Türkiye's Exports Rise to $22 Billion Amid Strategic Shift to Boost Domestic Production

Türkiye's exports surged to $22.05 billion in August 2024, marking a 2.3% increase from the previous year. This growth is part of a broader strategy to enhance self-reliance and boost domestic production in key sectors like energy and commodities. The August foreign trade data, released by the Ministry of Commerce and the Statistical Institute, also revealed a significant 10.7% decline in imports, totaling $27.04 billion, which has contributed to a 42.7% reduction in the external trade deficit, now at $4.99 billion. Between January and August 2024, exports rose by 3.9%, reaching $170.8 billion, while imports decreased by 8.6% to $225.74 billion. Germany, the United States, and the United Kingdom were the top three importers from Türkiye, highlighting the country's strong trade relationships. In line with its economic roadmap for 2025-2027, Türkiye aims to reduce reliance on imports, enhance high-tech production, and align with European standards, particularly in sustainability and digital economy. The program includes measures to support the “Made in Türkiye” brand globally and diversify export markets.