September record logged as Turkey’s exports hit $22.67 billion

Turkey's trade sector has been enjoying remarkable growth in recent months, with the country's exports reaching new heights, as per the preliminary figures announced by Trade Minister Ömer Bolat on Wednesday.

The impressive growth of Turkey's exports is driven by its diversified economy, which spans various sectors such as agriculture, textiles, and manufacturing. In addition, Turkey's strategic location at the crossroads of Europe and Asia has made it an important trade hub, connecting the East and West.

Resilient in the face of adversity

Despite global challenges such as the COVID-19 pandemic and geopolitical tensions, Turkey's trade sector remains resilient. The government's efforts to promote exports and attract foreign investment have yielded positive results, and Turkey continues to be an attractive destination for businesses looking to expand their operations.

The consecutive monthly record-breaking exports highlight Turkey's growing economic strength and its ability to adapt to changing circumstances. The country's trade sector is expected to continue to grow in the coming months, bolstering Turkey's position as a key player in the global economy.

Highest export figures in September ever recorded

Bolat explained that: “We reached the highest export figure in the history of the republic in September. Our exports were the highest in July, and it was the same in August. Our exports have been exhibiting a continuously rising trend for three months.”

Furthermore, Bolat, reported a monthly import decrease of $5 billion between July and September. He noted that: “There has been a downward trend in our imports for three months. We had a high import volume in July: $32.3 billion. This decreased to $30.3 billion in August and to $27.65 billion in September.”

Foreign trade deficit experiences substantial decline

As per the latest data, Turkey's foreign trade deficit underwent a substantial decline of 48.1% to approximately $5 billion in the last month. The decrease in the trade deficit can be attributed to an increase in exports and a decrease in imports. Among the various sectors, the chemicals industry emerged as the top-performing sector with exports worth almost $2.85 billion in September, showcasing an increase of 11.3% from the previous year.

The automotive industry, which had been occupying the top spot, secured the second position with exports worth nearly $2.82 billion, exhibiting a decline of 4.7% from the previous year. Ready-to-wear also performed well and reported sales worth $1.7 billion, showing an increase of 2.3% from the previous year.

Reflecting the commitment to boosting exports

Moreover, the 12-month rolling exports reached a record high of $253.5 billion, reflecting the country's strong commitment to boosting its exports. The Turkish Exporters Assembly (TIM) head, Mustafa Gültepe, stated that Türkiye aims to lift its annual exports to $255 billion this year, which would be a remarkable achievement and a third consecutive yearly record in shipments.

In 2022, exports exceeded $254 billion, breaking the previous record of almost $225.4 billion in 2021. This was a remarkable feat, given the adverse impact of the COVID-19 pandemic, which caused sales to drop to as low as $169.5 billion in 2020.