Turkey is anticipated to achieve an export milestone of $23 billion to Germany this year, surpassing last year’s leading export figure of $21.094 billion, according to data compiled by the Turkish Exporters’ Assembly (TİM).
The overall exports of Turkey experienced a modest 0.6% increase from the previous year, reaching $255.808 billion in 2023, up from $254.169 billion in 2022.
In 2023, Germany continued to lead as Turkey’s top export destination, and it is expected that the export value will range between $22 billion and $23 billion. The United States, Iraq, the United Kingdom, and Italy followed Germany as the countries with the highest export volumes.
Turkey’s exports to the United States reached $14.8 billion, $12.8 billion to Iraq, $12.4 billion to the United Kingdom, and $12.279 billion to Italy in the previous year. Other countries in the top 10 included France, Russia, the Netherlands, the United Arab Emirates, and Spain.
The majority of exports to Germany, amounting to $7.747 billion, were conducted by companies based in Istanbul. The automotive industry took the lead as the most export-oriented sector, recording $4.854 billion in exports to Germany in the past year.
Following the automotive sector, the highest export sectors were ready-made clothing and textiles with $3.050 billion, iron and non-ferrous metals with $1.649 billion, electrical and electronic equipment with $1.353 billion, and the chemicals and chemical products sector with $1.278 billion.
Mustafa Gültepe, President of the Turkish Exporters’ Assembly (TİM), emphasized the significance of Europe as Turkey’s largest and irreplaceable market, revealing that 41% of total exports in 2023 were to EU countries. Gültepe highlighted the potential for increased trade with Germany, considering its annual import volume of around $1.5 trillion, with 20,000 Turkish exporters engaging in business with the country.
Gültepe noted that projects targeting all sectors are underway to maximize Turkey’s export potential to Germany, emphasizing the importance of understanding the expectations of the German market.
With a goal of $267 billion in exports outlined in the Medium-Term Program (OVP) for 2024, Gültepe stated, “We have started the year with a target of $267 billion in exports. Our export performance to Germany will play a crucial role in achieving this goal. We anticipate completing our exports to Germany at the $22-23 billion level this year, particularly as we expect economic revitalization in Germany and globally in the second half of the year.”
source: aa.com.tr/ prepared by Melisa Beğiç