Türkiye's exports hit a record $262 billion in 2024, with a reduced trade deficit and positive growth in key sectors, despite global challenges. Economic recovery and growth are expected in 2025.
Türkiye's exports reached a record high of $262 billion in 2024, marking a 2.5% annual increase, President Recep Tayyip Erdogan announced on Friday.
The foreign trade deficit decreased from $106.3 billion in 2023 to $82.2 billion, with the export-import coverage ratio rising to 76.1%, up 5.5 percentage points year-on-year.
December exports also set a record at $23.5 billion, a 2.2% increase, while imports rose 11.1% to $32.3 billion, totaling $344.1 billion for the year, down 4.9%.
Exports to the EU grew 4.2% to $108.7 billion, to the Organization of Islamic Cooperation by 6.1% to $70.1 billion, and to the Organization of Turkic States by 12.9% to $11.1 billion.
Erdogan acknowledged the challenges of 2024, including the ongoing Russia-Ukraine conflict, protectionist measures, and global economic difficulties stemming from the pandemic. However, he expects a better 2025, with the global economy projected to grow by 3.2% in 2024 and 3.3% in 2025. He noted the risks posed by Germany’s economic situation but emphasized Türkiye's efforts to find new markets.
Regarding Türkiye's economy, Erdogan highlighted the end of the transition period in June 2024 and the start of the disinflation process, with annual inflation dropping to 44.38%. GDP grew from $1.13 trillion in 2023 to $1.26 trillion in Q3 2024, with per capita income expected to exceed $15,000 in 2024 and $17,000 in 2025.
Türkiye aims for 4% growth in 2025, supported by net exports and capital investments. The economy has shown positive growth for 17 consecutive quarters, including a 2.1% increase in Q3 2024.
Iran’s Supreme Leader Mojtaba Khamenei warned “foreigners who commit evil” have no place in the Gulf, outlining a “new phas...
A freight train carrying Russian grain and fertiliser has departed Azerbaijan for Armenia, continuing transit flows across the South Caucasus....
China has passed a new law aimed at ensuring its most vulnerable citizens are not left without support....
Tashkent hosted the INMerge Innovation Summit Roadshow, bringing together start-ups, investors and technology leaders to explore the future of Cent...
A European Parliament resolution on Armenia is stirring debate beyond Brussels, with its wording raising concerns in Azerbaijan as peace talks gath...
Turkish President Recep Tayyip Erdoğan has said Türkiye aims to rank among the world’s top ten exporters of defence technology within the next two years.
Türkiye is pursuing a cautious approach to the escalating Middle East conflict while maintaining regional ties, President Recep Tayyip Erdoğan said on Tuesday, warning against actions that could deepen instability.
Türkiye’s official anti-disinformation agency has issued a statement refuting what it described as online “disinformation” and reiterating the strength of relations between Türkiye and Azerbaijan.
Türkiye has suspended day-trip crossings at its Kapıköy border and two others with Iran as regional tensions escalate following strikes involving the United States and Israel on Tehran. AnewZ's Alisultan Sultanzade was on the ground at the crossing before the restrictions came into force.
A report published by Minval Politika has raised new questions over alleged efforts by Luis Moreno Ocampo to shape international pressure against Azerbaijan and influence political dynamics around Armenia.
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
Shares in Meta Platforms fell sharply in extended trading on Wednesday after the tech giant raised its annual capital spending forecast by billions of dollars.
Iran’s Supreme Leader Mojtaba Khamenei warned “foreigners who commit evil” have no place in the Gulf, outlining a “new phase” for the Strait of Hormuz, while a senior adviser said U.S. blockade efforts would fail and could trigger confrontation.
Tensions between the United States and Iran remain high after a U.S. official said President Donald Trump was unhappy with a proposal from Tehran that does not deal with its nuclear programme. Washington is insisting that any talks must address Iran’s nuclear activities.
China has passed a new law aimed at ensuring its most vulnerable citizens are not left without support.
China has warned the U.S. that Taiwan will dominate next month’s summit in Beijing, raising pressure on Washington and concern in Taipei over any shift in long-standing American policy.
Shares in Meta Platforms fell sharply in extended trading on Wednesday after the tech giant raised its annual capital spending forecast by billions of dollars.
From Thursday, 1 May, goods from every African country with diplomatic ties to China will be able to enter the Chinese market without paying import duties.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 30th of April, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment