Türkiye-US trade volume projected to reach $50B by 2028

The bilateral trade volume between Türkiye and the US is expected to reach as high as $43 billion this year and expand to $50 billion by the end of 2028, the Turkish trade minister told Anadolu.

Omer Bolat noted that there has been a recent surge in Turkish-American economic relations, with ongoing private sector initiatives and state-sponsored trade delegations moving the two countries toward the $100 billion trade target established by the leaders of the two countries.

Bolat accompanied Turkish President Recep Tayyip Erdogan to the 81st session of the UN General Assembly in New York.

Speaking on the sidelines, the minister stated that the Turkish delegation held meetings on the economy, finance, foreign trade, energy, industry and the environment with both his counterparts and American business and investment communities.

Bolat noted that bilateral trade between the two countries is expected to rise more than 10% per year to reach the $42-43 billion mark, based on data from the first eight months of the year.

He mentioned that the US is the second-largest destination for Turkish exports and fourth-largest for total imports, while ranking second for foreign direct investment (FDI).

The minister noted that some 2,300 American firms invested in Türkiye with a combined capital stock of $16.5 billion, bringing total US capital investments in the country to nearly $60 billion.

Turkish firms seeking to benefit from overseas trade and investment opportunities injected nearly $14.5 billion into the US economy as well.

Bolat stated that these historic investments were concentrated in manufacturing, while capital flows are increasingly targeting energy, aviation, logistics and the expanding digital economy.

He noted that Erdogan chaired Türkiye’s 19th Investment Conference, organized by the Foreign Economic Relations Board (DEIK) and its Türkiye-US Business Council.

Erdogan invited American finance, aviation and tech executives to expand operations in Türkiye during the event.

Bolat stated that negotiations with Washington over customs tariffs imposed on April 2, 2025, are underway.

“Some tariffs were overturned by the US Supreme Court, while additional tariffs were reimposed via a different mechanism,” he said. “Since then, additional quotas or tariffs ranging from 25-50% were imposed in some sectors for national security reasons, and we’re discussing these issues.”

The minister stated that Washington should impose protectionist measures against countries that run trade surpluses with the US.

“Türkiye runs a trade deficit with the US and it is not a country with a significant trade surplus, so we’re continuing our mutual negotiations while considering the situation of our sectors, trade and overall economic interest,” he said.

He added that he will represent the country at the G20 Trade Ministers Meeting in Milwaukee, Wisconsin, next week to address these global economic landscapes and hold bilateral talks.