Service exports likely to top $68.5 bln this year: Minister

Service exports likely to top $68.5 bln this year: Minister

Service exports likely to top $68.5 bln this year: Minister

The strong performance since the start of the year suggests that Türkiye’s service export revenues will exceed the initial target of $68.5 billion this year, Trade Minister Mehmet Muş has said.

In the first seven months of 2022, revenues from service exports increased by 66 percent from a year ago to $42 billion, the minister said, noting that export revenues of the sector rose 62 percent in 2021 to amount to $58 billion.

The services sector posted a trade surplus of $26.7 billion, making a positive contribution to the country’s current account balance, Muş said, speaking at the signing ceremony and the launch of the new export supports and pre-finance model.

The service exports play a key role in the Turkish economy by generating hard currency, creating jobs and creating added value, he furthered.

“With the momentum in the pace of service export growth, we expect export revenues to exceed $68.5 billion, which was initially set as a target for 2022,” Muş said.

This new model, which was developed in cooperation with the Türk Eximbank and the Export Development Company (İGE), will make it easier for exports to access finance and supports provided to exporters will become more efficient, he added.

The minister also recalled that the Turkish economy grew by 7.5 percent on average in the first and second quarters of 2022, and half of this growth came from service and goods exports. “Exports continued to increase in the first eight months of the year, reaching $165.7 billion,” he said.