Turkey exports reach $185 billion as US becomes second-largest market

Turkey's total exports reached $185 billion during the January-August period, marking a 4% increase compared to the same period last year. According to data from the Turkish Exporters Assembly (TİM), Germany remains the top export destination with $13.57 billion, while the United States has become the second-largest market, with exports to the US rising 12.9% to reach $9.63 billion.

Key sectoral drivers for exports to the US include chemicals and manufactured goods, which grew by 33.7%, and electrical and electronic products, which saw a 41.8% increase. Notably, the steel sector experienced a massive 404.6% surge in exports to the US during August compared to the previous year. Other significant sectors include automotive, grains, and machinery.

In a recent address in New Jersey, Turkish Trade Minister Ömer Bolat highlighted the deepening economic ties between Turkey and the US. He noted that Turkish companies have invested $14.9 billion in the US, while US direct investments in Turkey stand at $16.5 billion. Bolat emphasized the goal of reaching a $100 billion bilateral trade volume through increased cooperation in technology, energy, and high-value production.