Turkey's Exports Reach All-Time High in 2024
Turkish President Recep Tayyip Erdoğan announced on Friday that Turkey's exports had reached a new all-time high in 2024, despite facing challenges such as regional uncertainties and protectionist measures impacting global trade.
Record Export Figures
Erdoğan revealed that Turkey's goods exports in 2024 increased by 2.5% compared to the previous year, totaling $262 billion, marking the fourth consecutive annual peak.
Decline in Imports
Imports, on the other hand, decreased by 4.9% year-over-year to $344.1 billion in 2024, according to Erdoğan.
Challenges Amid Global Uncertainty
Despite challenges like uncertain global outlooks and slowing demand in key export markets such as the European Union, Turkey managed to achieve this significant export milestone.
Optimism for 2025
Erdoğan expressed optimism for the year ahead, stating that 2025 is expected to be "relatively better," although caution is still advised due to unresolved geopolitical tensions.
Reduction in Trade Deficit
Turkey's trade deficit shrank by 22.7% year-over-year to $82.2 billion in 2024, with the export-to-import coverage ratio increasing to 76.1%.
Economic Growth and Employment
Erdoğan highlighted Turkey's consistent economic growth, with the economy expanding by 2.1% in the third quarter of 2024, bringing the total growth for the first nine months to 3.2%. The president also mentioned a significant increase in employment, with over a million new jobs created in the past year.
Battle Against Inflation
Erdoğan acknowledged the progress made in combating inflation, with the official data showing a decrease in consumer prices at the end of 2024. The central bank's recent interest rate cut is seen as a step towards further cooling of inflation in 2025.
