Exports to ‘distant countries’ to reach $50 billion: Minister

ISTANBUL

Türkiye aims to boost its exports to the economies under the Distant Countries Strategy to $50 billion by 2028, Trade Minister Ömer Bolat has said.

Among the 18 targeted countries under the strategy are the U.S., Canada, Mexico, China, South Korea, Japan, Australia, India and Brazil.

About two-thirds of Türkiye’s total exports go to countries that are relatively close to Türkiye, according to a report by the Trade Ministry, which noted that Türkiye’s average export distance remains below the world average.

Distant countries account for 62 percent of the world's population and contribute to 64 percent of global GDP.

Türkiye’s goods exports to those distant countries averaged $20 billion between 2018 and 2020, according to the ministry.

Under the Distant Countries Strategy, Türkiye is seeking to extend its average export range from 3,065 kilometers to the global average of 4,744 kilometers and also to gain a foothold in distant major markets.

Singling out the U.S. as Türkiye’s important ally and trade partner, Bolat noted that the trade has been growing fast between the two countries in the last five years.

The trade volume of goods and services between the two nations reached $40 billion in 2023, the minister said, adding that the U.S. was Türkiye’s second export market.

As part of their U.S. strategy, Bolat said that they identify potential export products on a state-by-state basis.

Türkiye has a share of 2.9 percent in world logistics exports, the minister also said, noting that they aim to increase logistics exports by $50 billion in the medium term.