman Al Mudaifer named permanent CEO of Neom

Neom is to appoint Aiman Al Mudaifer as its permanent chief executive, more than five months after he took on the role of acting CEO. Al Mudaifer has worked for the Public Investment Fund, the $925 billion sovereign wealth fund backing Neom, since 2018. He took over the CEO’s post at Neom, one of the […]

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum (centre) witnessed the agreement for the du data centre

UAE’s du and Microsoft to build $544m hyperscale data centre

UAE telecom provider du and tech company Microsoft are to build a AED2 billion ($544.54 million) hyperscale data centre. The data centre will be built in stages, gradually increasing capacity to satisfy rising demand, the UAE state-run news agency Wam reported on Tuesday. The facility’s computing capabilities will be utilised by Microsoft, the main tenant, […]

A Volkswagen dealership in Shenzhen, China. Foreign car makers in China are losing market share to domestic rivals

Volkswagen to export surplus stock from China to Middle East

Volkswagen is to start exporting cars from China, aiming to sell in other Asian markets, South America and the Middle East, its China chief Ralf Brandstaetter has said. Brandstaetter also said that the carmaker was ready to tackle domestic competition in the country. Carmakers in China, including Volkswagen, are grappling with how to make use […]

2SBHG03 Serious thinking businessman working with tablet computer inside office. Businessman in shirt working at workplace, using laptop, sitting at desk, using financial app.

Turkish startup funding plunges in first quarter

Uncertainty in the Turkish economy and government budget cuts are weighing on the country’s startup environment, with venture capital funding for new projects falling in the first quarter to their lowest in more than 18 months. Turkish technology startups attracted $58 million in the three months to March 31, almost 50 percent down on the […]

Aramco's oil field in the Empty Quarter, Shaybah. Saudi oil exports rose in February

Saudi crude oil exports rise to 6.5m barrels per day

Saudi Arabia’s crude oil exports in February rose to 6.55 million barrels per day (bpd) from 6.07 million bpd in January, official data showed on Tuesday. The world’s largest oil exporter’s crude output for February was at 8.95 million bpd, up from 8.92 million bpd in January. Saudi refineries’ crude throughput was at 2.62 million bpd […]

Passenger on the Riyadh Metro. The IMF expects consumer prices in Saudi Arabia to rise by 2% this year

IMF cuts Saudi GDP forecast as trade turbulence continues

The International Monetary Fund has lowered its economic growth forecast for Saudi Arabia in response to escalating trade tensions and falling oil prices. The IMF’s latest World Economic Outlook, released this week, predicts that Saudi Arabia’s GDP will grow by 3 percent this year, down from its previous forecast of 3.3 percent. It now expects […]

Lending income underpins record Q1 for Saudi banks

Three of Saudi Arabia’s five biggest banks by assets have reported record first-quarter profits after generating more income from loans and on lower operating costs. Saudi National Bank, the kingdom’s largest lender, reported a 19 percent jump in profit in the three months to March 31 to SAR6 billion ($1.6 billion), compared with the same […]

Oil Terminal Pipes Stop Valve Guest Workers Men In Hard Hats Storage Tank

Iraq to cut oil spending after fall in crude prices

Iraq is seeking to cut operational spending on oil projects while trying to maintain investment in increasing crude production, following a steep fall in prices, the official news agency reported on Tuesday. Prime Minister Mohammed Shia al-Sudani sent a letter to the oil ministry and state-owned oil companies asking them to reduce spending on projects […]

Rail tracks maintenance process. Railroad workers repairing a broken track

Iraq and Turkey to devise roadmap for expanded trade

Iraq and its northern neighbour Turkey will hold a series of meetings in the coming weeks to devise a roadmap for increasing bilateral trade, which hit an all-time high of nearly $15 billion in 2024. “There is a plan in this respect and it has been prepared with the help of various Iraqi economic parties… […]

Saudi Arabia and the UAE are leading a Gulf push to transform their electricity grids into 'smart' networks

Foreign companies cash in as Gulf turns to smart power grids

Saudi Arabia and the UAE are among the Gulf states investing billions to make their electricity grids “smart” using artificial intelligence – and increase their share of generation from solar and wind power. That share is expected to almost double in the Middle East and North Africa over the next five years. It will rise […]

Tourists in AlUla, Saudi Arabia. Visitors to the country will soon be able to claim back VAT on purchases

Saudi Arabia to expand VAT base as oil prices fall

Saudi Arabia has introduced new regulations allowing visitors to the country to claim back value added tax (VAT) to facilitate the tourism industry, but it plans to widen the tax base to include online transactions.  The world’s second largest oil producer is facing a steep decline in international oil prices on which the government relies […]