Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

Turkey has potential to take advantage of shifting supply chains, minister says

by DAILY SABAH

ISTANBUL Nov 23, 2020 - 3:49 pm GMT+3
Trade Minister Ruhsar Pekcan speaks during budget discussions at Parliament, Ankara, Turkey, Nov. 23, 2020. (AA Photo)
Trade Minister Ruhsar Pekcan speaks during budget discussions at Parliament, Ankara, Turkey, Nov. 23, 2020. (AA Photo)
by DAILY SABAH Nov 23, 2020 3:49 pm
RECOMMENDED
People walk among the rubble of collapsed buildings in Hatay, southern Türkiye, March 6, 2023. (AFP Photo)

Türkiye wipes off energy debts of quake victims with damaged houses

earthquake

Turkey has the potential to utilize opportunities stemming from shifts in global supply chains due to the coronavirus pandemic, the country’s top trade official said Monday.

“We believe we can become a global determinant actor in global value chains and continue on our path stronger by utilizing new opportunities in investment and trade,” Trade Minister Ruhsar Pekcan stressed during budget discussions in Parliament.

The COVID-19 pandemic, which was first reported in China last December, showed that depending on a single supplier – such as China – poses risks.

Experts think Turkey, with its qualified workforce, strategic location and strong infrastructure, is a prime candidate to be a major supplier, especially in its region, including the Middle East and Europe.

The global economy is facing the sharpest contraction since World War II due to the pandemic, Pekcan said, adding that the World Trade Organization (WTO) expects a 9.2% drop in global trade.

She stressed Turkey displayed resistance in the face of the disruption in the global economy and trade.

“Turkey is among the countries that will overcome the crisis with the least damage and experience the fastest recovery,” Pekcan said.

Turkish exports rebounded in the third quarter of the year after contractions in March, April and May thanks to the normalization process.

“Exports have seen a 33.9% increase in the third quarter of the year compared to a quarter earlier,” the minister said.

Exports posted an all-time high of $17.3 billion (TL 134.7 billion) in October, according to official data, a 5.6% increase year-on-year.

The exports-to-imports coverage ratio surged to 87.9% in the month. Excluding gold, the ratio reached 95.3%.

Imports, on the other hand, fell by 5.1% year-on-year in the first 10 months of 2020, Pekcan said, adding that the January-October exports-to-imports coverage ratio stood at 85.7%.

Turkey took a 0.96% share of the global trade in 2019, the highest figure to date, Pekcan noted. She stressed that this figure reached the level of 1% in the January-August period of 2020, considering the countries that announced their trade figures.

Contactless trade

The trade minister further elaborated on the measures the country had taken since early this year to facilitate trade amid the outbreak.

As of the beginning of March, the country had shut its border gates with neighboring countries, including Iran and Iraq, to stem the spread of COVID-19.

After the closure of Iraqi borders, the Trade Ministry focused on noncontact foreign trade studies to continue the country's exports and imports.

Pekcan said the contactless trade application was rapidly implemented at the Habur, Kapıkule and Kapıköy border gates and Ro-Ro ports.

She stated that commercial vehicles have been making entry-exit operations through container, dorse and driver exchange in the buffer zone and at Ro-Ro ports.

Thanks to the application, the minister said the shipment flow at the Habur and Kapıkule border gates had approached the pre-pandemic levels.

Due to the lack of a buffer zone with Iran, Pekcan stressed that contactless trade was carried out at the Kapıköy railway customs.

Pekcan noted how the pandemic had showcased the critical role of e-commerce.

She said the total e-commerce volume in the country as of 2019 had reached TL 136 billion, noting that this figure amounted to some TL 91.7 billion in the January-June period of this year alone.

RECOMMENDED
People walk among the rubble of collapsed buildings in Hatay, southern Türkiye, March 6, 2023. (AFP Photo)

Türkiye wipes off energy debts of quake victims with damaged houses

earthquake
  • shortlink copied
  • Last Update: Nov 23, 2020 4:59 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    foreign trade covid-19 outbreak exports import e-commerce
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    Russian Foreign Minister Sergey Lavrov (L) enters a hall with Armenia Foreign Minister Ararat Mirzoyan (R) for their joint news conference during their meeting in Moscow, Russia, March 20, 2023. (EPA Photo)

    Russia slams Western 'imposition' as US offers Armenia support

    azerbaijan-armenia-relations
    President Recep Tayyip Erdoğan (R) at a meeting with MHP leader Devlet Bahçeli, in the capital Ankara, Türkiye, March 20, 2023. (AA Photo)

    Erdoğan leads in possible 2nd round of Turkish elections: Survey

    Recep-Tayyip-Erdoğan

    Turkish Airlines looks for co-op with Indian airlines for expansion

    turkish-airlines

    At least 13 dead after strong quake shakes Pakistan, Afghanistan

    EARTHQUAKE
    No Image
    Shiite Muslims commemorate Ashura Day
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021