Türkiye’s exports hit record $262 billion in 2024

ISTANBUL

Türkiye’s exports increased by 2.5 percent last year from 2023 to $262 billion in 2024, according to data from the Trade Ministry.

In December alone, the country’s exports amounted to $23.5 billion, marking a 2.2 percent increase.

The country’s foreign trade deficit shrank 22.7 percent last year to $82.2 billion.

Imports fell by 4.9 percent in 2024 to $344 billion, said the ministry in a statement on Jan. 3.

Germany was Türkiye’s largest export market in December with shipments to this country amounting to $1.65 billion, followed by the U.S. at $1.5 billion and the U.K. at 1.4 billion.

Iraq and Italy ranked fourth and fifth at $1.2 billion and $1.18 billion, respectively.

Exports to the European Union, meanwhile, stood at $9.3 billion in December last year.

Last month, Türkiye’s imports grew 11.1 percent from a year ago to $32.3 billion, leading to a foreign trade gap of $8.8 billion, a 44.7 percent increase year-on-year.

In December, imports from Russia and China were $4.4 billion and $3.88 billion. Germany ranked third at $2.6 billion.

The export/import coverage ratio was 70.6 percent in 2024, down from 76.1 percent in the previous year.

In December alone, this ratio was 72.7 percent against 79 percent in the same month of 2023.

Excluding energy and gold trade, the export/import coverage ratio was 92.9 percent last month, said the ministry.

Türkiye’s intermediate goods imports grew nearly 12 percent annually in December to $22.2 billion, while the year-on-year rise in consumer goods was 27.1 percent to reach $5.43 billion.

The country’s purchases of capital goods from foreign countries declined by 6.2 percent year-on-year to $4.63 billion, showed the ministry data.