Turkey’s exports down by 19 percent in May

Published 01.06.2015 12:26
Updated 01.06.2015 13:43

According to data released by the Turkish Exporters' Assembly (TİM), Turkey's exports decreased in May 2015 by 19 percent to $10.8 billion compared to the same month in 2014. The decrease in the amount of exports has largely been affected by the automotive strike that contributed a four-point decrease in total exports.

The exports of the first five month period had also dropped by 8.3 percent to $61.3 billion, which was $66.87 billion in the first five months of 2014. Exports of the last twelve month period had also dropped by 2.7 percent to $151.72 billion.

Despite the strike, the automotive industry still led exports with $1.48 billion, followed by chemical products and textile sectors.

TİM Chairman Mehmet Büyükekşi stated the automotive strike has caused a production and export loss of $250 million in spare parts and $300 million in vehicle production industries.

Büyükekşi stressed that Turkey should focus on its economy and development agenda immediately after the elections and should quit the debate atmosphere.

Pointing out to the recovery in Eurozone after European Central Bank's (ECB) measures, Büyükekşi said that the imports of the EU has increased by two percent in the last three months, while Turkey has increased its exports to the EU by 13 percent, and ranked fourth with export increases.

Emphasizing the effect of parity over the exports, automotive exports has decreased by decrease 8 percent in the last four months in terms of value despite an increase by 17 percent in terms of quantity, Büyükekşi said, adding that the overall effect of parity was $1.1 billion in May, while it was $5.7 billion in the first five month period. Büyükekşi also stressed the effect of political turmoil in Turkey's export markets, as in the first month period, exports dropped by 27 percent to Iraq, 37 percent to Russia and Ukraine and 40 percent to Libya.

The jewelry sector has increased its exports by 71 percent in May, followed by 53 percent increase of hazelnut products.

Germany, the U.K., Iraq, Italy and the U.S. were the top destinations for Turkish exports in May, although with relative decreases of 26, 16, 38, 22 and 15 percent.

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