Türkiye sets all-time export record in July, says trade minister

Türkiye's Trade Minister Omer Bolat on Saturday said the country achieved a record $25 billion worth of exports in July.

“We achieved the highest monthly export figure in our history this July. This marks not only the highest July export figure ever recorded, but also the highest 12-month cumulative goods export volume in our nation’s history,” Bolat told a press conference in the province of Samsun.

He highlighted another positive development, noting a slowdown in the pace of monthly import growth and a significant narrowing of the foreign trade deficit in July, compared to the same month last year and June. He added that the export-to-import coverage ratio also improved.

“This is what we call a ‘legendary month,’ six major achievements in one. We reached an all-time high in monthly exports at $25 billion, up from $22.5 billion in July last year, an increase of $2.5 billion, or 11%. This gain also contributed an additional $2.5 billion to our 12-month cumulative exports,” he said.

Bolat said exports in July saw an increase of $4.5 billion compared to June, adding that the next target is to reach $26 billion in monthly exports.

“Our extraordinary efforts are reinforcing the process of rebalancing and stabilizing our economy,” he emphasized.

The minister said imports rose by 5.4% in July to $31.4 billion, noting that import levels remain stable and reasonable.

He said the foreign trade deficit dropped to $6.4 billion last month, down 12% from $7.3 billion in July 2024, marking the lowest deficit in the past nine months.

Bolat also touched on services exports, noting that Türkiye reached $106 billion in 2023 and $115 billion in 2024, with a target of $121 billion set for 2025.

He said recent global conflicts, ranging from trade wars and tariff disputes, have caused sharp disruptions in global trade, growth, and commodity prices, including energy and gold.

Despite regional instability, Bolat emphasized: “Under the leadership of our president, Türkiye continues its strong rise as a pillar of stability in the economy, foreign policy, defense, transportation, and energy.”

He said Türkiye continues its trade diplomacy through multilateral, bilateral, regional, and global agreements.

He noted positive progress with the European Commission, saying that 14 trade barriers have been removed, with nine to 10 remaining.

Emphasizing the goal to modernize the Customs Union, Bolat recalled that as a result of constructive talks, a directive was issued to grant longer-term visas to Turkish citizens who have previously traveled to the EU and returned regularly.