Türkiye is set to achieve a significant milestone in its foreign trade sector by surpassing $390 billion in goods and services trade by the end of the year, Trade Minister Ömer Bolat announced. This projection represents a substantial increase from the previous year’s total and signifies a remarkable growth trajectory compared to two decades ago when the figures were significantly lower.
Minister Bolat highlighted the consistent growth in Türkiye’s exports, noting a monthly increase of $1 billion since the beginning of the year. He emphasized the pivotal role of the textiles and apparel sector, which contributed significantly to the country’s export performance, with notable figures recorded in 2024.
The textiles and apparel industry alone accounted for a considerable portion of Türkiye’s exports, with the sector’s global ranking standing out as the seventh largest worldwide and the fourth-largest supplier to the European Union. Bolat stressed the overall positive economic outlook, citing the national income reaching a substantial $1.3 trillion last year despite facing global challenges.
Looking ahead, the government aims to further boost per capita income, with the target set between $16,500 and $17,000. The minister expressed confidence in overcoming challenges, anticipating a decline in inflation rates and subsequent acceleration in economic growth within a stable environment.
Addressing the current inflation trends, Bolat highlighted a downward trajectory, with inflation rates dropping to 33.5% in July, marking the lowest rate since November 2021. He projected a further decrease to below 30% by the year’s end, which is expected to enhance financing conditions and bolster export activities.
As Türkiye continues its path of disinflation, the Turkish central bank recently initiated an easing cycle by reducing its key policy rate, aiming to stabilize the market conditions disrupted by previous political events. Minister Bolat expressed optimism for a brighter economic future, especially if global demand improves and geopolitical tensions, like the Russia-Ukraine conflict, are resolved.
The government’s unwavering support for exporters was underscored, with substantial resources allocated to incentives, including market access facilitation, participation in trade fairs, and organizing sector-specific trade delegations. These initiatives are geared towards sustaining and enhancing Türkiye’s export performance in the global market.
In conclusion, the positive outlook for Türkiye’s foreign trade sector, coupled with strategic government interventions and a favorable economic landscape, sets the stage for continued growth and resilience in the face of evolving global dynamics, positioning the country as a key player in the international trade arena.
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