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<\/p>\nTurkish exports rose 2.4% to $24 billion in October, marking a new record for the month, Trade Minister \u00d6mer Bolat said on Tuesday.<\/p>\n
Speaking at a news conference in Istanbul to announce preliminary foreign trade data, Bolat said the country achieved its highest October exports and set a new record with exports reaching $270.2 billion over the last 12 months.<\/p>\n
“Thus, the $270 billion threshold has been exceeded,” he said.<\/p>\n
The minister explained that October export volume was the fourth-highest monthly figure on record, adding that three of the top four were achieved this year.<\/p>\n
“We had an increase in eight of the 10 months. There was a net surge of $8.4 billion in our exports, or 3.9% in the first 10 months,” Bolat said. <\/p>\n
Moreover, he pointed out that imports also rose 6.6% year-over-year, reaching $31.4 billion in October.<\/p>\n
Like this, the trade deficit widened 24% to $7.4 billion for the month. The export-to-import ratio was at 76.5% last month, he also informed. <\/p>\n
At the same time, Bolat also said that they estimated that “services exports will reach $103.5 billion in the January-October 2025 period, a $4 billion increase compared to the same period of the previous year.”<\/p>\n
“Thus, we expect our services exports to increase by 5.4% to $121.2 billion on an annualized basis in October,” he added. <\/p>\n
Furthermore, he recalled that the goods and services export target of $390 billion, which was set at the beginning of the year, was achieved earlier in September.”In October, we exceeded this target, reaching a total of $391.4 billion on an annualized basis,” he added. <\/p>\n
Continuing his speech, he pointed to the rise in exports in different months earlier throughout the year, adding: “In the January-October period of 2025, exports were recorded as $224.6 billion, marking an increase of 3.9% compared to the same period a year ago.”<\/p>\n
“We lifted our goods exports in 22 of the last 30 months. Furthermore, I would like to say with great pleasure that, starting this October, we broke monthly goods export records in 17 of the last 30 months,” he also said.<\/p>\n
In addition, analyzing import data, he attributed the rise to net gold imports.<\/p>\n
“The impact of net gold imports on this deficit stands out with $2.7 billion,” the minister said. <\/p>\n
“In the January-October period, the foreign trade gap increased by 12.9% compared to the same period of the previous year, reaching $74.4 billion,” he added.<\/p>\n
“Like this, the goods trade deficit surged by $8.5 billion in the first 10 months. Thus, the annualized foreign trade deficit increased by $12.8 billion compared to the same month last year, reaching $90.7 billion,” he concluded.<\/p>\n
The written data shared by the Trade Ministry revealed that Germany stood out when considering exports last month, with $2 billion. Following Germany were the U.S. and the U.K., each obtaining goods worth some $1.4 billion from T\u00fcrkiye.<\/p>\n
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