Turkish Lira Takes Center Stage: Exports Surge and Global Expansion in Trade Currency

Last Updated on March 4, 2024 1:20 pm

In a significant economic shift, foreign trade in Turkish lira witnessed an impressive surge, marking a 39.4% increase to 207.7 billion Turkish liras ($6.6 billion) year-on-year during the initial two months of 2024. The Trade Ministry’s data, compiled by Anadolu, paints a vivid picture of the currency’s growing prominence in international transactions.

Exports in February experienced a remarkable uptick of 13.6% annually, soaring to $21.8 million and setting a new record for the highest February export value in Turkey’s history. Notably, exports in Turkish lira took a substantial leap of 69.4% year-on-year, reaching 30.9 billion Turkish liras ($982.6 million) in January, while imports also surged by 68.1% to 81.1 billion liras ($2.5 billion).

The overall foreign trade volume in Turkish lira experienced a robust increase of 68.5% to 112.1 billion Turkish liras ($3.5 billion) in January 2024. Comparatively, the same period in the previous year recorded a foreign trade volume of 66.5 billion Turkish liras ($2.1 billion). February continued this trend with exports in Turkish lira surging by 19.6% to 25.1 billion Turkish liras ($798.1 million) and imports rising by 14.7% to 70.4 billion Turkish liras ($2.2 billion), resulting in a foreign trade volume of 95.6 billion Turkish liras ($3 billion), up 15.9% year-on-year.

The statistics reveal a significant shift from the figures of February in the previous year, where exports were at 21.1 billion Turkish liras ($670.9 million) and imports stood at 61.4 billion Turkish liras ($1.9 billion), with a foreign trade volume of 82.4 billion Turkish liras ($2.6 billion).

The January-February 2023 period recorded a foreign trade volume of 149.2 billion Turkish liras ($4.7 billion), with exports amounting to 39.2 billion Turkish liras ($1.2 billion). In contrast, the same period in 2024 witnessed a notable increase, with exports reaching 56.1 billion Turkish liras ($1.7 billion) and imports escalating from 109.7 billion Turkish liras ($3.4 billion) to 151.6 billion Turkish liras ($4.8 billion).

In an extraordinary global outreach, exports in Turkish lira were extended to 164 countries in January, involving 31,000 companies. This outreach expanded in February, encompassing 168 countries, with the number of companies utilizing the Turkish lira for their exports reaching 32,300. The data underscores a clear trend of increased international acceptance and utilization of the Turkish lira in trade transactions, reflecting its growing influence on the global economic stage.