Local defense industry boosts exports 37 percent
Turkey’s aviation and defense industry managed to boost its exports by 37 percent on an annual basis in January-May while the country’s overall exports recorded a 5.37 percent increase in the same period, reported Anadolu Agency, which compiled data from the Turkish Exporters’ Assembly (TİM).
Local defense companies’ main export market was the United States. Exports to this country exhibited a strong 20.8 percent increase to $353 million. Exports to Qatar soared more than 1,300 percent to hit $123 million.
Shipments to Oman rose by 40 percent, reaching $101 million while the United Arab Emirates purchased $63.5 million worth of goods from local defense firms, a 1,800 percent increase from a year ago.
According to data, exports to the Netherlands were up 1.39 percent on an annual basis to $33.7 million but deliveries to India declined by 12.5 percent to $30.3 million.
Exports to the United Kingdom and Saudi Arabia increased by 16.7 percent and 193 percent, respectively, to $27.6 million and 21.4 million.
Data also showed that Azerbaijan purchased $19.2 million worth of goods from local defense companies in January-May, a 19.3 percent increase from a year ago.
In January-May, Turkey’s overall exports rose by 5.37 percent to hit $76.6 billion. In May alone, the country’s exports hit the highest-ever monthly figure with $16.8 billion.
The foreign trade deficit stood at $10.5 billion in the first five months of 2019 versus a $36 billion deficit in January-May last year.
Treasury and Finance Minister Berat Albayrak welcomed the latest trade figures, saying: “God willing, Turkey will post a current account surplus in June.”
“We will strengthen our production and export-led economic model with steps in every area and put the current account issue out of our agenda,” Albayrak wrote on Twitter on June 3.