In the ever-shifting landscape of global markets, characterized by persistent uncertainties, a delicate and precarious framework has emerged. This intricate scenario poses considerable challenges to our exporters, who grapple with the complexities of planning, even in the short term.
While optimism for a resolution to the Ukraine-Russia conflict persists, the shadow of this war continues to cast uncertainty over the global food and energy supply. In the backdrop of heightened geopolitical volatility, our resilient export community managed to achieve a performance comparable to the previous year. A formidable feat indeed, with our exports totalling $143.4 billion in the span of seven months. As the year unfolds, our prospects are buoyed by the projected resurgence in the European and US economies, pivotal markets that are poised to rebound in the final quarter, thereby wielding a positive influence on our export trajectory.
Concurrently, the newfound relations and synergies forged during the Gulf Tour, spearheaded by our business world under the visionary leadership of our President, are a promising harbinger for our exports in the region.
In an era marked by the recalibration of global trade dynamics and an increased inclination towards localized sourcing, the Arabian Gulf has emerged prominently on our strategic radar. This is attributed to Turkey's eminent role as a pivotal production hub within the region, offering a potent alliance to its immediate neighbours. Thus, our trade affiliations with Gulf nations acquire special significance. Although our export-oriented trade with the United Arab Emirates, a vital partner, has scaled to $10 billion, the potential far surpasses this figure. For this reason, after the Comprehensive Economic Partnership Agreement signed in March 2023, we launched trade delegation programs to the Gulf countries. In September and October, we will have trade delegations to the UAE, Saudi Arabia, Qatar and Bahrain. Positioned as both producers and traders, the stage is set to propel our trade volume exponentially. For this reason, the participation of our exporters in these trade delegations gains great importance. July's figures resonate with this potential, witnessing a 189 percent boost in exports to Saudi Arabia and a commendable 126 percent surge to the United Arab Emirates. The onus is now upon us to perpetuate this upward trajectory. I am optimistic that, with sustained commitment, our ambitions of reaching a $25 billion trade milestone within five years are well within reach.
Our exports to the USA, a colossal global market, continue their upward ascent, positioning it as the second most substantial destination after Germany. In our tireless pursuit of amplifying export volume, a pivotal closed session was convened in July, uniting key players from our business realm. Further strengthening these efforts, a distinguished Qualified Purchase Delegation was orchestrated, graced by the participation of Walmart, the quintessential US retail titan.
Enthusiasm resonates as the economic administration takes proactive measures to empower exporters over the past two months. The augmentation of daily rediscount credit limits to TRY 1.5 billion, coupled with eased access conditions, stands as a testament to this commitment. SMEs' share of rediscount credits was increased. The prerequisite to sell an additional 30 percent of the export value for rediscount credits has been abolished. The Central Bank's prudent stance, exempting export credits from the purview of monetary tightening, is well-aligned with our strategic aspirations. We perceive these regulations as important steps that will directly contribute to the achievement of our export targets.
Chairman of TİM