Türkiye continues to increase support for production, exports: Şimşek

ANKARA

Treasury and Finance Minister Mehmet Şimşek has expressed confidence that Türkiye will maintain a sustainable current account balance this year, despite anticipating a potential increase in the foreign trade deficit.

“We continue to increase support to limit the effects of current conditions on production and exports,” Şimşek stated on his social media account.

He highlighted that while exports in February experienced a 1.5 percent year-on-year contraction due to the parity effect, fewer working days, and adverse weather conditions, total exports for the first two months of 2025 saw a 2.1 percent increase.

On the other hand, imports rose by 3.8 percent in February compared to the previous year. Notably, imports excluding gold and energy showed a 3.1 percent decrease, signaling improvements in the foreign trade balance for these categories.

Despite challenges, Şimşek emphasized his optimism regarding economic balance.

“Although we anticipate an increase in the foreign trade deficit this year due to uncertainties in global trade, protectionist policies, weak growth outlooks in the EU, natural gas prices and the recovery in our economic activity, we expect a sustainable current account balance to persist,” he said.

Defense sector reports record-breaking export growth

Türkiye’s defense sector has recorded significant export growth, with February showing a 44 percent year-on-year increase. Exports rose from $300 million to $434 million, and for the first two months of the year, the total surged by 29.6 percent, reaching $816 million.

Haluk Görgün, head of the Defense Industry Agency (SSB), attributed this success to a strategic focus on high-tech and value-added products.

“Our goal is to maintain a consistent upward growth trajectory in defense industry exports to strengthen our position in the global market," he said.

Görgün further credited international cooperation for overcoming regional barriers in defense exports, noting that companies have expanded their reach across global markets.

“Our aim is to fortify sustainable growth by encouraging more SMEs and large-scale enterprises within the defense industry to actively participate in exports,” Görgün added.