Turkish exports kick off 2025 with records high, says trade minister

Türkiye’s Trade Minister Omer Bolat stated that Turkish exports reached the highest January figures in history, totaling $21.2 billion, while 12-month rolling exports climbed to $263 billion as of January 2025, marking a double record in exports at the start of the year.

Bolat stated that the foreign trade deficit for January increased by 24.2% compared to the same month last year, reaching $7.7 billion.

The export-to-import coverage ratio declined by three percentage points year-on-year to 73.4%, Bolat emphasized.

Türkiye’s January foreign trade data was unveiled at a meeting held in Trabzon, attended by Trade Minister Bolat, Transport and Infrastructure Minister Abdulkadir Uraloglu, Turkish Exporters Assembly (TIM) Chairman Mustafa Gultepe, and other relevant officials.

Bolat remarked that the ministry is working to enhance investment, production, employment, and exports while aiming to reduce trade and current account deficits sustainably. He underscored the Turkish government’s commitment to balanced economic growth and improving public welfare.

13 monthly export records in the last 20 months

Highlighting Türkiye’s success in trade and economic growth despite economic instability around the world, Bolat said:

Even in this challenging economic climate, we continue to reap the benefits of our economic program. Türkiye’s economy managed to grow even in 2021 when the pandemic first emerged. In the first nine months of 2024, we achieved a 3.2% growth rate. Over the past 17 quarters, our economy has sustained uninterrupted growth, with net goods and services exports contributing 1.9 percentage points to the 3.2% growth in the first nine months of 2024.

Bolat noted that over the past 20 months, Türkiye had set new monthly export records in 13 instances. Bolat also pointed out that imports had increased by 10.2% year-on-year, reaching $28.8 billion, asserting that this rise indicated a revival in economic activity with 68% of the total import growth driven by intermediate goods.

Trade deficit shrinks in 13 of the last 20 months

Reiterating the January trade deficit figures, Bolat stressed that despite the 24.2% year-on-year increase, the overall trend in recent months has been positive.

“In 13 of the last 20 months, we have successfully reduced the trade deficit. Another record was achieved in annualized goods exports, which reached $263 billion as of January 2025,” Bolat said, expressing that the goal is to achieve new export records each month while continuing to increase total exports.

The top five export destinations of Türkiye in January were Germany, the United States, the United Kingdom, the United Arab Emirates, and Iraq, Bolat noted.