The Economic Context of Turkey's Export Growth

Over the past two decades, the Turkish economy has undergone significant transformations that have contributed to substantial export growth. This growth can be attributed to a combination of comprehensive economic and strategic factors, most notably:

1. Internal Economic Transformations:
Turkey has transitioned from an economy heavily reliant on agriculture to a diversified economy that includes industry and services. The adoption of free market policies and the attraction of foreign direct investments have contributed to modernizing the economic structure and fostering innovation.

2. International Trade Agreements:
Turkey has signed numerous trade agreements with various countries, opening new markets for Turkish products. Turkey's accession to the European Customs Union in 1996 played a crucial role in facilitating the movement of goods and increasing exports to European countries.

3. Infrastructure Development:
Turkey has made significant investments in developing transportation and logistics infrastructure, including ports, airports, and highway networks. The development of specialized industrial zones has also supported industrial companies in enhancing their global competitiveness.

4. Diversification of Economic Sectors:
Turkish exports are characterized by their diversity across various sectors, including manufacturing, agriculture, textiles, automotive, and electronics. This diversification has made exports less vulnerable to global economic fluctuations. The support for innovation and technology has led to the production of high value-added goods, increasing demand in international markets.

5. Supportive Government Policies:
The Turkish government has implemented strategic plans to boost exports, such as the "Export Strategy 2023," aimed at doubling export value. Additionally, the government has focused on encouraging innovation, research and development, and supporting small and medium-sized enterprises to enhance their competitiveness in the global market.

Thanks to these economic factors and strategic policies, Turkey has achieved sustainable growth in its exports, significantly contributing to the stimulation of the national economy and strengthening its position in global markets.

In light of recent economic developments,
Turkish Trade Minister Ömer Bolat announced that the country's exports reached $22.512 billion in July. He made this announcement during a press conference at the Chamber of Commerce in Kayseri, central Turkey, on Friday, where he revealed the foreign trade figures for July 2024.

Bolat explained that exports in July 2024 increased by 13.8% compared to the same month in 2023, setting a new record for July throughout the history of the republic. He emphasized that sustainable and balanced foreign trade is a key pillar of economic policy.

He also pointed out that the decrease in the external trade deficit positively contributes to macroeconomic stability and economic growth.