TODAY’S – Turkey up two steps on importers list in 2013

Turkey up two steps on importers list in 2013Turkey moved up to 19th place on the list of the top importing countries in 2013, after coming 21st on the list in 2012, according to recent World Trade Organization (WTO) figures.Meanwhile, Turkey remained 32nd on the list of top exporting countries, a place it has held for the past three years, according to the figures.

China was the top exporter last year, followed by the US, Germany, Japan and Holland. The US was the top importer in 2013 followed by China, Germany, Japan and France.

Turkeyand#39s current account deficit (CAD) — which is considered by economists and policymakers alike to be the economyand#39s weak point — reached $65.4 billion by the end of 2013, while the foreign trade deficit hit $99.

8 billion, an 18 percent surge. A main factor for Turkeyand#39s relatively large CAD is its high level of imports, particularly its dependence on natural gas and oil imports.

Deputy Prime Minister Ali Babacan has emphasized that Turkey needs to focus on developing its industrial sector as a means of strengthening its economy. He said that the construction sector, which has largely fueled Turkeyand#39s economic boom, has begun to function in an unsustainable manner that focuses on short-term, high profit ventures.

Developing the domestic industrial sector would likely lead to a decrease in import dependency.

SOURCE: Today’s Zaman

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