Turkey's October exports hit record $25.9 billion, automotive leads sectors

Trade Minister Ömer Bolat addressed a press conference at the TİM Foreign Trade Complex to present Turkey's October foreign trade data. He said exports reached 25.885 billion dollars, up 8.1 percent from the same month last year, marking the highest October and third-highest monthly export figure in the Republic's 103-year history.

Bolat added that exports for the January-October period rose 5.5 percent to 236.8 billion dollars, generating a net export increase of 12.4 billion dollars. Annualized goods exports reached a record 285.6 billion dollars, while annualized goods and services exports were expected to reach 413 billion dollars, bringing the year-end target of 410 billion dollars within reach.

“In October we realized exports of 25 billion 885 million dollars with an 8.1 percent increase compared to the same month of last year.”

Imports rose 3.4 percent year-on-year to 32.6 billion dollars in October, Bolat said. As a result, the foreign trade deficit narrowed by 11.4 percent to 6.7 billion dollars, and the export-to-import coverage ratio improved by 3.4 percentage points.

TİM Chairman Mustafa Gültepe noted that September exports had grown 15.4 percent to 26 billion dollars. He said October also delivered strong performance despite global challenges, with quantity-based exports down 1.7 percent in October and 2.1 percent over the first ten months.

Gültepe attributed the volume decline to inflation and cost differences with competing countries, warning that this gap undermines competitiveness. He added that exports rose in 13 sectors and fell in 13 others during October.

Automotive led all sectors with 4.032 billion dollars in exports, becoming the first Turkish sector to exceed 4 billion dollars in a single month. Chemicals followed with 3 billion dollars, electrical-electronics with 1.9 billion, steel with 1.353 billion, and iron and non-ferrous metals with 1.324 billion.

Defense and aerospace recorded the strongest growth at 61.1 percent, followed by jewelry at 33.8 percent, electrical-electronics at 17.6 percent, chemicals at 13.7 percent, and automotive at 5.9 percent. Ready-to-wear, machinery, ships and yachts, furniture, paper and forest products, and cereals posted the largest declines.