Türkiye's Exports Reach Record High of $262 Billion in 2024

Türkiye achieved a record $262 billion in exports in 2024, marking a 2.5% annual increase, President Recep Tayyip Erdogan announced. Despite global challenges, the country's foreign trade deficit narrowed significantly to $82.2 billion, down from $106.3 billion in 2023, CE Report quotes Anadolu Agency

The export-import coverage ratio rose to 76.1%, while December exports alone hit a record $23.5 billion, a 2.2% rise. Imports for the year totaled $344.1 billion, reflecting a 4.9% decrease compared to the previous year.

Exports to the EU climbed by 4.2% to $108.7 billion, while trade with Organization of Islamic Cooperation members grew 6.1% to $70.1 billion. Exports to Turkic States surged by 12.9%, reaching $11.1 billion.

Erdogan highlighted the resilience of Türkiye's economy amid geopolitical tensions and inflationary pressures, with the global economy showing slow recovery. He noted the start of a disinflation process in mid-2024, leading to an annual inflation rate of 44.38%, a significant decline from its peak earlier that year.

Türkiye's GDP grew to $1.26 trillion in annualized terms, with per capita income projected to surpass $15,000 in 2024 and $17,000 in 2025. Looking ahead, the country aims for 4% growth in 2025, driven by exports and investments.