Türkiye’s exports reached a brand new all-time excessive in 2024, President Recep Tayyip Erdoğan introduced on Friday, stressing the achievement regardless of what he mentioned was a “painful” 12 months crammed with regional uncertainties and protectionist measures that continued to negatively impression international commerce.
“Our goods exports for 2024 increased by 2.5% compared to 2023, reaching $262 billion,” Erdoğan informed an occasion in Istanbul to announce the preliminary commerce figures. “We achieved a record in export figures throughout the year.”
That marks a fourth straight annual peak that was up from $255.8 billion in 2023. Imports dropped by 4.9% year-over-year to $344.1 billion final 12 months, mentioned Erdoğan.
The achievement got here regardless of challenges reminiscent of unsure international outlook and slowing demand in a few of Türkiye’s key export markets just like the European Union.
“We have endured a painful and turbulent year filled with regional uncertainties. Protectionist measures continued to adversely affect global trade last year. The fight against inflation, which has not yet reached the desired levels, marked the past year worldwide,” Erdoğan mentioned.
Still, he expressed optimism, saying: “We expect a relatively better year in 2025.”
Despite some constructive alerts relating to the brand new 12 months, Erdoğan emphasised the necessity for cautious motion.
He described the adverse outlook in Germany, Europe’s largest economic system, as a “significant risk factor” for the eurozone.
“We will work to minimize this risk. Although global trade in goods and services is showing positive signals for 2025, unresolved geopolitical tensions necessitate more cautious actions. We will strive to minimize risks by finding new markets and trade partners,” he famous.
Türkiye’s commerce deficit narrowed to $82.2 billion from $106.3 billion in 2023. “In 2024, we reduced the trade deficit by a full $24 billion,” the president famous.
He additionally highlighted the export-to-import protection ratio, which rose by 5.5 factors to 76.1% final 12 months. “This ratio was only around 50% when we took office in 2002.”
Exports additionally reached a brand new all-time December excessive, mentioned Erdoğan, rising by 2.2% year-over-year to $23.5 billion. Imports rose by 11.1% from a 12 months in the past to $33.1 billion.
Growth, inflation, employment
Erdoğan went on to hail the federal government’s medium-term financial program and the truth that Turkish economic system has managed to keep up its progress for 17 consecutive quarters.
“Our economy grew by 2.1% in the third quarter. This brought our growth to 3.2% for the first nine months,” mentioned the president.
He added that the federal government estimates a 4% enlargement in 2025 on again of exports and stuck capital investments.
The economic system has reached $1.26 trillion in nationwide earnings as of the third quarter, he added. “We expect our per capita income that stood at $13,243 in 2023 to exceed $15,000 in 2024, and to surpass $17,000 in 2025.”
Erdoğan additionally famous a big enhance in employment, with greater than one million new jobs created previously 12 months, reaching a historic excessive of 32.97 million employed people as of October.
The unemployment fee fell to eight.8% from January to October, the bottom in 23 years.
Erdoğan additionally referred to the bottom the federal government has lined within the battle towards inflation after official knowledge on Friday confirmed client costs eased greater than anticipated in December to finish 2024 at almost 44.4% on an annual foundation.
The December determine marks the weakest inflation since June 2023 and hit the central financial institution’s midpoint goal of 44% for year-end.
The financial institution, having saved its most important rate of interest regular at 50% since March, launched an easing cycle final week, reducing the coverage fee by 250 foundation factors to 47.5%.
It started tightening coverage in mid-2023. The final minimize was in February 2023.
Erdoğan mentioned Friday’s knowledge “confirms the correctness of our actions,” and expects inflation to chill additional in 2025 consistent with official estimates. The central financial institution sees inflation falling to 21% on the finish of this 12 months.
“The markets trust our government and our program,” Erdoğan mentioned.
Source: www.dailysabah.com