Turkey's exports see 22.6 percent surge, hit $14.5 billion in September

Published 01.10.2018 21:18
Updated 02.10.2018 00:09
Turkey's exports reached $165.56 billion in the past 12 months, a 7.6 percent year-on-year increase.
Turkey's exports reached $165.56 billion in the past 12 months, a 7.6 percent year-on-year increase.

Exports in September recorded the fastest growth in the last 13 months with a 22.6 percent surge on a yearly basis, reaching $14.5 billion, while the foreign trade deficit fell by 77 percent, dropping to $1.8 billion

Exports recorded a 22.6 percent rise in September that reached $14.5 billion, the highest September export figures, according to the data of the Trade Ministry and Turkish Exporters Assembly (TİM). The increase in exports saw the highest jump over the last 13 years with exports totaling $123.1 billion between January and September, with a 7 percent increase compared to the same period last year. The sale of Turkish goods abroad have reached $165.56 billion in the past 12 months, recording a 7.6 percent increase, TİM data showed.

The statement of the Trade Ministry also said that Turkey's imports decreased by 18.09 percent and totaled to $16.3 billion; therefore, the trade deficit dropped 77 percent year-on-year, calculated at $1.8 billion.

The highest export revenues were seen in automotive and motor vehicles exports with $2.2 billion. Automotive and motor vehicles exports were followed by machinery sales abroad which totaled $1.3 billion. Turkish steel exports came third in September and were recorded at $1.06 billion.

The highest imports were seen in lubricants at $3.7 billion.

Germany again became the top destination for Turkish goods, worth $1.4 billion. Europe's largest economy was followed by the U.K. with $1 billion and Italy with $825 million.

In terms of country group, exports to the Far East increased by 100 percent. The sales of goods to the European Union surged 24.7 percent, reaching $7.3 billion. The share of the EU in Turkish exports reached 51 percent in September.

Russia became the largest supplier of goods to Turkey and imports from the country totaled to $1.7 billion. Russia was followed by China and Germany with $1.5 billion and $1.4 billion, respectively.

Trade Minister Ruhsar Pekcan stated that Turkish exporters recorded a considerable rise in September despite protectionist policies in world trade.

Referring to the 18.09 percent fall in imports, Pakcan stressed that the ratio of exports compensation for imports will continue to increase in the upcoming months. She also added that exports will exceed $170 billion by the end of this year. "Hopefully, we will hit our export volume target for this year, which we upgraded to $170 billion," Pekcan said.

Pekcan cited Turkey's goal to become a high-income country within the next decade and the country is aiming to grow with exports. In order to raise export revenues, the minister highlighted, the country has to expand technology-oriented projects and invest more in design and branding. "We have to invest in the sectors of the future," she said.

Speaking at the exports announcement ceremony in Antalya, TİM Chairman İsmail Gülle said the share of the Turkish lira in exports also totaled 5.6 percent of total exports. "We have to expand the share of the Turkish lira in foreign trade. In September, exports in Turkish liras were calculated at TL 5.1 billion ($856.2 million) in trade with 173 countries," Gülle said.

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