Turkish Exporters Assembly (TİM) Chairman Mehmet Büyükekşi has said that the use of Turkish lira in foreign trade has increased with each passing year, adding that the jewelry sector has made the biggest contribution to the increase - about 127 percent - in the first four months of the year.

Büyükekşi noted that the lira-based share in foreign trade increased from about 1 percent to 6.5 percent in the last 10 years and that its share in exports increased to 5.5 percent from 2 percent.

Noting that the upward trend is continuing this year, Büyükekşi said lira-based exports climbed 127 percent in the first four months, adding that the currency's share of exports in this period reached a record-high 9.6 percent.

Emphasizing that projects which aim to increase the use of the lira in foreign trade are progressing, Büyükekşi said the increase of the use of Turkish lira as a medium of exchange in foreign trade enables the currency to gain momentum, increasing its trading volume and reputation in foreign markets which prevents fluctuations in foreign exchange rates from harming Turkish firms and facilitates financing of the current account deficit. "In this context, we also emphasize that our firms should export in Turkish lira as a method of protecting themselves from foreign currency risks in terms of exports," he added.

UAE, Iraq show highest increase in TL-based exports

Büyükekşi added that the jewelry sector has made the biggest contribution to lira-based exports this year. Stressing that a significant portion of the increase in lira-based exports was realized in the jewelry sector alone, he added that the use of the lira in in exports has also increased in the trade of grains, textiles, garments and automotive exports: "On a country-by-country basis, our exporters have exported goods to 179 countries in exchange for Turkish lira, while Iraq and the United Arab Emirates [UAE] saw the highest increase in lira-based exports followed by Russia, China and Israel," he noted.

"We believe that lira-based foreign trade, which has continued to soar over the last 10 years, will continue to climb in 2017, while its share in our total exports will exceed 10 percent for the first time by the end of the year, allowing us to achieve a new record. Thus, we will be one step closer to our goal of making the lira one of the most widely used currencies in international markets," he said.