January exports decline upon euro-dollar parity

ISTANBUL – Reuters

Exports have decreased in January, mainly due to the regression in the euro-dollar parity and missing work days, caused by bad weather conditions. REUTERS Photo.

Turkey’s exports declined to $10.8 billion in January by a 9.8 percent decrease from the same month of the previous year due to a number of missing work days and the euro-dollar parity, the Turkish Exporters’ Assembly (TİM) has said. 

The year-on-year exports reached $156.12 billion by a 2.5 percent increase from the previous 12-month period, the association said. 

“Exports decreased in January due to missing work days caused by inclement weather and the regression in the euro-dollar parity,” TİM head Mehmet Büyükekşi said. 

He noted the parity regressed in January from 1.36 to 1.14 compared to the same period the year before.
 
“Especially in the decline to the EU, the regression in the parity played a big role. If the parity had remained the same, we would have added $750 million worth of exports to the January exports,” Büyükekşi said. 

The most exports were made by the automotive sector in January with around $1.73 billion. The sector was followed by the textile and confection sectors with $1.39 billion and the chemical materials sector with $1.2 billion. 

The biggest export markets were Germany, Iraq, Britain, Italy and the U.S. in January. Exports, however, declined to Germany by 12 percent in January from the same month of the previous year, to Iraq by 16 percent, to Britain by 1 percent and to Italy by 3 percent. Exports to the U.S. increased by 3 percent in the mentioned period compared to January 2014. 

The biggest exports increase was seen in the Iran market among the biggest 30 export markets in January.

Turkey increased its exports by 64 percent to Iran in January from the same month of the previous year.

Syria and the UAE followed Iran by 21 percent and by 18 percent, respectively, according to data from the association. 

On the regional basis, exports to the EU decreased by 7 percent in January from the same month of the previous year, by 16 percent to Africa and by 5 percent to the Middle East. Exports to North Africa increased by 5 percent in the same period compared to January 2014. 

As exporters, they want more rate cuts from the Central Bank, said Büyükekşi.