Turkey’s Free Zones Hit Historic Export Record in May 2024
According to data released by the Turkish Ministry of Trade, exports from Turkey’s free zones reached $1.18 billion in May 2024, marking an 11.2% increase compared to the same period last year. This figure represents the highest May export volume ever recorded in the history of these zones.
Strong Performance in Trade Balance
Turkey’s free zones have played a crucial role not only in boosting exports but also in improving the trade balance. The export-to-import coverage ratio in these zones rose to 163%, reflecting a 33% increase compared to May 2023. Additionally, the trade surplus of these zones surged from $244 million last year to $456 million in May 2024.
The Aegean Free Zone led the country’s free zones with $288 million in exports in May 2024, recording a $36 million (14.4%) increase compared to the same period last year.
Export Growth in the First Five Months of 2024
From January to May 2024, the total exports from Turkey’s free zones grew by 3.9%, reaching $5.25 billion, another record high in the history of these zones. Free zones have now emerged as one of Turkey’s key export hubs, following major industrial provinces such as Istanbul, Kocaeli, Bursa, Ankara, and Izmir.
High-Tech Exports Dominate
Around 57% of the total exports from free zones in the first five months of 2024 consisted of medium- and high-tech products. Hosting 2,018 companies (including 515 foreign-capital firms), these zones not only drive export growth but also play a vital role in job creation (employing 100,000 people) and the development of advanced technologies.
Future Plans for Free Zone Expansion
The Turkish Ministry of Trade emphasized that launching new free zones focused on cutting-edge technologies and high-value-added production remains a priority. This strategy aims to strengthen Turkey’s position as an advanced export hub in the region.
The report highlights that Turkey’s free zones continue to thrive as engines of export and production, particularly in high-tech sectors.
