Türkiye's Exports in March Reached $22.578 Billion
The top three sectors remain unchanged, with automotive leading the way at $3.2 billion in exports, followed by chemicals at $3 billion, and ready-to-wear clothing at $1.6 billion. The unit export value stood at $1.41.
Türkiye concluded March with exports totaling $22.578 billion. The January-March period saw a record-breaking first quarter with exports reaching $63.7 billion.
Mustafa Gültepe, Chairman of the Türkiye Exporters Assembly (TİM), stated in a written announcement that exports decreased by 4.1% in March following record highs in the first two months. Despite the decline in March, Gültepe emphasized that they closed the first quarter with a 3.6% increase compared to the same period last year:
“According to the General Trade System (GTS) records, we completed March with $22.578 billion in exports. In the January-March period, we set an all-time first quarter record with $63.7 billion in exports. Last month, 8 of our sectors increased their exports. Automotive, with $3.2 billion, once again held the top spot. The other sectors in the top five were chemicals with $3 billion, ready-to-wear clothing with $1.6 billion, steel with $1.5 billion, and electrical-electronics with $1.47 billion.
According to TİM data based on the companies' headquarters, 43 out of 81 provinces managed to increase their exports. The top five provinces in terms of exports were Istanbul, Kocaeli, Bursa, Izmir, and Ankara. Balıkesir, Edirne, Erzincan, and Kocaeli reached their highest export values in history. The Black Sea, Eastern Anatolia, Mediterranean, and Central Anatolia regions increased their exports. The provinces that saw the greatest increase in unit export value were Yalova, Nevşehir, and Isparta, while the sectors with the highest increase were olive and olive oil, hazelnut and dried fruits. 1,421 of our companies made their first export. The countries to which we exported the most were Germany, Italy, the USA, Iraq, and the UK. We have seen a significant increase in exports to Latin America. The positive impact of the euro/dollar exchange rate on our exports continues. Last month, the exchange rate contributed $161 million to our exports. Our unit export value was $1.41. Additionally, according to the work of our Service Exporters Association, we estimate that we achieved approximately $7.7 billion in service exports in March.”
LIMITED INCREASE IN RISKS IN MARKETS
Mustafa Gültepe noted that to facilitate the monitoring of conditions and risks that create demand in important markets, they have been publishing the TİM Export Market Monitor (İPM) for the past two months. Gültepe stated that although the TİM Export Demand Index decreased by 0.9% in February, it maintained its limited optimism at 100.1 points, and he drew attention to the fact that the TİM Market Resilience Index, which measures the markets' resistance to risks, also decreased by 0.3%. Gültepe emphasized that the TiM Market Resilience Index fell to 99.4 points, pointing out that the risks in markets have increased to a limited extent due to delays in expansionary monetary policy measures and the inability to suppress inflation.
WE WILL SURPASS THE $375 BILLION TARGET IN 2028
Commenting on current developments, Gültepe stated that Türkiye successfully completed the local elections on March 31 with great democratic maturity. Gültepe said, “We believe that the message from the ballot box will be read in the best possible way, and steps will be taken to strengthen our economy. Export plays a locomotive role in the Turkish economy. I believe that the upcoming non-electoral four-year period will be utilized in the best possible way, and we will achieve and surpass our goal of $375 billion in goods exports and $200 billion in service exports by 2028.”