As key export, import hub, bridging Europe to Asia and Middle East, Türkiye plays significant role in global trade among emerging markets, says IFC Türkiye Director
Türkiye is the fourth largest country in the Global Trade Finance Program (GTFP) by the International Finance Corporation (IFC), playing a key role in global trade as a major export and import hub, while bridging Europe to Asia and the Middle East.
Wiebke Schloemer, IFC Director for Türkiye and Central Asia, informed Anadolu that Türkiye ranked as the 28th largest exporter globally in 2023, maintaining that position in 2024 with a record export volume of $262 billion.
Schloemer attributed this achievement to sectors such as “machinery, mechanical appliances, equipment, and precious stones and metals.” She also highlighted the Turkish automotive sector's leadership adding that “traditional industries like textiles and agriculture continue to thrive, contributing to Türkiye's robust trade performance.”
“Global trade serves as a cornerstone of economic growth, enhanced productivity, and job creation,” she said, noting that countries with significant links “achieve the most progress in improving living standards.”“In Türkiye, according to a World Bank study, importers and exporters experience higher productivity growth than non-importers or non-exporters,” she mentioned. “Additional studies show that increased trade openness and export activity in Türkiye have significantly contributed to job creation, particularly in manufacturing and export-oriented sectors, and that firms that trade internationally tend to create more jobs than their domestic-focused counterparts.”
Schloemer pointed out that while global trade has risen by an average of 5% annually over the past 30 years, the demand for trade finance, especially in emerging markets, has outpaced supply. The global trade finance gap is estimated to have widened to approximately $2.5 trillion.
“With an estimated 80% of global trade dependent on some form of financing, trade finance is essential, particularly in developing countries,” she said.
She further explained that a significant portion of global trade is financed by intermediary banks, and the GTFP plays a crucial role in narrowing the total trade finance gap.
“By expanding access to trade finance, IFC and other multilateral development banks (MDBs) actively support cross-border trade, fostering economic development and sustainable growth worldwide,” she noted.
She mentioned that the GTFP is a risk mitigation program that recently celebrated its 20th anniversary, having provided $120 billion so far promoting access to finance by sharing risks with international and regional banks.
“The GTFP aligns with key strategic priorities, including food security, job creation, climate, and gender equality, with the majority of beneficiary firms located in IDA (International Development Association) countries. Notably, one-third of GTFP activities are in agriculture and food, and 40% are concentrated in Africa, underscoring its impact in addressing critical development challenges,” she said.
World Trade Organization data indicates that Türkiye's exports and imports reached their peaks in 2023, accounting for 1.08% and 1.3% of global merchandise trade, respectively.
“These figures highlight Türkiye's active participation in global trade and the need for robust trade finance solutions,” Schloemer remarked.
“Türkiye currently ranks as the fourth-largest participant in IFC's Global Trade Finance Program (GTFP), cementing its position as a key player in global trade in emerging markets. Its network of issuing banks in GTFP has grown from just one bank in 2009 to 11 banks in 2025—this represents one of the largest numbers of banks from a single country within the GTFP network, reflecting Türkiye's increasing engagement with, and reliance on, trade finance.”
Schloemer also emphasized that the IFC plays a key role in providing support to banks, especially in uncertain environments. She noted that access to such support is vital during changes in credit ratings, macroeconomic and regional developments, or global events like the pandemic.
“By providing full or partial unfunded guarantees against trade-related payment obligations, IFC has reinforced its commitment to supporting trade in Türkiye, reflected in the increased availability of trade finance lines and the expansion of tenors when required,” she said. “The continued growth of IFC's network in Türkiye further underscores this dedication, ensuring that trade finance remains accessible, robust, and capable of meeting evolving needs.”
Schloemer also highlighted the importance of the GTFP limit for Türkiye's banking system, particularly during periods of tight monetary policy.
“Participation in the GTFP network enables issuing banks to expand their correspondent banking network, improve access to funding to support trade activities, and offer longer tenor facilities to finance capital equipment; additionally, in cases of de-risking, the GTFP footprint is valuable to banks to mitigate its impact, ensuring the continuity of trade flows and bolstering Türkiye's broader economic landscape,” she said.
She pointed out that participating banks (PBs) make up a growing segment of the country's banking sector, as they operate in a vast range of banking activities, offering both import and export services related to trade finance.
“Currently, there are nine PBs regulated by the BRSA, collectively accounting for 8.7% of total banking assets. The government has set a target to increase the share of PB assets to 15% by 2025,” she said.
“Given the increasing prominence of PBs and the critical role trade plays in Türkiye's economy—where trade accounts for 66% of GDP (World Bank, 2023)—it is a logical step to extend IFC's conventional GTFP facilities to PBs,” she added.
