Turkey has reached a significant milestone in its export sector, with official data revealing a record-high volume of exports in February, contributing to the country's positive economic trajectory in recent months. The nation concluded 2023 on a high note, boasting a record of $255.8 billion in outbound shipments.
Trade Minister Ömer Bolat announced that Turkey’s exports surged by 13.6% year-over-year to reach $21.1 billion in February, marking the highest export value ever recorded for the month in the history of the republic. This noteworthy achievement underscores Turkey’s resilience and competitiveness in the global market.
In contrast, imports decreased by 8.5% to $28.1 billion, a trend that bolsters Turkey’s efforts to narrow the trade gap between exports and imports. The significant reduction in the trade deficit, coupled with a notable increase in the export-import coverage ratio to 75.1%, reflects Turkey’s commitment to fostering a more balanced trade environment.
Minister Bolat highlighted the substantial decline in the foreign trade deficit in February, which plummeted by 42.3% compared to the same period last year, reaching $7 billion. This achievement is indicative of Turkey’s proactive measures to bolster exports and stimulate economic growth.
Moreover, Turkey’s annualized exports reached $258.7 billion by the end of February, signaling sustained momentum in the export sector. The country's trade deficit also decreased to $93 billion, a significant improvement from $122 billion recorded in May.
The positive economic trajectory extends beyond the export sector, with Turkey achieving a real growth rate of 4.5% in 2023, reaching a national income of $1.12 trillion for the first time in its history. Per capita national income also reached a historic high of $13,110, positioning Turkey favorably among European Union countries, OECD nations, and G-20 economies.
Mustafa Gültepe, the head of the Turkish Exporters Assembly (TIM), emphasized the critical role of production and exports in driving economic growth, particularly in earthquake-affected regions. Despite challenges, including earthquake-related disruptions, Turkey’s export sector remains resilient, with over $19 billion in exports achieved in the quake-affected provinces.
The automotive industry led February exports with $3.1 billion, followed by chemicals, ready-to-wear clothing, steel, and the electrical-electronics sector. This diversified export portfolio underscores Turkey’s competitiveness across various industries, positioning the country as a key player in the global market.
#NewsUpdate #TradeNews #TurkeyExports #EconomicGrowth #InternationalTradeCouncil
