Turkey is Set to Achieve 2022 Export Target

Turkey realized 209 billion dollars worth of exports in the first ten months of 2022. With this export, Turkey is approaching its 2022 export target step by step. Also, Turkey exported to 217 countries and regions in the first ten months of 2022. Turkey's targeted export for 2022 is 250 billion dollars. There is $40 billion left to reach this export target. Turkish Exporters Assembly President Mustafa Gültepe announced that Turkey would achieve the target by the end of the year.

Turkey's October 2022 Export Figures

Turkey's exports increased by 3% in October 2022 compared to the same period of the last year. The exports realized this month reached 21.3 billion dollars. Also, Turkey's exports exceeded $253 billion in the previous 12 months. Exports in the January-October 2022 period increased by 15% compared to the previous period. In this period, exports reached 209.5 billion dollars.

In October 2022, the sector with the most exports was the automotive sector with 2.7 billion dollars. Chemical substances and products took second place. Turkey exported 2.6 billion dollars worth of commercial goods to different parts of the world in this sector. Finally, the ready-made- clothing sector ranked third in the list, with an export of 1.7 billion dollars.

Best October Export of All Time

October export data were announced in Istanbul with the participation of Trade Minister Mehmet Muş and TİM President Mustafa Gültepe. According to the statements, 38 provinces increased their exports. Also, Turkey exported to 217 countries and regions in October 2022. The top three countries are Germany, Iraq, and the USA.

With these exports, Turkey reached the highest October exports of all time. Despite the gas crisis in Europe, the Ukraine war, and the supply shortage caused by China, there was an upward momentum in foreign trade. This development is important for Turkey's economic growth.

Important Announcements Were Made at the Meeting

2022 October export data was shared with the public at the meeting where valuable statements were made about Turkey's exports and imports. TIM President Mustafa Gültepe and Trade Minister Muş commented on Turkey's export data. In addition, there were also statements about the sectors that Turkey exports the most. 

66% Increase Observed in Exports of Service Trade

Minister of Commerce Mehmet Muş stated that Turkey's exports continued to gain momentum in the first ten months of this year as well. Muş added that Turkey had reached the highest monthly export value, as it does every month. Turkey's service exports reached 52.5 billion dollars with an increase of 66% in 8 months. In addition, Turkey no longer only exports its trade goods to countries around the world. In addition, contracting services, TV series, movies, and health services are also exported.

Turkey's 2022 Export Target is 250 Billion Dollars

TIM President Mustafa Gültepe said: “Turkey's 2022 export target is 250 billion dollars. We have two more months ahead of us. Turkey will achieve a 10% growth in exports by reaching its 2022 export target. In addition, 3.5% growth is expected in global trade. In Turkey's exports, we foresee demand in energy-intensive sectors such as iron and steel, cement, ceramics, etc." 

The Kilogram Unit Price Reached $1,64 

Gültepe added the following to his statements: “In October 2022, 1,806 new companies joined our export family. The increase in the average kilogram unit export value of Turkey continues. Compared to October last year, the kilogram unit value increased by 18.7% to $1.64. Turkey's goal is to exceed at least $2 per day on average. “

Turkey's Imports Are Energy Sourced

Muş reported that exports continued their momentum in the first ten months of 2022, which they had achieved last year. Muş shared the following information: “With the effect of the sharp increase in energy and commodity prices, Turkey's imports reached 29.3 billion dollars in October 2022. About 26% of this figure comes from energy. Similarly, 51% of our import increase in the same period is due to energy imports.”

Turkey's 2023 Export Target

The Medium-Term Program, prepared by the Ministry of Treasury and Finance and the Strategy and Budget Directorate, covering the period 2023-2025, was announced on September 4, 2022. The program includes basic economic magnitudes and targets. In addition, the Medium-Term Program sets out the official targets for key macroeconomic indicators over three years. 

The export target specified for 2023 in the Medium-Term Program was announced as 265 billion dollars. In addition, exports are targeted to be 285 billion dollars in 2024 and 305 billion dollars in 2025.