Mustafa Gültepe

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.

High costs are hurting exports, putting achieving the export target set for 2024 at risk, says Mustafa Gültepe, the head of the Türkiye Exporters' Assembly (TİM).

Speaking at a press conference, Gültepe recalled that Türkiye's merchandise and service exports for this year are $267 billion and $110 billion, respectively.

Business leaders have voiced support for the measures announced by the government aimed at reining in spending and boosting efficiency in the public sector, saying that the package will contribute to the fight against inflation.

The savings package was unveiled by Vice President Cevdet Yılmaz and Finance Minister Mehmet Şimşek on May 13.

The recent attacks by the Houthi rebels on ships in the Red Sea have already started to significantly affect trading activities, especially in the container segment, while creating an opportunity for Turkish manufacturers.

Turkish exporters will focus more on large economies, such as the U.S, China and India, this year, as they aim to boost goods and service export revenues to a total of $402 billion, says Mustafa Gültepe, the head of the Turkish Exporters' Assembly (TİM).

"We are shifting our focus to the alternative markets with large import potential," he told reporters.

The attacks on commercial ships in the Red Sea by Yemen's Houthi rebels have rerouted a majority of global trade away from the crucial maritime artery for goods and supplies that are likely to impact Turkish consumers through rising prices.

Türkiye's leading business associations have welcomed the government's new medium-term program, as they expect the economic roadmap to increase predictability.

The new medium-term program, which covers 2024-2026, outlines a comprehensive strategy aimed at reducing inflation, fostering growth and addressing various key challenges.

Türkiye aims to increase its food and agricultural products export revenues to $50 billion in 2028, says Mustafa Gültepe, the president of the Turkish Exporters' Assembly (TİM).

The country generated some $27 billion in food and agricultural products exports last year.

Encouraged by the steps the new economic team has taken over the past two and a half months, Türkiye's exporters have voiced optimism that the target of generating $265 billion in export revenues appears to be within reach.

A commission is set to hold its first meeting later this week to discuss a hike in minimum wages for millions of workers.

Representatives from the government, labor union Türk-İş and the Turkish Confederation of Employers' Association (TİSK) will gather on June 13 at the Labor Ministry.