Trade Minister Ömer Bolat said on Wednesday that Türkiye would continue to support exporters, stressing that the government's efforts to increase financing in the 2024 budget "are endless."
Highlighting the significant initiative of opening loans for exporters through Türk Eximbank during their tenure, Bolat emphasized that this move had far-reaching effects. Notably, private banks responded by swiftly lowering the loan interest rates from 48% to 25% overnight, immediately benefiting exporters.
Bolat elaborated on the concept of the multiplier effect, showcasing this development as a prime illustration of how a single strategic action can yield positive cascading results.
“Furthermore, the central bank took pivotal steps to empower exporters by increasing their rediscount credits fivefold. This strategy, while maintaining a deliberate reduction in loan volumes to alleviate demand pressures and combat inflation concerning domestic demand, has proven effective," said the minister.
"The daily limit has been expanded substantially, surging from TL 300 million ($11 million) to TL 1.5 billion. Out of this sum, TL 1 billion is allocated through Eximbank, with an additional TL 500 million accessible via various banks.”
Bolat said they were "steadfastly committed to extending our unwavering support to the export sector, an endeavor that remains boundless."
"Looking forward to the 2024 budget, we are firmly dedicated to augmenting export support in an unceasing pursuit," he noted.
Bolat's remarks came at the Istanbul Fashion Connection (IFCO) apparel and fashion fair in Istanbul, during which he said Türkiye’s monthly exports have risen from around $1 billion a year to now about $1 billion every single day.
Türkiye’s exports last year totaled $254 billion, he said, adding that textile and apparel sector exports amounted to $32 billion.
The mention of Turkish goods is like mentioning a world brand, he stressed.
Touching on the fair, he said the event hosts 30,000 visitors and 94 foreign buying delegates from 26 countries.
He underlined that Türkiye is the third-largest country in Europe in the textile and apparel sector and seventh in the world.
In Europe, Türkiye is the fourth-largest glass exporter, third in the white goods (home appliances) sector, and first in the agriculture sector, he said.
Türkiye is also the largest carpet exporter in the world, he added.
The country aims to reach a $400 billion level in goods exports and $200 billion in services exports by 2028, Bolat said.
