Trade Ministry

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.

In the first eight months of the year, the Advertising Board imposed 165 million Turkish Liras in administrative fines on companies for misleading advertising or unfair commercial practices.

A new era in real estate sales will commence next month as the Trade Ministry implements a new regulation for listings posted by real estate agents to be officially verified starting Sept. 15, aiming to combat fraudulent advertisements.

The government remains committed to the export target set for 2024, Trade Minister Ömer Bolat has said.

They are not anticipating a downward trend in exports for the remainder of the year, Bolat told reporters in the province of Kayseri.

Türkiye's exports increased by 13.8 percent in July from a year ago to $22.5 billion, hitting a historically high level for the month.

Türkiye's exports increased by 13.8 percent in July from a year ago to $22.5 billion, hitting a historically high level for the month, while the foreign trade deficit shrank 42.3 percent to $7.24 billion.

Imports amounted to $29.75 billion, falling 7.9 percent from July 2023, data from the Trade Ministry showed on Aug. 2.

The first round of negotiations for a free trade agreement (FTA) between Türkiye and the Gulf Cooperation Council (GCC) has been launched in Ankara, the Trade Ministry has announced.

In March, Trade Minister Ömer Bolat and GCC Secretary-General Jasem Mohamed al-Budaiwi signed a deal to start the FTA talks.

Turkish contractors have undertaken a total of 82 projects in foreign countries worth $7.6 billion in the first half of 2024.

The average size of the projects Turkish companies awarded was $92.3 million in the January-June period, according to data from the Trade Ministry.

Some 21,659 businesses have been fined a total of 47 million Turkish Liras ($1.44 million) for failing to comply with the regulation that mandates the visible display of price lists at the entrances and tables of restaurants, cafes and bakeries.

The government introduced the regulation at the start of 2024.

Türkiye's foreign trade balance posted a deficit of $6.44 billion in June, widening 21.4 percent from a year ago, the Trade Ministry has said.

Exports fell 10.6 percent year-on-year to $18.6 billion, while the annual decline in imports was 4.1 percent to $25 billion.

The export/import coverage ratio deteriorated from 79.7 percent in June 2023 to 74.3 percent last month.

Five cities accounted for 56.3 percent of Türkiye's overall exports in May, according to data from the Trade Ministry.

Exports by companies based in Istanbul, the country's financial and commercial center, increased by 14 percent year-on-year last month to $5.64 billion, which corresponded to 23.4 percent of Türkiye's export revenues.