Turkey’s exports fall 4.6 percent in October amid neighborhood problems, decline in export prices
KOCAELİExports fell to $11.7 billion in October with a 4.6 percent decline compared to the same month of 2015, data from the Turkish Exporters’ Assembly (TİM) showed on Nov. 1, state-run Anadolu Agency has reported.
The main reasons behind the drop in exports were political instability in neighboring countries, a decline in export prices, and the failure of any recovery in exports to Russia, TİM stated.
“There was also one day missing in the number of weekdays in October compared to the same month of 2015,” said TİM President Mehmet Büyükekşi at Ford Otosan’s main production facility in the northwestern province of Kocaeli.
Büyükekşi suggested that exports will rise thanks to a number of key measures introduced by the government, including new subsidies and the introduction of a special passport to exporters.
Turkey’s exports fell to around $116 billion in the first 10 months of the year with a 3.7 percent decline compared to the same period of 2015. The country’s 12-month exports were announced at $139.4 billion by TİM, marking a decline of 5 percent.
While Turkey’s exports to 102 countries increased in October, its exports to 133 countries dropped, according to the TİM data.
Exports to the European Union, Turkey’s largest market, fell by 4.7 percent in October compared to the same month of 2015, while exports to the Far East rose by 35.8 percent.
The share of the EU in Turkey’s exports was announced at 49.6 percent in October.
The greatest volume of exports was sent to Germany, the U.K., Iraq, Italy and the U.S.
The automotive sector made again the highest amount of exports in October, worth around $2.2 billion, followed by the ready-made clothing and confection sector and the chemicals sector.