Türkiye’s Industrial Exports Reach All-Time High of $143.2 Billion

Türkiye’s industrial sector posted its highest-ever export figures for the January-September period, reaching $143.2 billion, according to data from the Türkiye Exporters’ Assembly (TIM).

The five-point corporate tax exemption granted to exporters, along with employment support of 2,500 Turkish lira ($59.5) per worker, continued to positively impact the sector’s performance, The Caspian Post reports, citing Anadolu.

Global agreements and sectoral trade meetings also contributed to the rise in exports.

Türkiye’s total exports climbed 4.1% to $200.6 billion in the first nine months of the year, the data showed. Industrial exports surged 5.7% accounting for 71.4% of total exports.

Six of the 15 industrial sub-sectors broke export records during this period.

The automotive industry’s exports reached $30.2 billion, followed by electrical and electronics with $12.9 billion, jewelry with $6.2 billion, defense and aerospace with $6 billion, air conditioning with $5.4 billion, and ships, yachts, and related services with $1.5 billion.

In terms of growth rates, defense and aerospace exports surged 39.3%, jewelry 14.3%, automotive 12.3%, ships, yachts, and services 8.7%, electrical and electronics 5.7%, and air conditioning 3.2%.

Germany was the top destination for Turkish automotive exports at $4.9 billion, and also imported $571.7 million in air conditioning products. Norway received $264.6 million in shipbuilding and services exports, the UK imported $1.3 billion in electrical and electronic goods, and the United Arab Emirates purchased $2.3 billion in Turkish jewelry.

Ibrahim Unalmis, director of the financial research center at Istanbul Bahcesehir University, told Anadolu that some 70% of the sectors within the Turkish industrial business increased exports during the period.

He added that sectors with higher added value were able to boost their exports, while more labor-intensive ones saw their exports decline.