In Foreign Affairs

Helen Rush

Turkish exports beat the record as lira searches for bottom

Turkish exports beat the record as lira searches for bottom

Turkey broke a daily export record on June 23. On that day, the country’s exports saw the historic high of $2.12 billion, Turkish Trade Minister Ömer Bolat announced.

“The threshold of $2 billion in daily exports has been exceeded,” he further stated.

Bolat also emphasized that the current daily export value exceeds the 1977 annual export figures ($1.75 billion) and the 1999 monthly export figures ($1.94 billion in August). He praised the strength and dynamism of exporters to reach this historic milestone despite economic challenges.

Bolat stressed the importance of sustainable export growth, reduced import dependence, macroeconomic stability and an investment-friendly environment with a strong manufacturing export chain.

Turkish exports grew 14.4 percent in May from a year ago to $21.7 billion, while imports rose 15.5 percent to $34.2 billion, the Turkish Statistical Institute (TurkStat) reported.

Germany, Turkey’s main trading partner, received $1.8 billion in Turkish exports in May. Other major overseas and foreign shipments included $1.3 billion to the U.S., to the U.K. ($1.1 billion), to Iraq ($1.01 billion) and to Italy ($1 billion).