Türkiye is all but sure that the data next week will show that it has surpassed its year-end exports target, according to the country’s trade minister.
“We will say $250 billion-plus; we will see what that plus is on Monday. We can to export above the world average. Especially in the last two years, we have increased our exports more than the world (average); we have this ability,” Mehmet Muş said.
Muş was speaking during a panel held within the scope of the Türkiye Export Mobilization Summit, organized by Daily Sabah’s parent company Turkuvaz Media’s flagship Sabah newspaper.
Exports have been one of the main drivers of Türkiye’s economic growth and have hit record-high volumes throughout the first 11 months of this year.
Yet, a global slowdown has dragged 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, according to official data, driven mainly by steep rises in energy and commodity prices after Russia invades of Ukraine.
Exports had ended 2021 at a record $225.4 billion, a figure that government and economists expected to reach $250 billion this year.
The fresh all-time high seems all but sure as, the 12-month rolling exports reached $253.5 billion in November.
“In the ten years after 2011, world exports grew by 2%. Türkiye, on the other hand, increased its exports by 5.3% in this period. Therefore, it is almost three times the size of the world,” Muş said.
“This shows the strength of Türkiye despite the circumstances. As a result, our share in global exports increased to 1.03%.”
Still, Muş cited global uncertainties and challenges spearheaded by high energy prices.
“No one can predict energy prices. There is a very uncertain environment. Forecasts cannot be made in world trade either,” he noted.
“We always have export capabilities above the world average. All our goals are to go above, and beyond the point we have arrived at.”
Muş also stressed Türkiye’s goal to boost its services exports.
“We care about service exports and are increasing our share here. In 2023, service exports will increase to over $100 billion,” he said.
