Turkish exports hit all-time high: Trade Ministry

Türkiye’s share in global goods exports increased from 1.02 percent in 2022 to a record 1.08 percent last year, the Trade Ministry has said in a statement.

In 2023, Türkiye’s exports stood at $256 billion, rising from $254.2 billion in 2022, according to the official data from the Turkish Statistical Institute (TÜİK).

The country’s share in global goods exports was 0.85 percent in 2013, climbing gradually in the following years to surpass the 1 percent mark for the first time in 2021.

Last year, based on data from the World Trade Organization (WTO), global exports plunged 5 percent to $23.8 trillion, however Türkiye managed to increase its share in global trade to an all-time high despite the adverse developments, such as weak demand and the devastating earthquakes, the ministry noted in the statement.

In 2023, imports fell sharply in Europe, declined in the North America and remained flat in Asia, while trade of energy exporting countries rose, according to the statement.

Global goods trade volume contracted 1.2 percent in 2023 after rising 3 percent, the statement added.

“The WTO forecasts that global trade volume will increase 2.6 percent in 2024 and 3.3 percent in 2025 but warned about downside risks to its forecasts due to regional conflicts, geopolitical tensions and political uncertainties,” the statement said.

The country’s exports rose by 3.6 percent in the first three months of 2024 to $63.7 billion, according to the preliminary data from the ministry. As imports fell nearly 13 percent, the foreign trade deficit shrank 41.2 percent year-on-year to $20.5 billion.

The 12-month trailing export revenues amounted to $257.7 billion as of March.

In the medium-term program, the government predicts that the country’s exports will climb to $267 billion in 2024.

Türkiye’s share in global services exports also increased to a record 1.3 percent, totaling to $100.8 billion in 2023, when the global services exports rose by 9 percent to $7.8 trillion, the ministry said.

“In order to further strengthen our position in the global supply chain, we will make the most of the trends in global trade and continue to increase the gains we have achieved,” said the statement.

The ministry said in a separate statement that the Turkish logistics sector received a 2.5 percent share of the global logistics market.

With a market size of $100 billion, it ranked 11th in the world, according to the ministry. It climbed in the World Bank’s Logistics Climate index from 47th in 2012 to claim the 38th spot in 2023.