The foreign trade volume in Turkish lira approached 25 billion dollars in 9 months.

The foreign trade volume in Turkish lira exceeded 24.8 billion dollars in 9 months, while the increase in trade conducted by Turkey in different currencies drew attention.

According to data from the Turkish Statistical Institute (TÜİK), the policy of conducting trade in different currencies in recent years has reflected in the use of the Turkish lira in exports and imports. In 2019, Turkey's exports in Turkish lira were recorded at 7.6 billion dollars, and imports at 11.1 billion dollars. Thus, the foreign trade volume in that year exceeded 18.7 billion dollars.

STABLE INCREASE IN FOREIGN TRADE WITH TURKISH LIRA

In 2020, when the COVID-19 pandemic was effective, exports in Turkish lira decreased to 6.5 billion dollars, while imports rose to 13 billion dollars. That year, the trade volume in Turkish lira was calculated at 19.5 billion dollars. The increase in foreign trade in Turkish lira continued in the following years. In this context, exports rose to 7.5 billion dollars and imports to 13.3 billion dollars in 2021. Thus, the foreign trade volume in that year reached 20.8 billion dollars. In 2022, exports worth 7.7 billion dollars were made in Turkish lira, while the import amount increased to 15.9 billion dollars. Thus, the foreign trade volume in Turkish lira reached 23.6 billion dollars. The increase in this trade accelerated last year. In this context, in 2023, exports in Turkish lira amounted to 9.4 billion dollars, and imports reached 25.3 billion dollars. The total trade volume also rose to 34.7 billion dollars. In the 5-year period, exports increased by 23.7%, and imports by 127.9%.

"TRADE WITH 46 DIFFERENT CURRENCIES"

In the first 9 months of this year, exports worth 6.9 billion dollars were made in Turkish lira, while products worth 17.9 billion dollars were imported. Thus, the total trade volume in this category reached 24.8 billion dollars in 9 months. Turkey places special importance on trading not only in Turkish lira but also in mutual currencies. In this context, while 26 different currencies were used in exports in 2019, this number rose to 46 last year. The most trade was conducted last year with the dollar and euro, while trade in Turkish lira ranked third. Following these currencies were the British pound, Polish zloty, Russian ruble, and Japanese yen.

PRESIDENT ERDOĞAN HAD ALSO EXPRESSED HIS SENSITIVITY

President Recep Tayyip Erdoğan, in a statement to reporters after his visit to the Republic of Tatarstan in Russia to attend the BRICS Summit, expressed Turkey's sensitivity regarding the use of national currencies in trade.

Erdoğan stated that they have been advocating the policy of trading with national currencies for years, making the following assessment: This ensures that bilateral trade is freed from the pressure of foreign exchange. It prevents the interference of other countries in the commercial activities of countries. Trading with national currencies is also free trade. Similarly, the lack of diversity in payment systems increases the vulnerability of financial markets to shocks. Therefore, an alternative financial and payment system facilitates and diversifies international trade.

The foreign trade data conducted in Turkish lira for the years 2019-2023 and the January-September period of this year (billion dollars) are as follows: