Türkiye reaches a record-high share in global exports in 2023

Türkiye's share in world goods and services exports has reached historical highs in 2023, the Turkish Trade Ministry announced.

The country's share in global goods exports hit 1.08 percent last year, while its share in services exports rose to 1.3 percent, ministry data based on World Trade Organization figures showed on Thursday.

Türkiye's goods exports reached $256 billion in 2023, while services exports totalled $100.8 billion, noted the ministry.

The increase in the country's goods exports came despite the worldwide total dropping 1.2 percent year-on-year in 2023.

"As the Ministry of Trade, we continue to work with all our strength to increase Türkiye's share in global production and trade with the policies and strategies we pursue in the perspective of value-added, innovation and competitiveness-oriented production and exports.

"In order to further strengthen our position in the global supply chain, we will make the best use of the trends in global trade and continue to i ncrease the gains we have achieved," it said.

Exports in 2023 hit all-time high

Türkiye's exports in 2023 hit a record high of $255.8 billion, ticking up 0.6 percent from the previous year.

"Thus, the figure surpassed our medium-term programme's target of $255 billion," Turkish President Recep Tayyip Erdogan said at the "2023 Export Figures Announcement Program."

The exports-to-imports coverage ratio gained 0.8 percent points from the previous year to reach 70.7 percent in 2023, the president said, stressing that the country's foreign trade deficit narrowed by 3.2 percent year-on-year in 2023.

"Except for July, our trade gap shrank annually in the last seven months of 2023," he explained. Adding that Türkiye aims to boost its goods and services exports in 2024 to over $375 billion, the country has "more than enough power to achieve this target," he said.

In the third quarter of 2023, Türkiye continued its uninterrupted growth trend for the past 13 quarters by growing at 5.9 percent, becoming the second-fastest-growing country among G20 nations.