Türkiye’s monthly exports achieved a new historic peak by hitting the $25 billion mark for the first time, according to a top official on Saturday.
Turkish outbound shipments in July surged 11% compared to the year earlier, Trade Minister Ömer Bolat told an event in northern Samsun province, announcing the preliminary data.
He recalled that the value of shipments stood at $22.5 billion in July of last year and drew attention to the fact that an additional $2.5 billion was added to exports when comparing the same month in 2024.
“We broke the highest monthly goods export record in our history in July. Consequently, we broke the highest export record for July in our history and as of July, we reached the highest total goods export figure in our history for the past year,” Bolat said.
“Another encouraging development: a slowdown in the rate of monthly import growth was achieved and the monthly foreign trade deficit in July narrowed significantly compared to the same month of the previous year and compared to June,” he added.
At the same time, he noted that the export-to-import coverage ratio also improved.
“This is what we call a ‘legendary month,’ six major achievements in one. We reached an all-time high in monthly exports at $25 billion, up from $22.5 billion in July last year, an increase of $2.5 billion, or 11%,” the minister said.
Bolat said exports in July increased by $4.5 billion compared to June, adding that the next target is to reach $26 billion in monthly exports.
“Our extraordinary efforts are reinforcing the process of rebalancing and stabilizing our economy,” he emphasized.
Previously, the monthly record in exports was achieved in May this year with $24.8 billion.
He also informed that the foreign trade deficit dropped to $6.4 billion last month, down 12% from $7.3 billion in July 2024, marking the lowest deficit in the past nine months.
Progress despite conflicts
Moreover, when examining January-July exports, he stated that they reached $156.4 billion, representing a 5.2% year-over-year increase.
He said that recent global conflicts, ranging from trade wars and tariff disputes, have caused sharp disruptions in global trade, growth, and commodity prices, including those of energy and gold.
Despite regional instability, Bolat said that under the leadership of President Recep Tayyip Erdoğan, “Türkiye continues its strong rise as a pillar of stability in the economy, foreign policy, defense, transportation and energy.”
He said Türkiye continues its trade diplomacy through multilateral, bilateral, regional and global agreements.
He noted positive progress with the European Commission, saying that 14 trade barriers have been removed, with nine to 10 remaining.
Emphasizing the goal to modernize the Customs Union, Bolat recalled that as a result of constructive talks, a directive was issued to grant longer-term visas to Turkish citizens who have previously traveled to the EU and returned regularly.
Looking at sectors, automotive continued its leadership with $3.8 billion in exports in July. Following automotive were chemicals with $3.4 billion, ready-made clothing with $1.58 billion, electrical and electronics with $1.57 billion and steel with $1.4 billion.
With $3.4 billion in exports last month, the chemicals sector had its best performance yet, with its total shipments from January through July surpassing $19 billion, according to a report by Anadolu Agency (AA).
The head of Turkish Exporters Assembly (TIM), Mustafa Gültepe, in his assessment, noted that almost all of the $2.5 billion increase in exports in July was due to parity with the automotive and chemical sectors.
“We’re not complaining, but for consistent and sustainable growth, we need to include all our sectors in the game,” he commented.
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