According to Turkey’s Trade Minister the country recorded a growth rate of 5.1% last year and 3.4% in the first half of this year

Turkey’s Trade Minister Omer Bolat has announced that the country achieved a historic milestone in exports for October, marking the highest export figures in Turkey’s history.
In October, Turkey’s exports surpassed $23.6 billion, reflecting a 3.6% increase compared to the same month last year, which translates to an additional $800 million.
According to the minister, Turkey recorded a growth rate of 5.1% last year and 3.4% in the first half of this year. The stagnation observed in August and September has been alleviated, as confidence indicators are on the rise.
The Purchasing Managers’ Index (PMI) increased to 45.8, while the consumer confidence index rose to 80.6 in October.
Türkiye Today quoted Minister Bolat as stating that imports in October saw a slight decrease of 0.1%, resulting in a trade deficit of $5.7 billion, which is $1.1 billion lower than the same month last year in Turkey. For the first 10 months of the year, merchandise exports grew from $209.7 billion to $216.4 billion, an increase of $6.7 billion.
In contrast, imports decreased by 7.2%, bringing the total down to $282 billion and leading to a net savings of $22 billion.
Turkey’s current account deficit from January to August stands at $9.7 billion, a significant decrease from the $55 billion deficit recorded last year, which was influenced by the pandemic and geopolitical conflicts.
The services trade has become an important part of foreign trade, with service exports totaling $106 billion last year. In the first eight months of this year, service exports reached $74 billion, with expectations of exceeding $112 billion by year-end.
The top five countries for Turkey’s exports are Germany, the United States, the United Kingdom, Iraq and Italy. Minister Bolat confirmed that exports to Israel have been completely suspended, while trade with Palestine continues.
He expressed optimism that either November or December will see the breaking of all-time monthly export records. These figures demonstrate a robust recovery and a positive outlook for Turkey’s economy, highlighting the expansion of export markets and improvements in trade balances.
Between January and August, Turkey's exports amounted to $170.8 billion, up 3.9 per cent compared to the same period last year, official data showed in September, in a trend that, accompanied by declining imports, helped send the country's foreign trade deficit to the lowest level in nearly three years.
Omer Bolat told a meeting in Istanbul today that imports totalled $225.7 billion, marking an 8.7 per cent decrease.
Outbound shipments rose 2.4 per cent last month, reaching $22.1 billion, the highest August level ever, the Daily Sabah quoted Bolat as saying.
Imports declined by 10.8 per cent, totalling almost $27 billion, the data showed.
Turkey's trade gap narrowed by 43.4 percent to $4.9 billion, the lowest level in 34 months. The import-to-export coverage ratio also improved, rising to 81.7 per cent.
In July, Turkey's foreign trade gap decreased notably in July from the previous year as exports surged amid a fall in imports, the Turkish Statistical Institute said.
The trade deficit dropped to $7.3 billion in July from $12.5 billion a year ago, dpa reported. In June, the trade deficit was $5.9 billion. In July, exports increased by 13.8 per cent annually, while imports fell by 7.8 per cent.
The main partner countries for exports during July was Germany, followed by the UK, US, Iraq, and Italy. Excluding energy products and non-monetary gold, the foreign trade shortfall was $2.98 billion.
On a seasonally and calendar-adjusted basis, exports grew 3 per cent monthly, while imports slid by 3.9 per cent.
Separately, Dubai International Chamber (DIC) has successfully concluded its trade mission to Serbia and Turkey as part of the ‘New Horizons’ initiative. The chamber signed seven Memorandums of Understanding (MoUs) in Turkey and arranged 243 bilateral business meetings in Istanbul between companies from Dubai and Turkey to explore opportunities for business growth and economic partnerships in both markets.
In line with its goal of strengthening cooperation, promoting bilateral trade and investments, and building constructive partnerships, Dubai Chambers signed MoUs with the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the Independent Industrialists and Businessmen Association (MUSIAD), the Foreign Economic Relations Board of Turkey (DEİK), Istanbul Chamber of Commerce (ICOC),
Ankara Chamber of Commerce, Ankara Chamber of Industry, and the Turkish Industry and Business Association (TÜSİAD).
The agreements pave the way for more opportunities for cooperation between Dubai-based companies and their Turkish counterparts to drive collaboration in promising sectors.
The organisations will collaborate to arrange trade missions, conferences, and business events, as well as engage in the mutually beneficial sharing of knowledge and expertise to support growth and innovation. The MoUs also encompass the exchange of information, consultations, and opportunities for bilateral cooperation in the fields of business and investment policies.
The value of non-oil trade between Dubai and Türkiye achieved year-over-year growth of 106.9 per cent in 2023, increasing from Dhs61.1 billion to Dhs126.4 billion. The number of Turkish companies registered as active members of Dubai Chamber of Commerce stood at 3,258 at the end of H1, 2024, 625 of which joined during the first six months of the year. This represents an increase of 33 per cent compared to 470 new companies that joined during H1 2023.
The mission’s activities in Istanbul included a special business forum titled ‘Doing Business with Turkey,’ which was organised by Dubai International Chamber in cooperation with the UAE Consulate in Istanbul together with the Union of Chambers and Commodity Exchanges of Turkey (TOBB), Istanbul Chamber of Commerce (ICOC), and the Independent Industrialists and Businessmen Association (MUSIAD). The forum featured speeches by Mustafa Tuzcu, Deputy Minister of Trade of the Republic of Turkey, Saeed Saqer AlMheiri, Consul General of the United Arab Emirates in Istanbul, and Ali Kopuz, Vice President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB).
The event attracted 254 participants including senior officials, business leaders, and local companies interested in exploring potential partnerships with members of the chamber’s delegation.