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.
Armenia remains hopeful that talks with Türkiye on reopening the border will yield positive results, with National Assembly Speaker Alen Simonyan reaffirming the country’s commitment to regional peace and stability, as reported by Armenian media.
Turkey has begun exporting around 15,000 tonnes of eggs to the United States as a devastating outbreak of bird flu is slashing U.S. production and sending prices soaring, a leading sector official said on Wednesday.
Ukrainian President Volodymyr Zelenskyy met with Turkish President Tayyip Erdogan on Tuesday, February 18, to discuss the ongoing war in Ukraine.
Turkish police arrested 282 individuals allegedly connected to the PKK terrorist group during nationwide raids over the last five days. Turkish Interior Minister Ali Yerlikaya announced on Tuesday.
Türkiye commemorates 73 years of NATO membership, emphasising its vital role in global security. As a key ally since 1952, Ankara continues to strengthen the alliance through its strategic position and military capabilities, reinforcing shared values amid evolving Euro-Atlantic security challenges.
Vatican City, February 17, 2025 – Pope Francis remains in critical condition after suffering a prolonged asthmatic respiratory crisis that required high flows of oxygen, according to a statement from the Vatican.
Cupertino, CA, February 17, 2025 – Apple today released the first developer beta for iOS 18.4, unveiling a new “Priority Notifications” feature powered by Apple Intelligence.
BERLIN, Feb 22 (Reuters) - NATO is planning to build a pipeline system from Germany to Poland and the Czech Republic to ensure a rapid supply of jet fuel for fighter aircraft in the event of a war with Russia, weekly German magazine Der Spiegel reported.
Catholic faithful gathered in Vatican City on Saturday (February 22) to pray for Pope Francis as he continues receiving treatment for double pneumonia. Concerns over his health persist, though doctors assure there is no immediate life-threatening risk.
Menlo Park, CA, February 17, 2025 – Newly unsealed court documents from the case Kadrey v. Meta shed light on internal discussions among Meta employees about the use of copyrighted materials to train the company’s artificial intelligence models.
A tragic crowd crush at New Delhi Railway Station on Saturday night left 18 dead and 10 injured as thousands of people, many heading to the Kumbh Mela festival, attempted to board delayed trains. The incident highlights the ongoing risks of overcrowding at public transportation hubs in India.
A Delta Air Lines regional jet flipped upside down upon landing at Toronto Pearson Airport on Monday, injuring 18 people. Officials are investigating whether strong winds and snow played a role in the incident.
Berlin, February 21, 2025 – German citizens will head to the polls on Sunday, February 23, for a snap general election after the coalition government collapsed late last year.
Vatican City, February 17, 2025 – Pope Francis remains in critical condition after suffering a prolonged asthmatic respiratory crisis that required high flows of oxygen, according to a statement from the Vatican.
BERLIN, Feb 22 (Reuters) - NATO is planning to build a pipeline system from Germany to Poland and the Czech Republic to ensure a rapid supply of jet fuel for fighter aircraft in the event of a war with Russia, weekly German magazine Der Spiegel reported.
California Governor Gavin Newsom is asking Congress for nearly $40 billion in disaster funding to help Los Angeles recover and rebuild areas scorched by last month's devastating wildfires, the Washington Post reported on Friday citing a letter.
A second meeting between representatives of Russia and the United States is planned for the next two weeks, the RIA state news agency reported on Saturday, citing Russian Deputy Foreign Minister Sergei Ryabkov.
Washington, D.C., February 21, 2025 – U.S. negotiators have reportedly raised the possibility of cutting Ukraine’s access to SpaceX’s Starlink satellite internet service unless Kyiv reaches an agreement to grant the United States greater access to its critical minerals.
Vatican City, February 17, 2025 – Pope Francis remains in critical condition after suffering a prolonged asthmatic respiratory crisis that required high flows of oxygen, according to a statement from the Vatican.
Cupertino, CA, February 17, 2025 – Apple today released the first developer beta for iOS 18.4, unveiling a new “Priority Notifications” feature powered by Apple Intelligence.
BERLIN, Feb 22 (Reuters) - NATO is planning to build a pipeline system from Germany to Poland and the Czech Republic to ensure a rapid supply of jet fuel for fighter aircraft in the event of a war with Russia, weekly German magazine Der Spiegel reported.
Catholic faithful gathered in Vatican City on Saturday (February 22) to pray for Pope Francis as he continues receiving treatment for double pneumonia. Concerns over his health persist, though doctors assure there is no immediate life-threatening risk.
Menlo Park, CA, February 17, 2025 – Newly unsealed court documents from the case Kadrey v. Meta shed light on internal discussions among Meta employees about the use of copyrighted materials to train the company’s artificial intelligence models.
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