Türkiye tops G20 countries in services exports growth

Türkiye ranked first among G20 countries in terms of services export growth in the second quarter of 2024, the Trade Ministry has said.

In the first six months of 2024, Türkiye's services exports increased by 9.5 percent from a year ago to reach $47.2 billion, according to a statement by the ministry.

Services imports grew 11.8 percent to $23.1 billion in the January-June period of this year.

Türkiye's services exports amounted to $101.7 billion last year, capturing a 1.29 percent share of the global services exports, ranking 22nd in the world, the ministry said, adding that services exports target for 2024 is $110 billion.

Türkiye ranked first among G20 countries in the rate of increase in exports of services in the second quarter of 2024 compared to the previous quarter, while the rate of increase in imports of services in Türkiye decreased the most among these nations, said the ministry.

G20 exports and imports growth of services are estimated to have slowed to 1.9 percent and 1.1 percent in the second quarter of 2024, from the 3.4 percent and 3.7 percent increases recorded in the previous quarter, the ministry noted, citing data from the Organization for Economic Co-operation and Development (OECD)

Türkiye's services exports amounted to $29.3 billion in the second quarter of 2024, showed OECD data.

The U.S. was the largest exporter of services at $275 billion in the second quarter, followed by the U.K. at $154 billion. Germany ranked third on the list at $112.6 billion.

The Turkish services sector has strengthened its position in the world services trade and demonstrated its potential once again, said the ministry, adding that the sector's favorable contribution to the country's current account balance is...