Türkiye's Exports in November Reach $22.3 Billion

Automotive continued to lead as the top exporting sector in November, with $3.24 billion in exports, followed by chemicals at $2.54 billion and ready-to-wear apparel and textiles at $1.49 billion.

TİM Chairman Mustafa Gültepe: “Our export target for 2024 was set at $264 billion. Even if we do not fully achieve this, I believe we will close the year at a similar figure.”

Türkiye's exports for November reached $22.3 billion, bringing the 11-month cumulative export volume to $238.5 billion. Over the last 12 months, total exports reached $261.5 billion.

The November foreign trade data was announced in Ankara by Minister of Trade Ömer Bolat and Türkiye Exporters Assembly (TİM) Chairman Mustafa Gültepe. Reflecting on the data, Chairman Gültepe emphasized that monthly export figures displayed a fluctuating trend throughout the year, with seven months recording increases and four, including November, ending with declines. He continued:

“According to the General Trade System (GTS) records, we achieved $22.3 billion in exports in November. Compared to the same month last year, this represents a 3.1% decrease. Over the January-November period, our exports totaled $238.5 billion, while our exports over the past 12 months reached $261.5 billion. For the 11-month period, exports rose by 2.5%, and for the 12-month period, they increased by 2.3%. Regarding service exports, the nine-month data available shows a 7.4% increase, reaching $86.4 billion. Based on estimates by our Service Exporters Association, we achieved $20.5 billion in service exports during October and November combined, which leads us to project that service exports for the 11-month period will surpass $107 billion.”

17 SECTORS INCREASE EXPORTS IN NOVEMBER, WHILE 9 RECORD DECLINES

Regarding goods exports by sector, automotive continued its dominance with $3.24 billion, followed by chemicals at $2.54 billion, ready-to-wear apparel at $1.49 billion, electronics at $1.46 billion, and steel at $1.26 billion. “Last month, 17 sectors increased their exports, while nine experienced declines,” noted Gültepe. “Olives and olive oil emerged as the sector with the highest proportional growth, recording a 57% increase in exports. Other notable increases were seen in hazelnuts (38%), defense and aerospace (32%), fisheries and animal products (19%), and tobacco (17%). Conversely, jewelry recorded the most significant decline at 46%. Based on TİM data, 47 provinces increased their export figures last month. The top five exporting provinces were Istanbul, Kocaeli, Bursa, İzmir, and Ankara. Additionally, in November, 1,306 firms exported for the first time. The per-kilogram unit value rose by 11% year-over-year to $1.37, while exchange rate fluctuations caused a loss of $121.5 million.”

$9.4 BILLION EXPORTED TO EU COUNTRIES IN NOVEMBER

Gültepe highlighted that Türkiye's top export destinations in November were Germany, the United States, the United Kingdom, Iraq, and Italy. He also noted significant achievements: “We recorded over 50% export growth in 43 countries and more than 10% growth in 96 countries. Overall, exports to 120 countries increased. Among the top export groups, the European Union (EU) remained the leader with $9.4 billion in exports.”.

“IF OBSTACLES THAT SLOW OUR MOMENTUM ARE REMOVED, WE COULD TARGET $280 BILLION BY 2025”

While exports for the first 11 months showed a 2.5% increase, Gültepe expressed ambitions for even higher growth in 2024. He concluded:

“To meet our 2028 targets, we need to achieve double-digit annual growth in exports. However, the slowdown in global demand, especially in Europe, has negatively impacted us this year. Yet, the root of the problem lies in our diminishing competitiveness. Had we been able to maintain our competitive edge, we would be discussing significantly higher figures today. We remain hopeful that these challenges will be addressed by 2025. If obstacles that slow our momentum are removed, we could confidently target $280 billion by 2025.”