US leads largest growth in Turkish exports in 2024
The photo shows the flags of Türkiye and the United States placed side by side. (AA Photo)
Türkiye’s exports to the United States experienced the highest value-based increase in 2024, reaching $1.256 billion and contributing to total exports surpassing $13 billion during this period.
The chemical materials and products sector topped the list of contributors to this surge, with an increase of $370.5 million. Following closely were the electrical and electronics sector with $264.8 million, the automotive industry with $192.3 million, the fruit and vegetable products sector with $83.6 million, and the steel industry with $73.3 million.
According to data from the Turkish Exporters’ Assembly (TIM), the U.S. was followed by the United Kingdom, which saw a $1.254 billion increase in exports, Romania with $997.9 million, Iraq with $958.8 million, and Italy with $879.2 million. Last year, Türkiye exported $13.4 billion to the U.S., $12.7 billion to the UK, nearly $12 billion to Italy, $10.7 billion to Iraq, and $7.5 billion to Romania.
Türkiye’s top ten export markets, in terms of year-on-year value growth for 2024, are as follows:
Meanwhile, Palestine emerged as one of Türkiye’s fastest-growing export destinations in 2024. This growth was largely attributed to Türkiye’s decision to halt trade relations with Israel in May 2024, redirecting a significant portion of its regional trade flow toward Palestine. Key sectors contributing to this surge included construction materials, textiles, and consumer goods, as Turkish companies sought to fill the gap left by the cessation of Israeli trade.
US took second place in Turkish exports
On a provincial level, Istanbul-based companies led Türkiye’s exports to the U.S. in 2024 with $4.7 billion. Ankara contributed $1.4 billion, Izmir $1.2 billion, Kocaeli $1.1 billion, and Gaziantep $1 billion.
However, the U.S. could not surpass Germany as Türkiye’s top export destination, with Germany receiving $18.1 billion worth of goods, followed by the U.K., Italy, and Iraq.
Türkiye continues to be an attractive market for American businesses, as strengthened bilateral ties between Türkiye and the U.S. have positively impacted trade relations. President Recep Tayyip Erdogan’s engagements in the U.S. last year also brought economic cooperation to the forefront, with trade and economic relations dominating the agenda.
