As 2022 draws to a close, Türkiye’s exports will not fall below the year-end target that was set last year, Trade Minister Mehmet Muş said on Friday.
Türkiye has set a $250 billion export target for this year, after reaching a record $225 billion in 2021.
“There are 15 days left until the end of the year, and we will not fall short of the target we set last year for exports,” Muş told a summit organized by Türkiye’s leading media group and Daily Sabah’s parent company, Turkuvaz Media, in Istanbul.
“Our target was set at $250 billion last year, and we will exceed that,” he noted.
However, Muş added that there is a slowdown in foreign demand, especially due to recent rate hikes, which they will try to circumvent with minimal impact.
“Our upward trend has continued since the second half of the year, but now we have a slower increasing trend due to a decrease in external demand.”
Muş said an additional target of $80 billion was added last year, with the aim to diversify the market to reach it.
One of the main drivers of Türkiye’s economic growth this year, exports hit record-high volumes throughout the first 11 months of this year. Yet, a global slowdown has put a drag on foreign demand, notably among Türkiye’s largest trade partners, spearheaded by Europe.
Outbound shipments from January through November jumped 14% from a year ago to $231 billion, while imports were up 36.6% to nearly $331.1 billion, driven mainly by steep rises in energy and commodity prices after Russia’s invasion of Ukraine.
Muş previously said there has been a slowdown in the growth trend of exports, citing weakening demand in the European Union, where almost half of the Türkiye’s shipments go.
“A slowdown there (in Europe), whether we want it or not, a drop in demand there affects our exports,” he said.