Foreign trade volume between Türkiye and the United States has reached $38 billion, while a target of raising trade between the two countries to $100 billion has come to the fore. Minister Bolat discussed the transformation of Türkiye’s economy and its economic relations with the United States at the 4th Turkish-American Business Gathering of the Anatolian Lions Businessmen’s Association in New York.
Bolat said the United States was Türkiye’s second-largest export partner and fourth-largest import partner. He said the United States was the second-largest source of investment in Türkiye and that approximately 1 million tourists came to Türkiye from the United States.
Bolat said the economy would become much stronger if Türkiye improved its exports and balance of payments. He added that the Turkish business community in the United States played an important role in developing trade between the two countries.
$100 billion trade target
ASKON Chairman Orhan Aydın said the global economy was undergoing a rapid transformation. Aydın said they attached importance to the goal of raising trade volume between Türkiye and the United States to $100 billion.
Aydın said the goal included more Turkish companies entering the U.S. market, more U.S. investors investing in Türkiye, joint production, technology transfer and increased employment. He said Türkiye’s production strength and the United States’ technology and capital capacity could be turned into joint projects in energy, the defense industry, aviation, software, artificial intelligence, agriculture, tourism and high-tech manufacturing.
Türkiye’s exports rise to $405 billion
Bolat said Türkiye’s production had reached $1.706 trillion as of June. He announced that goods exports stood at $280 billion and services exports at $125 billion as of August, saying total exports had risen to $405 billion. He added that total foreign trade volume, including imports, had reached $860 billion.
Bolat recalled that Türkiye had an economy worth approximately $60 billion and annual exports worth $2.9 billion in 1980. He said there were approximately 25,000 companies and around 1,000 exporters in the country at that time. Bolat said Türkiye’s economic capacity had increased significantly over 45 years.
Bolat said Türkiye was the world’s 16th-largest economy and ranked 11th according to purchasing power parity. He said the country had recorded average annual growth of 5.4 percent over the past 23 years, adding that significant transformation had taken place in infrastructure, superstructure, education, health, energy, the environment, culture, youth, sports and transportation.
Bolat highlighted the image of Turkish goods and Türkiye’s international reputation, alongside its production and technology capacity. He said the services sector, which stands out in tourism, contracting, health, education, information technology, software, gaming and trade fairs, had formed an ecosystem together with Türkiye’s economy, foreign trade and tourism.
The Turkish diaspora’s role in economic ties
Bolat also spoke at the Global Turks New York Forum, organized by the Global Turks Foundation in New York. Bolat said an intensive program was being conducted in New York, adding that they had attended President Recep Tayyip Erdoğan’s bilateral meetings and that, as ministers, they had held various contacts.
Bolat said Turks living abroad had made significant progress in organization and diaspora activities in recent years. He said the spheres of influence created by Turkish organizations in different countries contributed to promoting Türkiye. He added that Turks living abroad could serve as a bridge between Türkiye and the countries where they live.
Bolat said developments at Turkish Airlines, in Turkish television series, the gaming industry and manufacturing had increased Türkiye’s global visibility. He added that the Turkish diaspora contributed to strengthening Türkiye’s economic, commercial and global ties.
