Record exports from Italy to Turkey: 20 percent increase in 1 year

Compiled by: Suat TEKİN 12punto.com.tr

According to data released by the Italian National Institute of Statistics (ISTAT) on January 29, there was a 'historic' increase in the sale of Italian goods to the Turkish market in 2024. Italy's exports to Turkey increased by 18.2 percent last year compared to the previous period.

In the foreign trade report published by the institution, Italy's exports to non-EU countries reached 305 billion euros. Italy had realized exports of around 301 billion euros in 2023.

According to a report by the Italian news outlet Informazione, it was thanks to Turkey that Italy's export data did not experience a decline. Stating that trade between the two countries has reached a historic record level, the newspaper headlined the news as ''Made in Italy hits a record, especially thanks to Turkey''.

Trade between the two countries had been increasing regularly for years. Turkey had realized more than 1 billion dollars in exports to Italy in 2024. Most recently, the aviation company Baykar acquired Piaggio Aerospace with the approval of the Italian Ministry of Enterprises and Made in Italy.

Italian Prime Minister Giorgia Meloni emphasized in her meeting with AKP Chairman and President Erdoğan in November 2024 that 'commercial relations with Turkey should be strengthened'

WHAT DO ITALY'S EXPORT FIGURES TELL US?

In the published data, it was noted that Italy's exports to the USA decreased by 3.6 percent. It was also noted that domestic product sales to Switzerland, in addition to the USA, showed a decrease described as 'slight'. According to ISTAT data, the increase in Italy's non-EU exports indicates that the economy 'remains dynamic'. This means that the Italian economy does not carry a risk of economic stagnation in the short or medium term.

On the other hand, the country where Italian exports experienced the most serious decline was China. Italy's exports to the Chinese market fell by around 20 percent. Conversely, the country's exports to Saudi Arabia, the United Arab Emirates (UAE), Mexico, and Brazil also increased.

Proportionally, exports to Saudi Arabia and the UAE increased more than those to Turkey. However, Turkey was the country where the figure Italy earned from exports increased the most.

News Source: 12punto