Türkiye's services exports increase to reach USD56.5B last year
Date
9/17/2024 7:38:57 AM
(MENAFN) Türkiye's services exports experienced a notable increase in 2023, reaching a total of USD56.5 billion. This figure represents a significant growth of 19.2 percent compared to the USD47.4 billion recorded in 2022, according to the Turkish Statistical Institute (TurkStat). This robust rise underscores a positive trend in the country's services sector, reflecting its expanding role in the global market.
In contrast, Türkiye's services imports also saw an uptick, totaling USD41.4 billion in 2023. This amount marks a 15.3 percent increase from the previous year's USD35.8 billion. The growth in imports, while slightly less pronounced than the export increase, indicates a continued demand for foreign services amidst Türkiye's economic expansion.
The composition of Türkiye's services exports has shifted over the past year. In 2022, transport services accounted for a substantial 74.2 percent of total services exports. However, in 2023, this share decreased to 68.9 percent, with transport exports amounting to USD38.93 billion. This change highlights a diversification in the types of services Türkiye is exporting, although transport remains a significant component of the sector.
Geographically, Türkiye's services exports were primarily directed towards a few key markets. In 2023, Germany, the US, and the UK collectively accounted for 29.3 percent of Türkiye's total services exports. Germany led the way with exports totaling USD6.98 billion, representing 12.4 percent of the total. The US followed with a share of 10.1 percent, and the UK was third with 6.8 percent, demonstrating the importance of these countries as major destinations for Türkiye's service sector exports.
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