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.
President Recep Tayyip Erdoğan met with NATO Secretary-General Mark Rutte in Ankara on Tuesday, just ahead of a pivotal two-day informal meeting of the alliance’s foreign ministers in Antalya, which will focus on European security and preparations for the upcoming NATO summit.
The European Bank for Reconstruction and Development (EBRD) expects Türkiye’s economy to grow by 2.8% in 2025, a downgrade from its February 2025 forecast, due to weaker domestic and external demand and a tighter-than-expected monetary policy.
The Black Sea is transforming into a vital global hub for trade, energy, and logistics, and Türkiye is positioned at its center, according to Lazar Comanescu, Secretary General of the Black Sea Economic Cooperation Organization (BSEC).
On May 13, President of Azerbaijan Ilham Aliyev received Turkish Minister of National Defence Yaşar Güler in Baku, where both sides praised bilateral military cooperation and Türkiye’s recent success in combating terrorism.
Turkish Foreign Minister Hakan Fidan spoke with Russian Foreign Minister Sergey Lavrov on Monday evening to discuss ongoing efforts to establish peace between Russia and Ukraine, according to Turkish diplomatic sources.
North Korea conducted joint tactical drills involving special operations and tank units, with leader Kim Jong Un overseeing the exercises aimed at improving combat readiness and effectiveness.
China initiated tariff adjustments on US imports following a mutual agreement with Washington to implement a 90-day suspension of punitive duties after talks in Geneva.
Armenia’s $1.5 bn shift to Indian and French arms has slashed Russia’s share of its weapons imports from 94 % to 10 %, underscoring supply gaps and eroding trust.
Armenian armed forces opened fire on Azerbaijani military positions on May 13, prompting a response from the Azerbaijan Army, according to Azerbaijan's Ministry of Defense.
With a global outlook and local context, Baku Climate Action Week (BCAW) will convene key stakeholders—from policy and finance to science, culture, and civil society—to help lay the foundations for a successful COP30. This will be the second time Azerbaijan has hosted BCAW.
Israeli Prime Minister Benjamin Netanyahu said the war in Gaza will not stop until Hamas is destroyed, following the release of US-Israeli soldier Edan Alexander.
U.S. President Donald Trump kicked off his Gulf tour with a high-profile visit to Saudi Arabia, securing a major strategic economic agreement and pledging deep investment ties between the two nations.
For the first time in history, an American has been chosen to lead the Catholic Church, as Cardinal Robert Prevost is named pope.
A Rafale fighter jet operated by the Indian Air Force has reportedly been shot down for the first time in combat, according to sources cited by CNN, marking a significant and symbolic development in the ongoing escalation between India and Pakistan.
North Korea conducted joint tactical drills involving special operations and tank units, with leader Kim Jong Un overseeing the exercises aimed at improving combat readiness and effectiveness.
China initiated tariff adjustments on US imports following a mutual agreement with Washington to implement a 90-day suspension of punitive duties after talks in Geneva.
Armenia’s $1.5 bn shift to Indian and French arms has slashed Russia’s share of its weapons imports from 94 % to 10 %, underscoring supply gaps and eroding trust.
China and Colombia have signed a joint cooperation plan under the Belt and Road Initiative (BRI), further strengthening bilateral economic ties, Chinese state media reported Wednesday following a high-level meeting in Beijing.
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 14th , covering the latest developments you need to know.
North Korea conducted joint tactical drills involving special operations and tank units, with leader Kim Jong Un overseeing the exercises aimed at improving combat readiness and effectiveness.
China initiated tariff adjustments on US imports following a mutual agreement with Washington to implement a 90-day suspension of punitive duties after talks in Geneva.
Armenia’s $1.5 bn shift to Indian and French arms has slashed Russia’s share of its weapons imports from 94 % to 10 %, underscoring supply gaps and eroding trust.
Armenian armed forces opened fire on Azerbaijani military positions on May 13, prompting a response from the Azerbaijan Army, according to Azerbaijan's Ministry of Defense.
With a global outlook and local context, Baku Climate Action Week (BCAW) will convene key stakeholders—from policy and finance to science, culture, and civil society—to help lay the foundations for a successful COP30. This will be the second time Azerbaijan has hosted BCAW.
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