New strategy on horizon for $100 bln Türkiye-US trade goal

ISTANBUL

Türkiye and the United States are working on a renewed strategy to reach their long-standing $100 billion bilateral trade target, with a focus on strengthening cooperation in strategic sectors such as white goods, textiles, automotive, tourism, technology, nuclear energy and beyond.

The initiative builds on earlier efforts by the Foreign Economic Relations Board’s Türkiye-U.S. Business Council (TAİK), which, in collaboration with Boston Consulting Group (BCG), prepared a comprehensive report in 2019 and 2020 outlining how the two countries could achieve the ambitious goal set by their leaders. That report, developed under the “Türkiye-U.S. Private Sector-Led Trade Relations Development Project,” provided a detailed roadmap for expanding bilateral trade.

Today, amid global economic fluctuations and shifting trends in international commerce, the report is being updated to reflect new realities and opportunities. Business representatives from both sides have been invited to contribute their views and recommendations. The revised roadmap will highlight priority sectors, including white goods, textiles, ready-to-wear, automotive, shipbuilding, tourism, technology, electronics, nuclear energy and third-country partnerships, while also identifying key U.S. states as target markets.

According to the Turkish Exporters Assembly (TİM), Türkiye’s exports to the U.S. last year included $856 million in ready-to-wear and apparel, $774.1 million in electronics and $38.8 million in ships and yachts. Automotive exports rose 18.9 percent year-on-year to reach $1.2 billion.

Data from the Turkish Statistical Institute (TÜİK) shows that Türkiye’s total exports to the U.S. increased by 9.9 percent to $16.4 billion, while overall bilateral trade volume climbed to $32.6 billion in 2024. Türkiye recorded a trade surplus of $124.9 million in its trade with the U.S. during the same period.

The long-standing commercial relationship between the two countries continues to expand, with renewed emphasis on strategic cooperation.

President Recep Tayyip Erdoğan’s recent meetings in New York during the 80th United Nations General Assembly and in Washington with U.S. President Donald Trump were seen as the beginning of a new era of “balanced rapprochement.” One of the most significant outcomes was the signing of the “Strategic Civil Nuclear Cooperation Memorandum of Understanding,” a step expected to deepen collaboration in nuclear energy.

The U.S. is Türkiye’s second-largest export market and fifth-largest import partner. Turkish companies have invested $13.2 billion in the U.S., while American firms have invested $15.7 billion in Türkiye. More than 2,000 U.S.-owned companies currently operate in Türkiye and mutual investments continue to grow.

Looking ahead, both sides see promising opportunities not only in traditional industries but also in emerging fields such as cybersecurity and space technologies, which are increasingly viewed as strategic areas for future cooperation.