Türkiye Reaches $400 Billion Export Milestone, Maritime Sector Faces Structural Challenges
Turkey has reached a historic milestone in exports, according to Trade Minister Ömer Bolat, who evaluated the December 2025 current account data.
Bolat announced that service exports rose by 4.6% to $122.6 billion, while total goods and services exports increased by 4.5% to $396 billion, effectively placing Turkey in the $400 billion export league.
Highlighting the long-term growth, Bolat noted that total exports, which stood at $50 billion in 2002, had climbed to $396 billion by 2025 — a 7.9-fold increase in 23 years.
Current Account and Financial Outlook
The current account deficit in 2025 was $25.2 billion, in line with the Medium-Term Program target of 1.4% of GDP. Bolat emphasized that the deficit has remained stable and manageable over the past three years, supporting foreign exchange markets, reserve adequacy, and financial stability. Turkey’s country risk premium (CDS) has also fallen to its lowest level in seven years.
Record in Service Exports
Key figures for 2025:
• Goods exports: $273.4 billion
• Service exports: $122.6 billion
• Travel revenues: $60 billion
• Transport revenues: $42.4 billion
The strong rise in service exports continues to make a positive contribution to Turkey’s trade balance.
Maritime Sector: Financing Problems, Flag Flight, and Order Loss
Despite the robust export performance, the maritime and shipbuilding industries are facing significant structural challenges. According to the report “Other Business Problems and Solution Proposals”, Turkish-flagged vessels encounter serious barriers in accessing international financing.
Key Issues
• Financing and guarantees: European banks do not provide counter-guarantees for letters of credit issued by Turkish banks, causing Turkish shipyards to lose international orders.
• Order loss: This situation shifts orders to European and Far Eastern shipyards.
• Flag flight risk: Financing difficulties are driving shipowners away from the Turkish flag, raising concerns that require urgent preventive measures.
Proposed Solutions
• Credit Guarantee Fund (KGF) support and export premium system for shipbuilding and maintenance
• Incentives for green shipbuilding investments
• Exemption of shipyard workers from tax and social security contributions
• Competitive advantage for Turkish shipyards in public procurement
• Emphasis on a national fleet in international shipping
The Bigger Picture
The overall outlook shows that Turkey has achieved strong momentum in exports, current account balance, and financial stability at the macroeconomic level. However, structural financing problems in the strategic maritime and shipbuilding sector remain a major vulnerability.
Ensuring the sustainability of Turkey’s export growth will depend on addressing critical issues such as financing access, national flag policy, and shipyard support mechanisms.
