Turkey’s exports rise for seven months in row, up 16 pct in May

Turkey’s exports rise for seven months in row, up 16 pct in May

Turkey’s exports rise for seven months in row, up 16 pct in May

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Turkey’s exports rose again for the seventh month in a row, hitting $12.5 billion in May, Economy Minister Nihat Zeybekci said June 1, adding that the contribution of the country’s exports to economic growth would total approximately 1.5 percent in the first quarter. 

According to preliminary data from the Exporters Assembly of Turkey (TİM), the country’s exports saw a 15.8 percent year-on-year increase in May, said the minister in a press meeting in the northwestern district of Gebze that was hosted by Koç Holding’s consumer durables unit. 

In the first five months of the year, Turkey’s exports rose to $63.1 billion, representing a 10 percent year-on-year increase, said Zeybekci. 

“Our 12-month exports hit nearly $147 billion in May, a 5.2 percent year-on-year increase,” he added. 

The exports coverage imports ratio was 88 percent in 2016, but the government aims to raise this to 90 percent and more, said Zeybekci. In the long run, the aim is to hit 100 percent in this area, he added. 

“We will also see that the contribution of Turkey’s exports to GDP growth is around 1.5 percent in first-quarter data,” he said. 

Zeybekci also said Turkey’s exports would exceed $200 billion on an annual basis from around $160 billion when a customs union deal is updated with the European Union. 

According to TİM data, Turkey saw the highest increase in export volume in the Russian market in May among the country’s top 20 markets. 

“Our fresh fruit and vegetable exports to Russia soared five times in May. Thanks to this development, Turkey increased its exports to the Russian market most with a 73.4 percent year-on-year increase,” said TİM President Mehmet Büyükekşi, according to a follow-up press release. 

Noting that Turkey saw a 16 percent increase in exports to the EU in May, Büyükekşi said: “The share of the EU in our exports was 48.7 percent in May. We made almost half of our exports to this market in the first five months of the year. Our exports to other markets soared in May as well. Turkey’s exports to the North American market witnessed a 24.2 percent year-on-year increase, to the Middle East by 10.8 percent, to the CIS area by 18.8 percent and the Far Eastern region by 34.7 percent.” 

In May, the automotive sector again finished as Turkey’s top exporter with a $2.6 billion volume representing a 28.4 percent year-on-year increase thanks to new investments in the sector, said Büyükekşi. 

This sector was followed by the ready-made wear and the confection sector at $1.4 billion and the chemicals sector at $1.32 billion, according to TİM data. 

The boat and yacht sector clinched the highest increase in volume with a 237 percent year-on-year hike, as the sector diversified its markets successfully and started to sell products to new markets, including Iceland and Denmark, said TİM representatives.