Türkiye's Exports in October Reached 24 Billion Dollars
In the ranking of top exporting sectors, the automotive industry maintained its leadership with 3.8 billion dollars. Chemicals followed with 2.6 billion dollars, while electrical-electronics ranked third with 1.6 billion dollars.
Chairman of the Türkiye Exporters Assembly, Mustafa Gültepe: “For the past two to two and a half years, we have been striving to carry on our work under great sacrifice. There is no indication that conditions will improve in the near future. When we examine new orders, nine out of ten sectors are currently in the contraction zone. In order for exports to resume their role as a driving force of growth, new forms of support and incentives must be introduced.”
Türkiye's exports in October amounted to 24 billion dollars. Exports in the January–October period reached 224.6 billion dollars, while the total over the past twelve months climbed to 270.2 billion dollars.
The export data for October were announced in İstanbul by Minister of Trade Prof. Dr. Ömer Bolat and Chairman of the Türkiye Exporters Assembly (TİM) Mustafa Gültepe.
“Three Percent of the 24 Billion Dollars Came from the Parity Effect”
Chairman Mustafa Gültepe expressed his strong satisfaction with the six-month extension of the foreign exchange conversion support and extended his gratitude to all who contributed to the decision. Regarding the October export data, Gültepe stated:
“According to the General Trade System (GTS) records, we achieved exports worth 24 billion dollars in October. Compared to the same month of last year, this represents a 2.2% increase. Our ten-month exports for January–October reached 224.6 billion dollars, and our rolling twelve-month exports rose to 270.2 billion dollars. We registered a 3.9% increase in ten-month exports and a 3.1% increase in annualized exports. For the first time, our annual goods exports have surpassed 270 billion dollars. We estimate that services exports in October will amount to approximately 11.4 billion dollars.
From a sectoral perspective, automotive again took the lead with 3.8 billion dollars. It was followed by chemicals with 2.6 billion, electrical-electronics with 1.6 billion, apparel with 1.5 billion, and steel with 1.3 billion dollars. In total, 17 of our sectors increased their exports, while nine ended the month in decline. The five provinces with the highest export figures were İstanbul, Kocaeli, Bursa, Ankara, and İzmir. In October, 1,085 companies exported for the first time. The parity contributed 706 million dollars to our exports last month, meaning 3% of the 24 billion dollars was driven by parity gains. Our unit export value stood at 1.59 dollars. Our top export destinations were Germany, the United States, the United Kingdom, Iraq, and Italy. We recorded growth exceeding 50% in 46 countries and over 10% in 96 countries.”
“We Are Endeavoring to Work with Great Sacrifices”
Noting that the increase in October exports was driven partly by parity and the contribution of several sectors, Gültepe emphasized the significance of starting the final quarter of the year with a positive trend, despite all challenges. He continued:
“October inflation figures were also announced yesterday. The annual CPI hovers around 33%, while the dollar exchange rate has seen a 22% increase over the past ten months. We are witnessing a gradual narrowing of the gap between the two, and we hope this disparity will soon be eliminated. As the export community, we have been trying to maintain our operations under very challenging conditions for the past two to two and a half years. According to PMI data, there is no clear signal indicating an improvement in the near future. When examining new orders, nine out of ten sectors are in contraction territory. In this regard, for exports to lead growth once more, different support mechanisms and incentives must be activated. Despite all difficulties, we remain committed to doing our utmost. We had a packed agenda in October. We concluded the 12th Türkiye Innovation Week with record participation. Three days ago, we held our TİM Delegates Workshop. We organized trade delegations to Iraq, Canada, the United States, Panama, Colombia, Kazakhstan, Kenya, and Jordan. This month, we will continue with delegation programs to China, Italy, Malaysia, Indonesia, and Ghana. Our delegations are being carried out with significant participation, and our companies are establishing crucial connections and laying the groundwork for collaborations. I recommend that our companies follow the delegation calendar via TİM and our unions' websites and be sure to participate in programs suited to their interests.”