Turkey’s trade with Latin America climbs to $16.4 bn while textile‑growing sector hits $75 bn

Turkey’s Trade Ministry said the commerce volume with Latin America and the Caribbean rose 18‑fold over the past 25 years, reaching $16.4 billion. In the first five months of 2024 trade grew 15.7 % to $8.3 billion, with exports steady at $5.7 billion and imports rising 19 %. Diplomatic representation in the region expanded from six missions in 2002 to twenty today, and Latin‑American investment in Turkey totals $3.4 billion, while Turkish firms have invested $1.3 billion in the area.

At the same time, Trade Minister Ömer Bolat highlighted the Turkish textile and ready‑made‑garment sector’s size of $75 billion – the world’s seventh‑largest and the EU’s third – and its leading position in employment. Export value stands at $31.7 billion, and the sector remains resilient despite the pandemic, the Russia‑Ukraine war, earthquakes and high inflation. Recent policy steps include doubling the monitoring price for ready‑garment imports and allocating 45 billion lira in grants to support manufacturing and services.