Izmir’s Export Gale: 6.8% Growth Amid Half the Sectors Bleeding Out

Izmir’s exports grew 6.8%, surpassing the national average, yet 13 of 25 sectors experienced declines.

Izmir’s Export Gale: 6.8% Growth in H1

■Total exports rose 6.8%, a 0.9% pure growth from 2023 to 2024.

■The regional export volume reached 1.2 trillion TRY in the first half of 2024.

■Nationwide, exports increased 3.5% to 2.5 trillion TRY.

Sectoral Cracks: 13 Sectors in Decline

■Pharmaceuticals and biotech saw a 12% drop.

■The automotive sub‑sector declined by 8%.

■SME exports fell 15%.

■Agriculture and food decreased 5%, while textiles dropped 4%.

IZSİAD Chairman’s Warning: “Blood Loss”

■Board Chairman Alaattin Yüksel cautioned that overall growth should not be misleading.

■Yüksel warned that “the blood loss in some strong sectors of Izmir may go unnoticed if we focus only on the big picture.”

■He suggested government support packages and digitalization strategies to curb sectoral losses.

Economic Implications: Regional and National Perspective

■Regionally, Izmir’s export growth exerts positive pressure on Borsa Istanbul’s trade‑heavy stocks.

■Declining sectors have seen a reduction in profit margins, potentially increasing SME financing demands.

■Nationally, the trade deficit narrowed by 2.3% in the first half of 2024.

Future Outlook: Is Export Growth Sustainable or a Surprise?

■IZSİAD plans to maintain a 4% growth target for the next quarter.

■Focus on digital trade and eco‑friendly products is expected to offset sectoral losses.

■Economists warn that changes in international competition and tariff policies could impact Izmir’s exports.

When markets assess these figures, they should consider Izmir’s export strategy’s shift toward digitalization and sustainability—a move that could boost the region’s competitive edge long‑term.