Transactions in Turkish liras on the rise in foreign trade

According to statistics from the Turkish Statistical Institute, out of the total 126 billion, 277 million dollars in exports conducted between the Jan. to Oct. period of 2012, 3.699 billion dollars worth were transactions using Turkish liras.

Last year's export figures for the same time span shows Turkey conducted 2.814 billion dollars of exports using the Turkish lira. As a result, the use of TL in transactions increased by 31 percent this year.
Out of the 195 billion, 782 million dollars worth of imports conducted by Turkey in the first ten months of 2012, 7.395 billion dollars worth were done using the Turkish lira.

With 6.141 billion dollars worth of import transactions done in the TL during the same ten months last year, Turkey's use of the lira in imports rose by nearly 20 percent this year.

As a result, the nearly 11.1 billion dollars worth of foreign trade conducted in Turkish liras as of October shows a 24 percent rise in the use of the TL in foreign trade.

TL USE IN FOREIGN TRADE MULTIPLIES BY THREE AND A HALF IN FIVE YEARS

In the same ten month period of 2007, the Turkish lira was used for 3.319 billion dollars worth of foreign trade transactions. Figures for the same period in 2012 show the use of TL in foreign trade has multiplied by three and a half times.

In the first ten months of 2007, only 1.5 percent of Turkey's foreign trade volume was conducted using liras. That figure has now risen to 3.4 percent in 2012.

GERMANY WAS TOP COUNTRY FOR FOREIGN TRADE IN LIRAS.

The single nation which Turkey conducted the most foreign trade in liras with was Germany at a value of 1.320 billion dollars. Germany was followed by Iran with 863.7 million dollars and China with 762.3 million dollars.

During the first ten month period, Turkey conducted the highest number of exports using the lira with Iran at 861.7 million dollars. Iraq followed at 694.6million dollars and the Turkish Republic of Northern Cyprus came in third with nearly 500 million dollars.

Germany was the top nation to conduct imports with Turkey in the Turkish lira, with transactions totaling 1.115 billion dollars. China came in second with 739 million dollars worth and France was in third with 659 million dollars in Turkish lira transactions.

Turkey conducted exports using the Turkish lira to a total of 191 nations and in imports to 123 nations during the first ten months of the year.

TL USED MOST IN IMPORTING PHARMACEUTICAL PRODUCTS

At 1.7 billion dollars, the Turkish lira was used the highest in importing pharmaceutical products during the first ten months of the year. Motorized land vehicles, their components and parts came in second at 998 million dollars and in third were electrical machinery and appliances, sound recording and playback systems, and television sound, recording gadgets and components.

From Jan. to Oct., 2012 the highest amount of exports traded in Turkish lira were in rugs and other woven textile floor coverings at 304 million dollars. The exports of pearls, semi-precious stones, precious metals and imitation jewelry came in second at 290 million dollars. In third were boiler-type items, machinery, mechanical appliances and tools, nuclear reactors and their parts and components at 223 million dollars.