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HomeNews & ViewsTurkey's exports have risen by 34.5% relative to the previous year

Turkey’s exports have risen by 34.5% relative to the previous year

Turkey’s September export estimates this year have been all-time high – $16.01 billion – revealed recently by the Turkish Trade Minister Ruhsar Pekcan. She said that exports grew in September by 4.8 percent per year and by 28.5 percent weekly. In the third quarter of this year, Turkey’s exports have risen by 34.5% relative to the previous year. These export statistics indicate that Turkey’s pandemic recovery and normalization continue effectively, underlined Pekcan. In the meantime, imports totaled $20.89 billion in September, with an incredible 89.3% made up of raw and capital products.

In the first nine months of this year, Turkey’s exports totaled $118.35 billion and import $156.24 billion, the trade minister added. In September, the export/import covering ratio — excluding gold imports — was around 90.9%, and it was 84.4% in the first nine months, she noted. “The purchase and sale of gold should be evaluated differently from goods trade. “Through gold imports, gold — which has a capital value — is brought to the country in exchange for foreign currency,” she stressed. In September, the gold imports were $3.4 billion, she added.

Apparel exports posted a 15% rise to reach $1.6 billion in September, while textile rose by 12.8% to $1.1 billion, chemicals by 19.4% to $1.1 billion and machinery by 4.8% to $2.1 billion, she said. The minister also noted that the automotive sector posted an increase for the first time during the pandemic period by 0.5% to $2.2 billion. The country’s exports to France rose by 12.8%, while Germany (10.6%), the UK (3.2%), and Spain (2.3%) followed it in September, the minister stressed. Italy and the Netherlands posted drops by 7.2% and 5.9%, respectively, she added. Exports to the EU increased by 5.6%, to America by 22%, to Asia by 6.8%, and to Africa by 1.7% in September, she said.

Pekcan said Turkey has achieved substantial export outcomes due to a pandemic that has reduced the global economy at an alarming pace and reduced demand in critical markets such as the EU. Touching on Turkey’s supports for exporters, she said the country’s Eximbank in the first nine months raised its supports by 7% to $30.4 billion. She also said the country organized 24 trade delegations, covering 40 countries this year and made 4,200 business meetings. Pekcan highlighted that the number of Turkish exporters increased by 6.8% year-on-year in September.

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