New data recently released showed that Turkish e-exports have almost doubled between January and August 2024 when compared to 2023. Trade Minister, Omer Bolat, announced that e-exports reached $4.16 billion in the first eight months of 2024, a 94% increase over 2023.
Turkish e-exports on the rise
The rise in e-exports means that e-exports now makes up 2.7% of Turkey’s total outbound shipments with the government aiming for this to reach 10% by the end of 2028. Bolat emphasised the power of digital trade, noting that it is not just a technological innovation but also an economic transformation.
Bolat said: "E-commerce has become not only a part of trade but also one of its primary objectives. It transcends the boundaries of traditional trade, enables global reach and provides new opportunities for businesses of all sizes. Today, it stands as the strongest representative of the digitalisation journey of trade."
Global e-commerce continuing to evolve
Since the coronavirus pandemic, global e-commerce has enjoyed meteoric rise in popularity throughout the world as more consumers prefer the convenience, safety, and quick delivery of products and goods ordered online.
Total global e-commerce volume has expanded by 75% since 2019, reaching an impressive $5.8 trillion by the end of 2023. Data suggests that by the end of 2024, this is projected to surge another 8% and reach $6.3 trillion.
Turkey’s e-commerce landscape growing even faster
In 2023, the share of e-commerce in Turkey’s total Gross Domestic Product (GDP) increased by 33.3% to reach 6.8% of total GDP. Data showed that from 2019 to 2023, Turkey’s E-GDP enjoyed an annual growth rate of 26%, far outpacing the general economy.
In similar fashion, Turkey’s e-exports rose from $2.17 billion in 2022 to more than $5 billion by 2023, an increase of 131%. Bolat finished by saying: “By the end of 2024, we anticipate e-exports to exceed $8 billion, pushing their share of total exports above 3%. By 2028, we are determined to raise this figure to 10%."
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