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Cevdet Yılmaz says Türkiye’s total exports reached $401 billion
Vice President Cevdet Yılmaz announced at an economic consultation meeting in Eskişehir that Türkiye’s annualized goods exports had reached $278 billion and total exports, including services, had climbed to $401 billion. Yılmaz said irrigation investments had been increased as part of efforts to combat inflation and that new financial packages were being prepared for industrialists and SMEs.
Vice President Cevdet Yılmaz attended the Eskişehir Development Platform Economic Consultation Meeting, held at a hotel in Eskişehir as part of his visit to the province. Yılmaz said the global economy was going through a period marked by geopolitical tensions, trade wars and stronger inward-looking tendencies.
Yılmaz said the green and digital transformations were being debated globally, stressing the importance of Türkiye implementing its economic policies decisively. He noted that the budget and current-account deficits were at manageable levels, adding that the budget deficit stood at 2.9 percent of gross domestic product last year despite earthquake-related spending.
Yılmaz said the current-account deficit had declined to 1.9 percent last year. He noted that the deficit, which had stood at between 5 and 6 percent several years ago, had fallen to a more manageable level. Yılmaz said wars could push up the current-account deficit somewhat this year through their impact on energy costs, but added that they expected the deficit to remain manageable.
Export and reserve figures
Recalling that the Turkish economy grew by 3.6 percent last year, Yılmaz said that between 2020 and 2025, the global economy had grown cumulatively by 19 percent, while Türkiye’s economy had grown by 35 percent.
Yılmaz announced that annualized goods exports had reached $278 billion as of July and that total exports, including services, had risen to $401 billion. He said Central Bank reserves stood at $178.4 billion as of August 7, adding that Türkiye’s credit default swap premium, which had risen to around 700 several years ago, was currently around 220.
Fighting inflation and macroeconomic targets
Yılmaz said they regarded inflation as a priority issue and that the downward trend that began at above 75 percent in 2024 had continued. He said annual inflation in core goods had declined to 16.8 percent in July, while service inflation had also begun to trend downward, falling below 40 percent for the first time.
Yılmaz said overall inflation stood at 31.75 percent and noted that the Central Bank had announced a year-end forecast of around 28 percent. He said macroeconomic figures would be reviewed and updated in line with developments in the world and Türkiye under the Medium-Term Program, and that the revised targets would be shared with society and the business community.
Yılmaz said monetary and fiscal policies were being pursued together in the fight against inflation. He stressed the importance of structural transformations and supply-side policies, adding that inflation could not be tackled through monetary policy alone.
Food, energy and logistics priorities
Listing food, social housing, energy and logistics as priority areas in supply-side policies, Yılmaz said increasing food supply was important both for citizens and for reducing inflation.
Yılmaz said investments aimed at increasing food production and supply, particularly irrigation investments, had been intensified. He announced that price developments would be monitored weekly in line with decisions taken by the Food Committee. He added that supply and demand developments would be tracked through an early warning system and that necessary measures would be taken.
Yılmaz said increasing domestic and national energy production, strengthening energy independence and reducing logistics costs were also among the supply-side elements of the program. He added that policies would be pursued decisively and comprehensively to ensure price stability.
New financial packages are being prepared
Yılmaz said one of the most critical issues for the private sector was access to financing. He noted that financial costs would generally decline as price stability was achieved and risks fell.
Yılmaz said subsidized loans were being provided to farmers and tradespeople and that rates below 24 percent were being applied to rediscount loans. He announced that new financial packages were being prepared for industrialists and SMEs.
Eskişehir’s high-technology exports
Eskişehir Governor Erdinç Yılmaz said the city was among the small number of provinces with a foreign trade surplus. Erdinç Yılmaz said medium-high- and high-technology products accounted for 30 percent of Eskişehir’s total exports.
Fatih Dönmez, chairman of the Artificial Intelligence Research Commission and an Eskişehir deputy from the Justice and Development Party (AK Party), said they aimed to turn Eskişehir into a city that produces higher value-added products, increases its exports and develops its technology.
The meeting was attended by Nebi Hatipoğlu, a member of the AK Party Central Decision and Administration Board and an Eskişehir deputy; Deputy Minister of Industry and Technology Çetin Ali Dönmez; Deputy Minister of Trade Mahmut Gürcan; Metropolitan Mayor Ayşe Ünlüce; Nadir Küpeli, chairman of the Eskişehir Organized Industrial Zone board; AK Party provincial chairman Gürhan Albayrak; Nationalist Movement Party (MHP) provincial chairman Ayhan Sezer; Great Unity Party (BBP) provincial chairman Taha Baksan; and representatives of the business community.
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