Turkiye positive on export target, expects lower tariffs under Trump

09 Nov '24

1 min read

Turkiye positive on export target, expects lower tariffs under Trump

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Turkiye hopes it can achieve the 2024 export target of $264 billion despite global difficulties and protectionism, trade minister Omer Bolat said.
Export shipments in October stood at a record $23.6 billion and foreign trade deficit fell by 30.4 per cent to $65.6 billion in the first 10 months this year.
Turkiye expects the next US administration to lower tariffs on its steel and textile exports.

The Turkish government hopes it can achieve the 2024 export target of $264 billion despite ongoing global difficulties and rising protectionism, according to trade minister Omer Bolat, who said export shipments in October stood at a record $23.6 billion.

“We have announced export records in 10 of the last 15 months. Last May, we achieved the highest export rate in the history of the republic with $24.1 billion," Bolat told the Turkiye Export Mobilization summit in Istanbul.

Bolat said though imports by the European Union have slowed down this year by around 10 per cent and growth there is weaker as well, Turkish exports to the bloc rose. Turkiye’s exports with Balkan countries are increasing too, he said.

Bolat said the country’s foreign trade deficit decreased by 30.4 per cent to $65.6 billion in the first 10 months this year, which showed that the economy had taken important steps toward balanced growth and macroeconomic stability.

The minister said Turkiye expects the next US administration to lower tariffs on its steel and textile exports and that bilateral relations would ‘evolve for the better’, according to domestic media reports.

Turkiye and the United States expect to reach $35 billion in trade volume this year.

Fibre2Fashion News Desk (DS)

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