Global e-commerce trade hit a record $5.8 trillion in 2023, with Türkiye aiming to capture a larger share of this market. Turkish Trade Minister Omer Bolat shared expectations that the figure will rise to $6.3 trillion by the end of 2024 during an e-commerce summit in Istanbul on Friday.
Bolat emphasized the significant potential of e-commerce, highlighting its critical role in digital transformation and its rapid growth since the pandemic, making it a vital element of modern business practices.
He noted that 49.5% of Türkiye’s population made online purchases last year, with the country’s e-commerce trade volume soaring from $3.9 billion in 2019 to $53.9 billion in 2023. The number of e-commerce businesses also surged by 717% during this time, increasing from around 68,000 to 559,400.
In 2022, Türkiye’s e-commerce exports accounted for 0.91% of total goods exports, rising to 2.6% in 2024. Bolat anticipates this figure will reach 3% by year-end.
As part of its development strategy, Türkiye aims to boost its e-commerce exports to 10% of total goods exports by 2028, according to Bolat.
In 2023, Türkiye’s total trade volume was approximately $1.7 trillion, with retail trade contributing $306.2 billion, or 17% of the total.
Bolat mentioned that the Ministry of Trade is working to create a competitive and sustainable environment in the retail sector through new regulations aimed at promoting balanced growth for businesses.
He also highlighted recent consumer protection laws that enhance rights against fraud, including the right to withdraw from purchases. The government is focused on increasing women’s participation in commerce and improving the competitiveness of e-commerce platforms and exports.
Additionally, Bolat noted ongoing efforts to monitor price gouging and stockpiling in various sectors, including food, grocery, real estate, automotive, and jewelry.
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