Economy Turkey’s Erdogan says exports hit record $254bn in 2022 By Reuters January 3, 2023 REUTERS/Marko Djurica Erdogan said exports to the European Union increased by 12 percent in 2022 Turkey’s exports rose 12.9 percent to $254.2 billion last year, the country’s highest level ever, President Tayyip Erdogan said on Monday. Speaking at an event, Erdogan said exports to the European Union increased by 12 percent in 2022, while some 10,000 companies completed their first exports in the same period. Separately, the Turkish trade deficit widened 138.4 percent from the previous year to $110.19 billion in 2022, the trade ministry said, with exports rising 12.9 percent to $254.2 billion and imports jumping 34.3 percent to $364.4 billion. In December, the trade deficit widened 52 percent from a year earlier to $10.381 billion, with exports up 3.1 percent to $22.92 billion and imports rising 14.6 percent to $33.30 billion. A Reuters poll last month showed that Turkey’s annual inflation is expected to fall sharply to 66.8 percent in December due to a favourable base effect but drop only to 43.2 percent by the end of 2023, while monthly price rises should remain elevated. The end-2023 forecast is nearly twice that of the government, and raises the prospect of continued cost-of-living strains as Turks vote in tight presidential and parliamentary elections next year.