By Elias Al Helou
Share

Türkiye’s exports soar to $254.8 bn in 12-month span

Country's annual exports amounted to a mere $36.1 bn in 2002
Türkiye’s exports soar to $254.8 bn in 12-month span
Türkiye records impressive exports growth

According to Türkiye’s President Recep Tayyip Erdogan, the total value of the country’s exports from November 2022 to October 2023 reached $254.8 billion.

Read more: Türkiye’s Central Bank ramps up interest rates by another 500 points

Erdogan stated that when the Justice and Development Party (AKP) came into power in 2002, Türkiye’s annual exports amounted to a mere $36.1 billion.

In the past 12 months, the value of exports had soared to $254.2 billion, resulting in Türkiye becoming the third member of the Organization for Economic Cooperation and Development (OECD) to experience a significant surge in exports.

According to the Turkish President, exports in October achieved a new record by growing 7.4 percent compared to the corresponding month of the previous year, reaching a total of $22.9 billion.

During the initial nine months of 2023, Türkiye reported exports totaling $158 million of 45 commodities categorized as “high priority” by the United States (U.S.). These exports were destined for Russia and five former Soviet states, which were suspected of serving as intermediaries for Moscow. The export value was threefold higher compared to the corresponding period in 2022, coinciding with the onset of the conflict in Ukraine.

According to an analysis conducted by the Financial Times of data from customs database Trade Data Monitor, the average amount between 2015 and 2021 was $28 million.

Türkiye has experienced a significant increase of over 60 percent in its imports of high priority goods from G7 countries during the current year, surpassing the corresponding periods from 2015 to 2021. The total value of these imports has reached nearly $500 million.

For more news on logistics, click here.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.