Turkish exports increase 8.9 percent in September

Turkish exports increase 8.9 percent in September

Turkish exports increase 8.9 percent in September

Turkish exports rose by 8.9 percent, reaching $11.3 billion, in September compared to the same period last year, according to the Turkish Exporters’ Assembly (TİM).

In September, the automotive sector constituted the highest percentage of exports with $2.2 billion, up by 10.9 percent over the same month last year, TİM said.

The clothing and chemical sectors followed with $1.29 billion and $1.28 billion, respectively, TİM added.

Turkey’s top export destination was Germany with $1.2 billion worth of trade, with an 8.3 percent rise, followed by the U.K., the U.S., Italy and Iraq in September, TİM data showed.

The country’s exports to the U.S. increased by 36.5 percent, U.K. by 14 percent, Germany 8.3 percent, Iraq 2.2 percent and Italy 1.5 percent compared to September 2016.

Among the top 20 countries receiving Turkish exports in September, Russia showed the highest increase with 54 percent, according to TİM.

Exports to Turkey’s main trading partner, the EU, showed a 10.2 percent yearly increase, the association said.

TİM noted that the exports in the last 12 months had reached $153.2 billion, a 9 percent increase year-on-year.

“We have reported increase in exports for 11 months since last November,” Mehmet Büyükekşi, TİM chairman, said in a statement.

In September, Turkey’s exports were affected positively by the high level of the euro-dollar parity, Büyükekşi noted.

The average euro-dollar parity stood at 1.1915 in September, according to the European Central Bank.

“The positive effect of the parity was around $234 million over exports in the month,” he said.

However, the overall effect of the high dollar to Turkish Lira rate had a negative effect of $1.8 billion on the country’s exports since the beginning of the year, Büyükekşi added.

The average dollar/lira rate was 3.5768 in the first nine months of 2017.

Büyükekşi said Turkish exporters hope to reach a target of $156.5 billion in exports in 2017, which was revised from $153.3 billion in the Medium Term Program (MTP).