Istanbul ‘main source’ of foreign trade gap: report

Istanbul ‘main source’ of foreign trade gap: report

Istanbul ‘main source’ of foreign trade gap: report

A crane unloading containers in a port located in Istanbul. Hürriyet photo

Istanbul is the main source of Turkey’s foreign trade deficit, despite generating 40 percent of the country’s taxes, a recent report published by the Turkish Enterprise and Business Confederation claimed.

Turkey’s overall foreign trade deficit. an Achilles heel of the economy, increased seven-fold over the last decade, rounding up to $105.9 billion from a mere 11.5 billion. Istanbul was the main source of the country’s deficit, producing a gap of nearly $316.5 billion between 2002 and 2011.

60,000 importer companies in Istanbul

Most of the companies that are based in Istanbul pursue activates nationwide, which may have played a role in the large gap in the city’s records.

The rate of import-export companies that are currently active in Istanbul was also noted as a factor in the report, with Istanbul scaling favorably toward import companies. Over 60,000 of Istanbul companies import goods, whereas only 55,000 contribute to the country’s exports. The report also showed the rise of Anatolian cities in export numbers. Some 33 provinces in total are now home to over 100 export companies, rising from a previous total of 22 in 1996 records.

Bursa, Gaziantep, Kocaeli and Konya have joined Ankara, Istanbul and İzmir as provinces that have over 1,000 export companies. Recently, Industry Minister Nihat Ergün said that small-medium enterprises in Anatolia has carried a 60 percent of Turkey export which surpassed $150 billion in 2012, during the “Top 500 Companies of Anatolia” award ceremony Jan.17.