Türkiye’s rolling 12-month exports reached an unprecedented $267 billion in June 2025, marking a historic milestone in the nation’s trade performance, Trade Minister Ömer Bolat announced on Wednesday.

The record-breaking figure underscores Türkiye’s growing prowess in global markets and its steadfast commitment to achieving ambitious foreign trade targets, despite a challenging global economic landscape.

Official Trade Ministry data revealed that Türkiye’s exports in June alone surged by 8% year-on-year to $20.54 billion, the largest monthly increase in the past year. Imports, meanwhile, rose by 15.3% to $28.7 billion, resulting in a monthly foreign trade deficit of $8.17 billion. The export-import coverage ratio, a key indicator of trade balance, stood at 71.5% for June, reflecting Türkiye’s ability to finance a significant portion of its imports through export revenues.

For the first half of 2025, Türkiye’s exports climbed 4.1% to $131.44 billion, while imports grew 7.2% to $180.87 billion, leading to a foreign trade deficit of $49.43 billion for the January–June period. Despite the widening gap, the export-import coverage ratio remained robust at 72.7%, signaling the strength of Türkiye’s export-driven economy.

Speaking at a press conference in Istanbul, Bolat hailed the figures as a testament to Türkiye’s industrial resilience and global competitiveness. “Our exporters have shown remarkable determination, breaking records in 13 of the last 20 months,” Bolat said, noting that the $267 billion annualized export figure aligns with the government’s medium-term program targeting $279.6 billion in goods exports for 2025, with projections to reach $296.1 billion in 2026 and $319.6 billion by 2027.

Türkiye’s trade strategy is bolstered by its diversification of markets and sectors. In 2024, exports to the European Union rose by 4.2% to $108.7 billion, while shipments to Organization of Islamic Cooperation countries increased by 6.1% to $70.1 billion, and exports to Organization of Turkic States grew by 12.9% to $11.1 billion. The automotive sector led exports, contributing $35 billion in 2023, followed by chemicals ($30.5 billion) and apparel ($19.2 billion). The steel industry also saw significant growth, with exports to Italy rising 25% to $374 million in early 2025, aiming for $1 billion by year-end.

Bolat emphasized Türkiye’s broader foreign trade ambitions, including a goal to boost combined goods and services exports to over $400 billion by 2028, as outlined in the 12th Development Plan. Services exports, particularly in tourism ($61.1 billion in 2024) and IT ($5 billion, targeting $5.5 billion in 2025), are expected to play a pivotal role. “Our vision is to make Türkiye one of the top 10 exporting nations, leaving no market untouched by Turkish products,” Bolat declared, citing the country’s fifth-ranked global service trade surplus in 2024.

Despite global challenges, including geopolitical tensions, a $2 trillion contraction in global trade in 2023, and a negative economic outlook in Germany—Türkiye’s largest trading partner—the country has sustained 17 consecutive quarters of GDP growth, reaching $1.26 trillion by Q3 2024. Per capita income is projected to exceed $15,000 in 2024 and surpass $17,000 in 2025, supported by a 4% growth target driven by exports and fixed capital investments.

President Recep Tayyip Erdoğan has lauded Türkiye’s economic resilience, noting that inflation, which fell to 44.38% in December 2024, is expected to align with 2025 targets of 21%, reinforcing confidence in the government’s policies. Bolat added that the normalization of trade relations with Saudi Arabia and Egypt, alongside trade delegations to countries like Libya, South Africa, and China, has opened new opportunities, with Saudi exports rising 63% in June 2022.

As Türkiye navigates global uncertainties, including the Russia-Ukraine conflict and protectionist measures, its record-breaking exports signal a robust trajectory toward achieving its $375 billion goods and $200 billion services export targets by 2028. “Our exporters are the backbone of Türkiye’s economic ascent, and we will continue to support them to conquer new horizons,” Bolat affirmed. (ILKHA)