The structural resilience of the Turkish financial system has been strengthened with this system the federal government is implementing, President Recep Tayyip Erdoğan stated on Monday.
He additionally stated that this system “has not been shaken” regardless of the shocks, whereas praising the continued development of the financial system on the occasion in Istanbul.
“Thanks to the program, we have strengthened the structural resilience of our economy. Despite all kinds of shocks experienced, especially in the past three months, the program has not been shaken,” Erdoğan stated.
Delivering a speech on the thirty second Ordinary General Assembly of the Turkish Exporters Assembly (TIM) and Export Champions Award Ceremony, the president additionally stated they anticipated to see inflation figures within the 20s by the top of the yr.
Annual inflation in Türkiye eased to 35.4% in May, touching the bottom degree since late 2021 amid a continued disinflation interval within the face of tight financial situations.
“Our reserves are starting to increase again. Confidence in the Turkish lira is increasing. Inflation has been declining uninterruptedly for a year,” he stated.
“Inflation in May is at its lowest level in the last three and a half years. We aim to see figures in the 20s by the end of the year,” he added.
Turkish central financial institution targets inflation to drop to 24% by the top of 2025 with a wider window vary between 19% and 29%. The officers have additionally repeatedly conveyed the goal to see the patron value index (CPI) within the 20s vary.
The knowledge for June, which is because of be introduced later this week, is more likely to present the speed easing additional, in line with the newest polls.
Moreover, touching upon exports, Erdoğan stated that 2024 was “a record year in terms of exports.”
“We broke a record with $262 billion in exports. The number of companies exporting over $1 billion last year increased to 18. We continue on our path with the same rhythm in 2025,” he continued.
“Our exports increased by 2.7% in May. In the January-May period, goods exports increased by 3.5%. We are also doing quite well in terms of service exports,” he added.
Defense, drone exports
At the identical time, he drew consideration to medium-high and high-tech product exports in addition to the success within the shipments from the protection and aerospace sector.
“The increase in Türkiye’s exports has changed not only in quantity but also in quality. In 2024, medium-high and high-tech product exports exceeded $101 billion. We continue to work to expand our exports,” stated Erdoğan.
“In 2024, we provided TL 24.7 billion worth of resources to our companies to support exports of goods and services. Factors such as increasing geopolitical tensions have reminded us once again that we need to boost the geographical diversity of our exports. We aim to lift our exports to distant countries to $50 billion and the share of the Organisation of the Islamic Cooperation (OIC) countries in our total exports to 30% by 2028,” he famous.
“We have managed to become one of the leading countries in armed and unarmed unmanned aerial vehicles (UAVs). Turkish companies produce two out of every three UAVs sold in the world. We have become a global brand in armored land vehicles. God willing, we will achieve the success we have in UAVs in warplanes,” he added.
He additionally recalled that protection exports reached the amount of $7.1 billion, referring to final yr’s figures, which marked a brand new report for the sector.
As a part of his remarks, he additionally talked about that the Turkish financial system expanded by 3.2% in 2024, additionally including that it grew by 2% within the first quarter. “We have achieved uninterrupted growth for 19 quarters,” he stated.
Speaking on the identical occasion, Trade Minister Ömer Bolat acknowledged that exports continued to extend regardless of main challenges.
“In five out of the first six months of the year, we have achieved more goods exports than in the same months of the previous year. We continued to increase in service exports as of the first four months,” he stated.
Starting his speech, Bolat recalled that the 2000s, which began with nice pleasure and hope, have been topic to main conflicts and crises such because the world monetary disaster, world pandemic, wars and power wars. He, nevertheless, expressed that Türkiye maintained its political stability below the management of President Erdoğan regardless of being in the course of these crises and the ring of fireplace, additionally suggesting that main developments have been made in business, agriculture, providers and commerce with the reforms within the financial system, successes in overseas coverage and main tasks carried out.
He stated that Türkiye’s nationwide revenue has elevated sixfold in greenback phrases within the final 22 years, reaching $1.37 trillion and that the nationwide revenue per capita has elevated fourfold, approaching $16,000. Thus, he stated Türkiye has risen to the league of high-income international locations in line with the World Bank.
The minister additionally stated that the annualized exports have reached $265.5 billion as of the top of May.
“Last year, we generated a total of $377 billion in foreign currency. Our president has set a target of at least $390 billion for this year, and with God’s permission, we will complete this by the end of the year,” he maintained.
Top exporters
At the occasion, the businesses that made the best contribution to Türkiye’s whole exports of $377 billion in items and providers final yr acquired their awards.
In providers exports, the crown belonged to the flag service Turkish Airlines (THY), which was adopted by different corporations principally working within the aviation business, together with Pegasus, Güneş Ekspres Aviation Inc., IGA Airport Operation Inc., and TAV Airports Holding Inc.
The prime 10 corporations that exported essentially the most items in 2024 have been listed as Ford Automotive, Toyota Automotive Industry Türkiye Inc., Türkiye Petroleum Refineries Inc. (Tüpraş), Kibar Foreign Trade Inc., Star Refinery, TGS Foreign Trade Inc., Oyak-Renault Automobile Factories, Vestel, Arçelik and Baykar Makina.
Moreover, within the e-export class, Trendyol Group ranked first, and was adopted by Asır Group Export Inc. and Modanisa Electronic Retailing and Trading Inc.
The occasion in Istanbul was additionally attended by Industry and Technology Minister Mehmet Fatih Kacır, Youth and Sports Minister Osman Aşkın Bak and TIM head Müstafa Gültepe.
Source: www.dailysabah.com