Türkiye sets all-time high export record in July

Türkiye has reached a historic milestone in its export performance. Turkish Minister of Trade Omer Bolat announced that the country’s exports in July 2024 increased by 13.8% compared to the same month last year, totaling $22.51 billion. This figure marks the highest July export value in Türkiye’s history.

Annual export growth and economic indicators

Minister Bolat highlighted the impressive growth Türkiye has achieved since 2003, noting an average annual growth rate of 5.4%.

“Last year, we closed with a 4.5% growth, ranking first in the European Union and second among G-20 countries. Our national income has surpassed $1 trillion, reaching $1.118 trillion last year, with a per capita income of $13,110. Achieving $14,000-15,000 per capita income is not a dream; we aim to achieve it in a few years,” Bolat said.

In the first quarter of this year, Türkiye’s national income rose to $1.16 trillion. The country’s share of global goods exports increased to 1.08%, up from 0.49% 21 years ago. Similarly, Türkiye’s share of global service exports rose from 0.89% to 1.29% over the same period.

“We proudly announce that we have broken the highest July export record in history with a monthly increase of 13.8% compared to last July, when it was $19.8 billion. This resulted in a $2.7 billion increase in a month,” said Bolat.

Twelve-month export total and future targets

Bolat revealed that the 12-month cumulative export total reached $261.5 billion, surpassing the previous record of $255.4 billion set in December. Despite a slight decline in June due to the long holiday and calendar effects, the July figures compensated for this and brought the total to $261.5 billion, a 3.4% increase over the last year.

“Our goal for the end of the year is $267 billion in goods exports and $110 billion in service exports. If there are no major global disruptions, we are confident in achieving this target,” Bolat said. The ministry plans to add an average of $750 million to $1 billion each month to reach this goal.

Import reduction and trade balance improvement

Bolat also shared positive news on the import front, stating that July imports decreased by 7.9%, resulting in $2.6 billion in savings and keeping the total below $30 billion.

The trade deficit in July decreased by 42% to $7.2 billion, down from $12.5 billion in 2023. The export-to-import coverage ratio improved from 61% last July to 75.7% this year.

Seven-Month Performance

For the first seven months of the year, Türkiye’s exports reached $148.8 billion, a 4.1% increase from $142.9 billion last year. Imports fell by 8.4% to $198.6 billion, resulting in a $18 billion reduction in imports.

The trade deficit for the first seven months decreased by 32.5% to $49.8 billion, down from $74 billion last year. Bolat noted that this improvement has positively impacted Türkiye’s foreign exchange reserves and employment, with the jobless rate falling to 8.4%, the lowest in 12 years.

Türkiye aims to maintain its upward trajectory in exports, leveraging growth opportunities in the European Union, the U.S., and the U.K., where interest rate cuts are expected to stimulate market demand in the fall.