03.02.2025 14:37
The Minister of Trade, Ömer Bolat, stated that they started 2025 with a double record in exports, saying, "In January, we achieved a double record. We set our first record in January with our goods exports. Our highest January export in history rose to 21.2 billion dollars. This corresponds to a 5.8% increase."
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The foreign trade data for January was announced at a meeting held in Trabzon with the participation of Minister of Trade Ömer Bolat, Minister of Transport and Infrastructure Abdulkadir Uraloğlu, President of the Turkish Exporters Assembly (TİM) Mustafa Gültepe, and other stakeholders.
Minister Bolat expressed their satisfaction in announcing the data in Trabzon, stating that they are working diligently to make the Century of Turkey the Century of Trade, in line with the vision drawn by President Recep Tayyip Erdoğan, with the goals of increasing investment, production, employment, and exports, sustainably reducing the foreign trade deficit and current account deficit, and ensuring balanced economic growth and increased public welfare.
Bolat pointed out that they aim to raise the living standards of the Turkish people by creating works and services all over Turkey, noting that the world has faced difficult challenges in recent years.
"OUR ECONOMY HAS BEEN GROWING FOR THE LAST 17 QUARTERS"
In this context, Bolat drew attention to a stagnation in global trade, stating that the growth rate in world trade has remained below historical averages.
Minister Bolat noted that since 2023, countries have been engaged in a significant struggle, stating: "The additional customs duty increases that the USA has started to implement against Canada, Mexico, and China, and the retaliatory measures taken against them pose a risk in terms of uncertainty and confusion in world trade. Even in this challenging conjuncture, we continue to receive positive results from the economic program implemented in our country. Our Turkish economy, which managed to grow even in 2021 when the pandemic first emerged, achieved a growth rate of 3.2% in the first 9 months of 2024. Thus, the Turkish economy has maintained an uninterrupted growth trend for the last 17 quarters, and the 3.2% growth in the first 9 months of 2024 has a contribution of 1.9 points from net goods and services exports. Our exporters make a significant contribution to Turkey's economic growth.
"IN 2024, THE VALUE OF OUR E-EXPORT REACHED 6.4 BILLION DOLLARS"
Providing information about last year's foreign trade successes, Bolat stated that Turkey managed to increase its share of global goods exports to 1.08% and its share in services exports to 1.35%, continuing:
"When we look at goods exports, 31 of our provinces exported over 1 billion dollars, and we increased our exports in 55 provinces. We experienced a significant increase in the number of exporting companies, raising it to 180,544. Our firms that exported for the first time contributed 7 billion dollars to our total exports. We exported 12,806 products to more than 220 countries/regions. We achieved record exports to 61 countries and 7 geographical regions. In 2024, the number of chapters with exports exceeding 1 billion dollars reached 53. We managed to achieve the highest exports in history in 41 chapters. In 2024, the share of medium-high and high-tech products in our exports increased to 41.1%. 94.1% of our exports are industrial products. In the process of transitioning to e-commerce, the total value of our e-exports reached 6.4 billion dollars, accounting for 2.7% of total exports."
"WE STARTED 2025 WITH DOUBLE RECORDS IN EXPORTS"
Minister Bolat stated, "We started 2025 with double records in exports. In January, we achieved a double record. We realized our first record in January's goods exports. Our highest January export in history reached 21.2 billion dollars. This corresponds to a 5.8% increase."
Bolat noted that it has become clear that the government that took office after the US elections would use tariffs strongly, stating: "Indeed, additional tariff regulations have been implemented at 25% for Canada and Mexico and 10% for China. In the face of such retaliatory measures, we will continue our efforts to protect our country's interests. A development in favor of the dollar is observed in the euro-dollar parity. Considering that more than 50% of Turkey's exports are made to the European region, the parity, which was 1.09 in January last year, has decreased to 1.04 in January this year. I would like to express that this decline has resulted in a loss of approximately 484 million dollars for us in dollar terms."
"WE BROKE MONTHLY EXPORT RECORDS IN 13 OF THE LAST 20 MONTHS"
Ömer Bolat stated, "We broke monthly export records in 13 of the last 20 months. In January, our goods imports increased by 10.2% compared to the same month last year, reaching 28.8 billion dollars. The encouraging thing is that we managed to keep our import figures, which generally exceeded 30 billion dollars, below 30 billion dollars, especially two years ago. We also observe the impact of the revival in economic activities on the increase in imports. Indeed, the increase in imports is significantly due to the import of intermediate goods, which accounts for 68%. Of the 2.7 billion dollars increase in total imports, 1.8 billion dollars came from the import of intermediate goods."
Stating that the foreign trade deficit in January increased by 24.2% compared to the same month last year, reaching 7.7 billion dollars, Bolat said that the ratio of exports to imports in January was 73.4%, a decrease of 3 points compared to the same month last year.
"OUR FOREIGN TRADE DEFICIT DECREASED IN 13 OF THE LAST 20 MONTHS"
Bolat reported that the data indicates that the industry is accelerating, stating, "Our foreign trade deficit decreased in 13 of the last 20 months. Another record we broke was in our annualized goods exports. In January 2025, our annualized goods exports reached 263 billion dollars in the last 12 months. Our goal is to increase our total exports by breaking monthly export records every month."
Noting that as of January, the annualized goods imports decreased by 2.2% to 346.7 billion dollars, Bolat stated that thus, there was a net decrease of 7.9 billion dollars in goods imports over the last year.
As a result, he stated that the annualized foreign trade deficit decreased by 14.6 billion dollars compared to the same month last year, falling to 83.7 billion dollars from January to January over the last year, and that "As of January 2025, the ratio of our exports to imports has risen to 75.9% in the last 12 months. As of January 2024, the ratio of annualized exports to imports was 72.3%. Thus, significant improvements have been achieved in our foreign trade deficit and the ratio of exports to imports."
"OUR EXPORTS TO THE EU INCREASED BY 6.9%"
Minister Bolat also provided information about regional export data. He stated that in January this year, exports to the EU, one of the most important trading partners, increased by 6.9% and reached 8.9 billion dollars, making the following assessment:
"When we look at it on an annualized basis, although it is the country group most affected by the decline in parity, we see that our annual exports to the EU have reached a record level of 109.1 billion dollars."
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I would like to emphasize the importance of our country's exports increasing in an environment where the EU's imports from the world have decreased by 4.2% in the last 11 months. "
Bolat reported that the top five countries with the highest exports in January were Germany, the USA, the United Kingdom, the UAE, and Iraq.
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