Turkey’s jewelry exports up 50 pct in seven months

Turkey’s jewelry exports up 50 pct in seven months

Turkey’s jewelry exports up 50 pct in seven months

The exports of Turkey’s jewelry sector increased by 48.5 percent in the January-July period compared to the same period of the previous year and reached $2.91 billion.

Turkey exported jewelry worth $1.96 billion in the first seven months of 2020.

The exports of the sector in the last 12 months increased by 21 percent compared to the previous period and reached $4.73 billion, according to data from the Turkish Exporters’ Assembly (TİM).

The United States was the top market for Turkish exporters in the January-July period, with a total value of $454.16 million, indicating a 69.3 percent increase compared to the same period last year.

The United Kingdom followed the U.S. with $350.95 million and the United Arab Emirates with $338.79 million.

Hong Kong ($230.35 million) and Iraq ($165.42 million) were also among the top jewelry export markets.

Istanbul was Turkey’s top source province for jewelry exports with a volume of $2.62 billion in the January-July period, up 42.8 percent year-on-year. The northern province of Çorum ($186.42 million), the Black Sea province of Kastamonu ($33.79) and the capital city of Ankara ($27.72 million) followed Istanbul.

Meanwhile, Turkey’s total exports rose 35 percent on an annual basis in the first seven months to $121.40 billion, TİM data shows.

The country’s imports posted an annual rise of 27 percent to reach more than $135 billion in January-July.

Turkish exports are expected to break a record of $200 billion this year.

Turkish exports slipped 6.3 percent on an annual basis to $169.5 billion in 2020, a year when the coronavirus pandemic ravaged economies around the world, particularly in the country’s main export destination, the European Union.

Last year, Turkey produced 42 tons of gold in 18 active mines despite the pandemic.

While all of Turkey’s gold needs were met by imports before 2001, now Turkey’s gold production reduces the country’s current deficit by $2.4 billion annually.

Turkey ranks 12th in the world in terms of proven gold reserves.

The Turkish gold miners are seeking incentives to ramp up local production and reduce imports, according to an industry association chairperson.

Mehmet Yılmaz, the president of the Turkish Gold Miners Association, said on March 3 that local production could also offer more employment opportunities in the sector to boost employment from 13,000 to around 20,000.

“Our target is to increase the output to at least 45 tons by the end of 2021 and to create added value by ramping up production as much as possible. Hence, we intend to meet our objectives of producing 100 tons in the next five years if we get permission from the authorities for about 20 projects waiting in line,” Yılmaz added.

According to official data, Turkey imported $26.6 billion worth of gold in 2020, more than double that of a year earlier, out of the country’s total imports worth some $219.4 billion.

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