Turkey’s exports contract by 8.6 pct in 10 months

Turkish exports shrank by 8.6 percent year-on-year in the first 10 months of this year, a written statement released by the Turkish Exporters Assembly (TiM) on Sunday revealed.
Turkeyand’s October exports also contracted by 1.5 percent compared to the same month a year ago to stand at $12.3 billion in total, TiM said.
The volume of 10 months of exports amounted to $119.6 billion, according to the TiM statement, which underlined that the unfavorable eurodollar parity contributed most to the decline.
A 17.2 percent decline in the value of the euro against the US dollar between January and October resulted in a $10.6-billion loss in Turkish exports in the same period, the statement said. While Turkish exporters pay the cost of intermediary goods mostly in US dollars, nearly half of Turkish exports are paid in euros.
TiM Chairman Mehmet Banduyandukekii was quoted in the statement as saying: and”Anticipation for an interest hike by the US Federal Reserve caused the dollar to gain strength and a decline in [global] commodity prices. This decline drags down the unit prices. Thatand’s why our exporters become obliged to sell the same products for cheaper prices [than before]. Although the volume of our exports has increased on a kilogram basis, we have suffered a decline in revenue.and” According to a total weight-based calculation, the volume of Turkish exports increased slightly by 0.8 percent year-on-year in the first 10 months.
The Turkish government revised its export target from $172 billion to $143 billion in its recent Medium-term Economic Program (OVP). Yet, even the revised target is, according to some economists, hard to catch amid unfavorable market conditions.
Reiterating concerns, Banduyandukekii said lingering risks engulfing the Turkish economy will continue for the foreseeable future.
TiM statistics also revealed that the main export partners of Turkey were Germany, the UK, Iraq, Italy and France in October. While EU-bound Turkish exports recorded a 9.5 percent rise, those to countries in the Middle East and Africa diminished by 1.5 percent, to North American countries by 3.7 percent and to the Commonwealth of Independent States (CIS) by 26.9 percent.

SOURCE: TODAY”S ZAMAN

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