Turkey's 2023 service export report card is out: 56 billion dollars

The Turkish Statistical Institute (TÜİK) has announced its 2023 international service trade statistics.

Accordingly, service exports, excluding travel, rose from 47.4 billion dollars in 2022 to 56.5 billion dollars in 2023, an increase of 19.2 percent. Service imports, meanwhile, rose from 35.9 billion dollars in 2022 to 41.4 billion dollars in 2023, an increase of 15.3 percent.

According to the extended balance of payments services classification, the share of transportation in total exports fell from 74.2 percent in 2022 to 68.9 percent in 2023. The share of "other business services," which ranked second, rose from 8.4 percent in 2022 to 9.8 percent in 2023. The "telecommunications, computer, and information services" sector ranked third in service exports in 2023 with a 7.5 percent share.

In transportation services, which constitute a significant portion of service exports, exports rose from 35 billion 172 million dollars in 2022 to 38 billion 930 million dollars in 2023, an increase of 10.7 percent. Exports of telecommunications, computer, and information services rose by 43 percent in 2023 compared to the previous year, reaching 4 billion 252 million dollars.

The share of transportation in total imports was 47.3 percent in 2022 and 44.7 percent in 2023. The share of "other business services," which ranked second, rose from 18.9 percent in 2022 to 19 percent in 2023. The "telecommunications, computer, and information services" sector, which had a 10.3 percent share in service imports, ranked third in 2023.

EU COUNTRIES AT THE TOP

Service exports to European Union (EU) countries in 2023 amounted to 21 billion 860 million dollars, while exports to other European countries totaled 8 billion 607 million dollars. In 2023, imports from EU countries were recorded at 18 billion 648 million dollars, and imports from other European countries were 4 billion 903 million dollars.

While EU countries were the country group with the largest share in total service exports at 38.7 percent, 45 percent of total service imports were made from EU countries. In 2023, 29.3 percent of total service exports were realized with Germany, the USA, and the United Kingdom. Germany took the top spot in service exports with a 12.4 percent share and 6 billion 987 million dollars in exports, followed by the USA in second place with a 10.1 percent share, and the United Kingdom in third place with a 6.8 percent share.

In imports, Ireland took the top spot in 2023 with an 8.7 percent share and 3 billion 594 million dollars, followed by the USA in second place with 3 billion 410 million dollars and an 8.2 percent share, and Germany in third place with an 8.1 percent share and 3 billion 341 million dollars.

News Source: AA