Turkey Climbs in the OECD Service Trade Rankings
In a written statement released by the Ministry, it was emphasized that the OECD 2024 Second Quarter International Trade Statistics Report has been published. The statement highlighted the critical contribution of the services sector to the country’s economy through its export volume, the surplus it provides in the foreign trade balance, and its positive impact on the current account, as well as its significant role in high value-added production and job creation.
The statement revealed that Turkey has climbed to 22nd place in global service exports, with $101.7 billion in service exports, representing 1.29% of the world’s service exports, on the occasion of the 100th anniversary of our Republic. In the first 6 months of 2024, with a target of $110 billion in service exports, our service exports reached $47.2 billion, showing a 9.5% increase compared to the same period last year, while service imports increased by 11.8% to $23.1 billion. As a result, we are achieving an average trade surplus of around 50% in service trade.
Turkey Stands Out in the Second Quarter
According to the OECD report, Turkey became the country with the most significant decrease in service imports in the second quarter. While the report stated that among G20 countries, the growth rate of service exports continued to increase compared to the first quarter of 2024, Turkey ranked first in the increase rate of service exports and was noted as the country with the most significant drop in service import rates among these countries.
Compared to the same period last year, with a 4.7% increase in service exports against a 1.9% increase in G20 countries, Turkey’s service exports increased by 4.7%, and service imports decreased by 3%. This performance placed Turkey in the first place in service export growth and as the country with the most significant decline in service imports among G20 countries in the second quarter of 2024.
Continued Support for the Service Sector
The Ministry emphasized that the service sector has solidified its position in global service trade and demonstrated its potential once again, contributing positively to the country’s current account balance. It was stated that the Ministry of Trade will continue to support the service sectors to achieve our export targets and turn companies in these sectors into global brands.
For this purpose, the Ministry of Trade increased the support budget for service exporters from 2.5 billion lira in 2023 to 5.1 billion lira in 2024, with 3.9 billion lira in support payments made available to service exporters as of August this year.