Turkey Breaks Monthly Export Record in July

Turkey’s Trade Minister, Ömer Bolat, announced that the country set a new monthly export record in July 2024, with goods exports reaching $25 billion—an 11% increase compared to the same period last year.

According to official statistics, Germany ranked first among Turkey’s export destinations with $1.9 billion in imports, followed by the UK ($1.6 billion) and the US ($1.5 billion). On the other hand, China ($4.6 billion), Russia ($3.5 billion), and Germany ($2.9 billion) were Turkey’s top import suppliers for the month.

During this period, Turkey’s trade deficit shrank by 12%, falling to $6.4 billion. The export-to-import coverage ratio also improved by 4 percentage points year-on-year, reaching 79.5%—the highest level in the last nine months.

Industrial exports, accounting for 95.5% of Turkey’s total exports, saw significant growth. Notably, capital goods exports surged by 40.7%, indicating improved production conditions in the country.

Revenue from Turkey’s services exports is projected to reach $118 billion by the end of this year. Meanwhile, the unemployment rate remained below 10% for the 26th consecutive month.

The Trade Minister highlighted global challenges, including trade wars and regional tensions, and stated that the government would continue its support programs for exporters. Under current targets, Turkey’s annual goods exports are expected to approach $270 billion.