Türkiye achieves record-breaking exports in 2023

Erdogan proudly declared that Türkiye's exports have shattered records set during the Republican era, reaching an impressive $255.809 billion in 2023, marking a 0.6 percent increase compared to the previous year.

Addressing exporters and business leaders at the event, President Erdogan expressed his satisfaction in achieving this significant milestone and surpassing the $255 billion target outlined in the Medium-Term Programme.

Erdogan took the opportunity to discuss the national and global perspectives of international trade. Acknowledging inflation as a pressing issue affecting Turkey and economies worldwide, Erdogan emphasized the importance of addressing high living costs. He stated: "We aim to lower inflation back to single-digit figures without compromising production, employment, and economic growth."

Detailing the measures implemented to curb inflation, Erdogan asserted: "At the end of this process, which protects investment, employment, and production and prioritizes exporters' access to finance, we will, inshallah, stop inflation from being a daily concern for our citizens like before."

Key Highlights of Trade Figures:

- Turkey's exports for 2023 reached $255.809 billion, exceeding the Medium-Term Programme target.

- December 2023 witnessed exports hitting $23 billion, with a 0.44 percent increase.

- The export-import coverage ratio in 2023 rose by 0.8 points to 70.7 percent.

- Turkey's foreign trade deficit narrowed by 3.2 percent.

- The annual services exports reached an all-time high of $99.254 billion as of October 2023.

Positive Outlook for the Future:

Erdogan highlighted that the reduction in foreign trade deficit and current account deficit over the last five months is indicative of a permanent positive trend. He expressed confidence in the continued recovery and expects further shrinkage in the current account deficit. (ILKHA)