Türkiye seeking to increase share in global exports: Minister

Türkiye seeking to increase share in global exports: Minister

Türkiye seeking to increase share in global exports: Minister

Türkiye is seeking to increase its exports to the world’s largest economies with a specially tailored “distant countries strategy,” Trade Minister Mehmet Muş has said.

Those targeted 18 countries in different continents, including the U.S, Canada, Mexico, Brazil, China, Japan, India, South Africa and Australia, account for more than half of the global economy, Muş said at a ceremony held in Istanbul marking the launch of the trading strategy.

“We initially aim to increase Türkiye’s share in those countries’ imports above 1 percent. That means boosting exports to those economies from $20 billion on average between 2018 and 2020 to more than $80 billion,” the minister added.

Muş noted that two-thirds of Türkiye’s exports have been destined to the neighboring nations and countries within relatively closer proximity over the past 20 years, which necessitates a special foreign trade strategy to reach out to distant countries.

The share of those 18 countries accounts for 64 percent of the global economy and their share in global imports is 47 percent, according to the minister. “Those nations offer an important opportunity to increase bilateral trade on a win-win basis.”

As part of the distant countries strategy, guides will be prepared to inform local businesses on how to enter the markets, investment opportunities and regulations, and working groups will be set up on the integration of small and medium-sized companies into the supply chains in those 18 countries, according to the minister.

Online stores will be launched to boost trade with China, Muş also said, adding that details of a package designed to support e-exports will be unveiled soon.

With programs, such as “Study in Türkiye” and “Heal in Türkiye,” education and health services will be promoted in the targeted countries, he stated.

Service exports are as important as exports of goods for the Turkish economy, and Türkiye is a net exporter of services, Muş said, noting that service exports climbed from $14 billion in 2002 to $58 billion last year despite the challenges stemming from the pandemic.

Recalling that the country’s export revenue target for 2022 is $250 billion, the minister said that this target will be met.

Data from the Trade Ministry showed that Türkiye’s exports increased by 18.5 percent in June from a year ago to stand at $23.4 billion. In the first half of 2022, the country’s export revenues grew 20 percent on an annual basis to $126 billion.

Germany ($1.9 billion), the U.S. ($1.6 billion), Iraq ($1.2 billion), the U.K. ($1.2 billion) and Italy ($1.1 billion) were the top five export markets.