Turkey’s exports drop by 13.4 percent in March


Turkish exports decreased by 13.4 percent to $11.229 billion in March compared with the previous year, although exports increased by 4.4 percent in terms of quantity, according to Turkish Exporters' Assembly (TİM) data announced on Tuesday.In the first three months of 2015, exports amounted to $35.816 billion, a 6.8 percent decrease. Meanwhile, 12-month period exports remained the same compared to the previous year at $153.309 billion. The negative effect of euro-dollar parity, which decreased by 21.5 percent this month, was $1.3 billion. Turkish automotive industries led exports with $1.772 billion in exports, followed by chemical products with $1.353 billion and clothing and the confection sector with $1.328 billion. Turkish manufacturing exports decreased by 14.5 percent to $9.169 billion compared to the previous year, although they made up 81.7 percent of total exports. Agriculture exports decreased by 5.8 percent to $1.777 billion and made up 15.8 percent of total exports, followed by the mining sector, which suffered a 22.4 percent decrease with a 2.5 percent share of total exports. Germany, Iraq, the UK, Italy and the U.S. were the top five export destinations in March, with decreases, respectively, of 18.7, 27.9 and 9.7 percent. Exports to the U.S. increased by 21.8 percent. Turkish exports continued to suffer from ongoing economic stagnation in Europe and turmoil in the Middle East and Africa, with exports decreasing 12.3, 6.4 and 18.8 percent, respectively. North America and the Far East were regions in which Turkish exports performed better with 11 percent and 12.6 percent increases.TİM Chairman Mehmet Büyükekşi believes Turkey's exports will definitely benefit from deflation in the Eurozone ending and Euro/Dollar parity reflecting the recovery in global demand, reaching normal levels.In his statement on export figures for March, Büyükekşi stated that the decrease in global demand and parity had great effects and that their expectation is that global trade will decrease by 4 to 5 percent. He also noted that the global transportation index, "Capsize Dry Index," has reached the lowest level in the last 6 years and that the recession might continue."Figures from the biggest exporters in the world also confirm this fact. For example, Germany's exports decreased by 15 percent and the U.K.'s exports by 20.5 percent; exports of other European countries, Brazil, India, Russia and China also decreased," added Büyükekşi. He added that while not certain, Turkey's exports dropped by 0.7 percent in January and by 3.4 percent in February; however, Büyükekşi also underlined that when the decrease in Turkish exports is calculated in euros, then it is evident that Turkey's share in the EU market has increased."Although our exports in numbers and kilograms have increased, losses suffered when calculated in dollars will slowly be eliminated in the coming months," said Büyükekşi, adding that exports are expected to start increasing again as of the third quarter of this year.