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.
Russia is expanding Arctic cooperation with Türkiye, China, and India, securing foreign investment for the Northern Sea Route. Rosatom's chief highlighted ongoing projects, growing transit with China, and UAE-backed logistics hubs, positioning Russia as a key player in Arctic development.
Turkish President Recep Tayyip Erdogan has unveiled Türkiye’s 2030 Industry and Technology Strategy Document, outlining a comprehensive roadmap to boost the country’s technological independence and industrial strength.
Bank of America (BofA) said the recent volatility in Turkish markets has so far had only a limited inflationary impact, stressing that Türkiye’s economic management remains in control.
Turkish authorities detained Istanbul Mayor Ekrem İmamoğlu on Wednesday on charges including corruption, aiding a terrorist group, and leading a criminal organization. The Republican People’s Party (CHP) condemned the arrest, calling it politically motivated.
Turkey's lira fell as much as 12.7% and touched a new all-time low of 42 to the dollar on Wednesday, with bonds and stocks also tumbling sharply, after authorities detained President Tayyip Erdogan's main political rival.
French far-right leader Marine Le Pen said on Monday that a court's decision to bar her from office for misuse of European funds ruled her out of the 2027 presidential election, adding she had no confidence in an appeal being heard before the vote.
On March 31, 2025, European diplomats met in Madrid to discuss the ongoing war in Ukraine and the need for Russia to agree to a ceasefire.
President Trump confirmed he is serious about a potential third term, despite constitutional limits, saying it is “far too early” to decide. While U.S. presidents are restricted to two terms, Trump allies are exploring ways to challenge this rule ahead of the 2028 election.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
Royal Australian Air Force (RAAF) pilots, monitoring a Chinese navy warship as it navigated Australian waters, were alerted to a live-fire exercise via a civilian radio broadcast, defense officials revealed on Tuesday.
A powerful 7.7-magnitude earthquake struck Myanmar’s Sagaing region, followed by a 6.4-magnitude tremor, killing 2056 people and leaving 3,900 injured. The quake caused building collapses in Myanmar and Thailand, prompting emergency declarations and ongoing rescue efforts.
As the world shifts toward clean energy at an ever-accelerating pace, large economies are scrambling to secure reliable supply chains for rare earth minerals. These minerals, once seen as mere industrial components, have become a political tool in the global power struggle
Russian forces carried out a drone attack on Ukraine’s second-largest city, Kharkiv, late Wednesday, injuring at least twenty one people and causing structural damage, according to Ukrainian officials.
French far-right leader Marine Le Pen said on Monday that a court's decision to bar her from office for misuse of European funds ruled her out of the 2027 presidential election, adding she had no confidence in an appeal being heard before the vote.
On March 31, 2025, European diplomats met in Madrid to discuss the ongoing war in Ukraine and the need for Russia to agree to a ceasefire.
President Trump confirmed he is serious about a potential third term, despite constitutional limits, saying it is “far too early” to decide. While U.S. presidents are restricted to two terms, Trump allies are exploring ways to challenge this rule ahead of the 2028 election.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
Three of the four U.S. Army soldiers who went missing in Lithuania last week when their vehicle sunk in a peat bog have been found dead. Lithuanian President Gitanas Nauseda expressed deep sorrow and stated that the search for the remaining soldier is ongoing.
French far-right leader Marine Le Pen said on Monday that a court's decision to bar her from office for misuse of European funds ruled her out of the 2027 presidential election, adding she had no confidence in an appeal being heard before the vote.
On March 31, 2025, European diplomats met in Madrid to discuss the ongoing war in Ukraine and the need for Russia to agree to a ceasefire.
President Trump confirmed he is serious about a potential third term, despite constitutional limits, saying it is “far too early” to decide. While U.S. presidents are restricted to two terms, Trump allies are exploring ways to challenge this rule ahead of the 2028 election.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment