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.
Azerbaijan’s top general observed major drills in Türkiye and met senior Turkish defence leaders, underscoring the allies’ growing military partnership.
Türkiye has thrown its full support behind NATO’s new pledge to raise collective defence spending to 5% of GDP by 2035, with Ankara confirming it is already surpassing the previous 2% benchmark and accelerating efforts to bolster national and regional security.
President Recep Tayyip Erdogan has said that U.S. President Donald Trump is ready to join a Ukraine peace summit in Türkiye, but only if Russian President Vladimir Putin also agrees to attend.
Türkiye supports NATO's new 5% defence spending target and says it has already surpassed the previous 2% benchmark, according to a Turkish defense ministry source.
Turkish President Recep Tayyip Erdogan met his Romanian counterpart Nicusor Dan on the sidelines of the NATO summit in The Hague, reaffirming a commitment to deepen bilateral ties and enhance Black Sea security.
UN Secretary-General Antonio Guterres has condemned a US-supported aid operation in Gaza, calling it “inherently unsafe” and blaming it for civilian deaths.
Five senior Greek government officials, including a cabinet minister, have resigned amid an EU fraud investigation over the mismanagement of farming subsidies.
U.S. President Donald Trump has abruptly ended trade negotiations with Canada, citing Ottawa’s plan to implement a digital tax targeting major tech firms.
Rwanda and the Democratic Republic of Congo have signed a U.S.-brokered peace agreement, raising hopes of ending fighting that has killed thousands and displaced hundreds of thousands this year.
U.S. President Donald Trump has said he would consider further bombing of Iranian nuclear sites if Tehran’s uranium enrichment reaches levels that raise concerns in Washington.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
The U.S. Embassy in Qatar has advised American citizens to shelter in place amid rising tensions between Israel and Iran, as part of a broader global security alert issued by Washington.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
In a televised address on Saturday night, U.S. President Donald J. Trump announced that American forces, in coordination with Israel, had conducted precision strikes on Iran’s Fordow, Natanz, and Isfahan nuclear sites, aiming to dismantle Tehran’s enrichment capabilities.
UN Secretary-General Antonio Guterres has condemned a US-supported aid operation in Gaza, calling it “inherently unsafe” and blaming it for civilian deaths.
Five senior Greek government officials, including a cabinet minister, have resigned amid an EU fraud investigation over the mismanagement of farming subsidies.
U.S. President Donald Trump has abruptly ended trade negotiations with Canada, citing Ottawa’s plan to implement a digital tax targeting major tech firms.
Rwanda and the Democratic Republic of Congo have signed a U.S.-brokered peace agreement, raising hopes of ending fighting that has killed thousands and displaced hundreds of thousands this year.
U.S. President Donald Trump has said he would consider further bombing of Iranian nuclear sites if Tehran’s uranium enrichment reaches levels that raise concerns in Washington.
UN Secretary-General Antonio Guterres has condemned a US-supported aid operation in Gaza, calling it “inherently unsafe” and blaming it for civilian deaths.
Five senior Greek government officials, including a cabinet minister, have resigned amid an EU fraud investigation over the mismanagement of farming subsidies.
U.S. President Donald Trump has abruptly ended trade negotiations with Canada, citing Ottawa’s plan to implement a digital tax targeting major tech firms.
Rwanda and the Democratic Republic of Congo have signed a U.S.-brokered peace agreement, raising hopes of ending fighting that has killed thousands and displaced hundreds of thousands this year.
U.S. President Donald Trump has said he would consider further bombing of Iranian nuclear sites if Tehran’s uranium enrichment reaches levels that raise concerns in Washington.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment