Trade Minister Ömer Bolat: “Turkey is the 11th largest economy in the world.”

Trade Minister Ömer Bolat stated, “Turkey is the 11th largest economy in the world. With a population of 85 million, a gross domestic product (GDP) of approximately 1.2 trillion dollars, and a foreign trade volume of 600 billion dollars, Turkey is an important player in the global economy.”

Trade Minister Ömer Bolat made remarks at the Bosphorus Summit held in Istanbul. Minister Bolat noted that Turkey, the 11th largest economy in the world, has also been steadily increasing its share in global exports since 2020.

“In the 10-month period of the year, exports increased by 3.6% compared to the same period last year, reaching 216.4 billion dollars.” Minister Bolat stated that in the first 10 months of 2024, exports amounted to 216.4 billion dollars, up 3.6% compared to the same period last year, adding, “By the end of 2023, our share in world goods exports is around 1.08%, while our share in service exports is following an upward trend at about 1.35%. We have set our target for service trade to reach 2% by 2028.”

“Turkey is an important player in the global economy.” Minister Bolat emphasized that with its population of 85 million, a GDP of approximately 1.2 trillion dollars, and a foreign trade volume of 600 billion dollars, Turkey is a significant actor in the global economy.

“E-commerce is growing above the average economic growth rate in Turkey.” Minister Bolat remarked, “E-commerce has become a universal bridge that transcends borders, strengthens international cooperation, and enhances the welfare of societies by connecting economies around the world. We can clearly see the effects of this globally. The global e-commerce volume, which has grown by 75% since 2019, reached a historic size of 5.8 trillion dollars by 2023. E-commerce is growing above the average economic growth rate in Turkey.”

Highlighting that they are facing a brighter picture due to achievements in the financial sector regarding investments, Minister Bolat stated, “We currently host more than 83 thousand multinational companies with a total investment of 269.2 billion dollars. We aim to increase our share in global foreign direct investments to 1.5%. Our contracting companies have undertaken 12,317 projects worth 522.2 billion dollars worldwide. The trade volume with the Organization of Islamic Cooperation (OIC) countries, which was 10.7 billion dollars in 2002, reached 129.7 billion dollars in 2023.”