Turkey’s Trade Minister Ömer Bolat announced this weekend that the Eurasian country reached an all-time record with exports worth 25 billion dollars in July.
“We have reached the highest monthly export figure in our history in July. This is not only the highest figure ever recorded in July, but also the highest 12-month cumulative volume of goods exports in the history of our country,” Bolat said during a press conference in Samsun province, according to Turkish media and his own ministry.
“This is what we call a ‘legendary month’, six major achievements in one. We have reached an all-time high in monthly exports, with $25 billion compared to $22.5 billion in July last year, an increase of $2.5 billion, or 11%. This gain also contributed an additional $2.5 billion to our 12-month cumulative exports,” Bolat said, noting that July saw a slowdown in the monthly growth rate of imports and a significant reduction in the foreign trade deficit, compared to June and also to July last year.
The minister also indicated that exports in July registered an increase of 4.5 billion dollars compared to June, and that the next target is to reach 26 billion dollars in monthly exports. On the other hand, imports increased by 5.4% in July to $31.4 billion, although Bolat stressed that imports remain at stable and reasonable levels .
Bolat reported that Turkey’s external trade deficit narrowed to $6.4 billion in July, down 12% from the $7.3 billion recorded in July 2024, and the lowest level of trade deficit in the last 9 months. He also referred to the good data on services exports, explaining that Turkey reached $106 billion in this field in 2023 and $115 billion in 2024, while by 2025 it has set a target of $121 billion. Finally, the minister spoke about the negotiations on updating the Customs Union with the EU, as a result of which Brussels has already been granted more visa facilities for Turkish citizens.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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