Türkiye leads G-20 in Q2 2024 service export growth, largest drop in service imports
Turkish port packed with containers. (AA Photo)
Türkiye has ranked first among G-20 countries in service export growth for the second quarter of 2024, according to a statement from the Ministry of Trade.
This announcement follows the release of the Organisation for Economic Co-operation and Development (OECD)’s 2024 Q2 International Trade Statistics Report on August 23, 2024, which highlights Türkiye’s strong performance in global service trade.
‘$101.7 billion in service exports’
In the statement, the ministry emphasized the significant role of the service sector in Türkiye’s economy, noting: “Our country, in the 100th year of our Republic, has reached $101.7 billion in service exports, securing 1.29% of global service exports and rising to the 22nd position globally.”
During the first half of 2024, Türkiye’s service exports grew by 9.5% compared to the same period last year, reaching $47.2 billion. At the same time, service imports increased by 11.8% to $23.1 billion, resulting in an average trade surplus of around 50% in service trade.
Türkiye’s service sector outperforms G-20 counterparts
The OECD report revealed that while the growth rate of goods exports among G-20 countries remained stable in Q2 2024 compared to the previous quarter, service exports continued to grow.
Türkiye distinguished itself by leading the G-20 in service export growth and also recorded the largest reduction in service import growth among these nations.
The ministry’s statement highlighted: “In the second quarter of 2024, Türkiye ranked first among G-20 countries in service export growth compared to the previous quarter, while also experiencing the largest decline in service import growth.”
It further noted that Türkiye’s service export growth in Q2 2024 was 4.7%, outpacing the 1.9% growth observed in G-20 countries.
Additionally, while G-20 countries saw a 1.1% increase in service imports, Türkiye’s service imports contracted by 3% (seasonally adjusted data).
Ministry’s commitment to support the service sector
The Ministry of Trade reaffirmed its commitment to supporting the service sector, which has consistently strengthened Türkiye’s position in global service trade.
“As the Ministry of Trade, we will continue to support our service sectors to achieve our export targets and to transform the companies operating in these sectors into global brands,” the statement said.
To support this growth, the ministry’s budget for service exporters was increased from ₺2.5 billion ($73 million) in 2023 to ₺5.1 billion ($149 million) in 2024.
By August 2024, ₺3.9 billion ($114 million) had already been distributed to service exporters.
