Turkmenistan Targets US$19.4 Billion In 2023 Foreign Trade Turnover
Turkmenistan plans to increase the volume of foreign trade turnover to US$19.4 billion in 2023, with this target set by Turkmenistan President Serdar Berdimuhamedov.
He noted that among the priorities of the country at present is the increase in domestic income for the Turkmen population, and improvement of the level of social and living conditions of the people. Turkmenistan has increased by 10% minimum wages, pensions benefits, state benefits, and scholarships of students.
The target is conservative as the country achieved a very similar result in 2022, although the year’s results showed an impressive 34% growth over 2021. Turkmenistan exports rose by 46.5% while imports increased by 17.8%.
Turkmenistan exports mainly oil and gas products, petroleum coke and gasoline. However, it is increasingly exporting electricity, products of the chemical industry, light industry, building materials, as well as raw materials for the pharmaceutical and food industries, and some agricultural products such as fruits, vegetables and canned foods.
The top five export markets for Turkmen products include China, Russia, Afghanistan, Türkiye and Uzbekistan, accounting for about 50% of all foreign trade. The country is liberalizing its foreign trade potential by becoming an official partner country of the INSTC corridors, introducing free trade zone regulations, incentivizing transit, and signing regional trade agreements.
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