Turkey’s October exports surge to record high of $23.6 billion
- 02 Nov 2024
Turkey’s trade Minister Omer Bolat has announced that the country achieved a historic milestone in exports for October, marking the highest export figures in Turkey’s history.
In October, Turkey’s exports surpassed $23.6 billion, reflecting a 3.6% increase compared to the same month last year, which translates to an additional $800 million.
According to the minister, Turkey recorded a growth rate of 5.1% last year and 3.4% in the first half of this year. The stagnation observed in August and September has been alleviated, as confidence indicators are on the rise.
The Purchasing Managers’ Index (PMI) increased to 45.8, while the consumer confidence index rose to 80.6 in October.
Turkey Today quoted Minister Bolat as stating that imports in October saw a slight decrease of 0.1%, resulting in a trade deficit of $5.7 billion, which is $1.1 billion lower than the same month last year in Turkey. For the first 10 months of the year, merchandise exports grew from $209.7 billion to $216.4 billion, an increase of $6.7 billion.
In contrast, imports decreased by 7.2%, bringing the total down to $282 billion and leading to a net savings of $22 billion.
Turkey’s current account deficit from January to August stands at $9.7 billion, a significant decrease from the $55 billion deficit recorded last year, which was influenced by the pandemic and geopolitical conflicts.
The services trade has become an important part of foreign trade, with service exports totaling $106 billion last year. In the first eight months of this year, service exports reached $74 billion, with expectations of exceeding $112 billion by year-end.
The top five countries for Turkey’s exports are Germany, the United States, the United Kingdom, Iraq and Italy. Minister Bolat confirmed that exports to Israel have been completely suspended, while trade with Palestine continues.
He expressed optimism that either November or December will see the breaking of all-time monthly export records. These figures demonstrate a robust recovery and a positive outlook for Turkey’s economy, highlighting the expansion of export markets and improvements in trade balances.
WAM
