Erdogan: Türkiye's exports reach all-time high of USD262 billion last year
(MENAFN) Türkiye's exports reached a record high of USD262 billion in 2024, reflecting a 2.5 percent year-on-year increase, President Recep Tayyip Erdogan announced on Friday. This milestone was achieved despite the global challenges and uncertainties that Türkiye faced throughout the year. Erdogan also highlighted that the country’s foreign trade deficit, which stood at USD106.3 billion in 2023, dropped to USD82.2 billion in 2024, marking a significant improvement.
The export-import coverage ratio improved to 76.1 percent in 2024, an increase of 5.5 percentage points compared to the previous year. Erdogan pointed out that December was particularly strong for exports, with the country’s exports rising by 2.2 percent to reach USD23.5 billion, setting another record for the month. On the other hand, imports in December increased by 11.1 percent to USD32.3 billion, while total imports for the year amounted to USD344.1 billion, a decrease of 4.9 percent from the previous year.
Türkiye’s exports to various regions also saw notable growth in 2024. Exports to the European Union grew by 4.2 percent to USD108.7 billion, while exports to the Organization of Islamic Cooperation members rose by 6.1 percent to USD70.1 billion. Additionally, exports to the Organization of Turkic States surged by 12.9 percent, totaling USD11.1 billion.
Erdogan acknowledged that Türkiye faced a particularly challenging year due to regional conflicts, notably the ongoing war between Russia and Ukraine. He also mentioned that the global trade landscape was affected by protectionist measures that were initially deemed temporary during the pandemic but persisted into 2024. The lingering impact of the pandemic on key economic indicators, such as consumption, production, and inflation, continues to present challenges for Türkiye's economy.
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