Türkiye's October Exports Reach $23.6 Billion

Among the top exporting sectors, automotive maintained its leading position in October with $3.6 billion. It was followed by chemicals at $2.5 billion, and apparel and ready-to-wear at $1.6 billion.

TİM Chairman Mustafa Gültepe: “In a challenging year like 2024, we have completed ten months. The fact that we are up 3.2% compared to last year is significant. Could it have been much more? Certainly, it could have been.”

Türkiye's October exports reached $23.6 billion, while exports over the ten-month period from January to October amounted to $216.4 billion, and the total for the past 12 months reached $262.3 billion.

The October foreign trade data was announced in Antalya by Minister of Trade Prof. Dr. Ömer Bolat and Türkiye Exporters Assembly (TİM) Chairman Mustafa Gültepe. Gültepe noted the fluctuating trend in exports this year and remarked that, after the 1.8% decline in September, the export volume had rebounded in October. He continued:

“According to the General Trade System (GTS) records, our October exports rose by 3.6% year-over-year to $23.6 billion, marking the highest export volume for any October. Our ten-month export figure covering January to October stands at $216.4 billion, while our 12-month exports have reached $262.3 billion. Year-to-date, we are up by 3.2%, and our 12-month exports are up by 3.1%. We estimate that service exports for October will also approximate $11 billion.

19 SECTORS INCREASED EXPORTS, WHILE 7 SECTORS DECLINED

In a breakdown by sector, automotive again took the lead with $3.6 billion, followed by chemicals at $2.5 billion, apparel at $1.58 billion, electronics at $1.55 billion, and steel at $1.3 billion. Last month, 19 of our sectors achieved export growth, while 7 saw declines. Our fastest-growing sector was ship, yacht, and services, which rose by 78%. Defense and aerospace saw a 61% increase, hazelnuts 58%, olives and olive oil 45%, and ornamental plants 44%. Jewelry, on the other hand, recorded the sharpest decline, with a 24% decrease. According to TİM data based on companies' legal headquarters, exports from 64 of our provinces increased last month. The top five exporting provinces were Istanbul, Kocaeli, Bursa, Ankara, and İzmir. Eskişehir, Aydın, Giresun, and Düzce achieved their highest monthly exports to date. In October, 1,374 companies exported for the first time. Our unit export value rose by 7% to reach $1.56 per kilogram, while the exchange rate contributed $342 million to our exports.” 

57% OF OVERALL OCTOBER EXPORTS DIRECTED TO EUROPE

Gültepe noted that the top export markets were Germany, the United States, the United Kingdom, Iraq, and Italy. “We achieved over 50% growth in 39 countries and more than 10% growth in 98 countries. Overall, we increased our exports to 122 countries. Among the largest country groups, the European Union (EU) ranked first, with $9.9 billion in exports, accounting for 41.8% of our total exports. Europe as a whole accounted for 57% of our total exports.”, he said.

WE WILL CONTINUE TO WORK RELENTLESSLY TO INCREASE OUR EXPORTS

In his speech, Gültepe also evaluated current developments, highlighting the impact of global demand on export performance. He noted that the IMF report forecasts global growth at 3.2% for this year and 2025. He concluded his remarks as follows:

“In light of these forecasts, we can predict that global demand will likely remain subdued next year. Indeed, the World Trade Organization has capped its forecast for global merchandise trade growth at just 3% for 2025. We understand what production and exports mean to our national economy and are aware of our responsibilities. No matter the conditions, we will continue to produce and work tirelessly to increase our exports. In a challenging year like 2024, we have completed ten months. The fact that we are ahead of last year is significant. Could it have been much more? Certainly, it could have been. Today, at our delegate workshop, we will comprehensively address all aspects of our exports.”

YİĞİT TUFAN ESER HAS BEEN APPOINTED SECRETARY GENERAL OF TİM

Meanwhile, Yiğit Tufan Eser has been appointed Secretary General of TİM. Originally from Eskişehir, Eser was born in Yalova in 1986. He graduated with a degree in Business and Economics from the University of Exeter in the United Kingdom. Eser also completed a Master's in Finance at Okan University and an Executive Program at Koç University. Starting his career in the private sector, he joined the TİM family in 2016 and had served as Deputy Secretary General since October 2020. Eser, who is the first person to be promoted to the position from within the organization, is fluent in English.