Turkey’s Export Performance in 2024: Achievements and Challenges

In 2024, Turkey’s export sector demonstrated resilience and growth, achieving significant milestones despite facing global economic challenges. According to the Ministry of Trade, Turkey’s merchandise exports reached $262 billion, marking a 2.5% increase and setting a new record in the history of the Republic.

Monthly Export Highlights

• January 2024: Exports increased by 3.6% compared to the same month in the previous year, totaling $20.028 billion.

• February 2024: Exports rose by 13.6% year-on-year, amounting to $21.086 billion.

• October 2024: Exports reached $23.620 billion, reflecting a 3.6% growth compared to October 2023.

Sectoral Performance

The textile industry stood out with notable achievements. Despite global economic downturns leading many renowned textile companies to downsize or reduce store counts, Turkey’s textile exports approached $9.5 billion in 2024. The sector’s outlook for 2025 remains positive, with expectations of greater success through the adoption of green production models and sustainability principles.

Regional Export Leaders

Istanbul led the nation’s exports with $56.837 billion, followed by Kocaeli at $32.005 billion and Izmir at $23.817 billion.

Challenges and Considerations

Despite these achievements, the export sector faced challenges. The Turkish Exporters Assembly (TIM) Chairman, Mustafa Gültepe, indicated that Turkey might miss its year-end export target of $267 billion due to high costs and unfavorable exchange rates. He emphasized the need for monetary policies that prioritize competitiveness to achieve significant export growth.

Conclusion

Turkey’s export performance in 2024 showcases the country’s ability to achieve growth and set new records amidst global economic uncertainties. While challenges persist, the commitment to sustainability and strategic policy adjustments are expected to bolster Turkey’s position in global trade in the coming years.