A tourist takes a photograph on an iPhone near a foreign currency exchange store, center, in Istanbul, Turkey, on Monday, Aug. 13, 2018.

Amid the turmoil in global markets caused by a sharp decline in the Turkish currency, investors are carefully watching the links between the embattled economy and Asia Pacific countries.

Six Asian countries are among Turkey's top 20 sources of imports — with China topping the list, IHS Markit wrote in a report on Friday. The rest are South Korea, India, Japan, Malaysia and Vietnam.

"The Turkish economic crisis and slumping lira will impact on bilateral trade, as the cost of imported goods will rise significantly in Turkish lira terms due to the sharp currency depreciation this year," said IHS Markit Asia Pacific Chief Economist Rajiv Biswas.

For instance, the steep depreciation of the lira will likely hurt Turkish orders for Malaysian products this year and in 2019, the report said.

The lira has lost more than 40 percent of its value against the dollar this year, sparking fears of contagion and a sell-off in emerging markets' currencies and stocks — particularly if Turkish officials move to introduce capital controls in an effort to stem the bleeding.

Such a sell-off could be an even more significant risk to Asia Pacific nations than trade slowdowns, Biswas said, because it could spark fear in investors, triggering "significant" outflows from emerging markets.