Exports continue to suffer despite lira meltdown

Despite a major devaluation of the Turkish lira, exports declined 9.4 percent year-on-year during the first nine months of 2015, according to figures from the Turkish Statistics Institute (TurkStat).
September exports dropped 14.2 percent to $11.66 billion, while the total export figure for the first three quarters of the year stood at $107.29 billion. Imports also sharply decreased, falling 25.2 percent in September and 13.1 percent between January and September.
Exports to the EU were 7.7 percent lower last month than in September 2014, totaling $5.51 billion. The countryand’s top export partners were Germany, the UK, Iraq and Italy. China, Germany, Russia and the US were the countries from which Turkey received the most imports in September. Disappointing export figures have been recorded for much of 2015, as regional trade has been compromised by political instability and multiple ongoing conflicts.
h2 Tourism revenues slide 6.6 percent in first 9 monthsh2 TurkStat figures also indicated that tourist revenues fell 6.6 percent between January and September, totaling $24.89 billion. Revenue during the tourist season of July, August and September dropped 4.4 percent to $12.3 billion. A total of 80.9 percent of tourist revenue came from foreign visitors, while the remaining 19.1 percent was money spent by local tourists on vacation.
Though Turkeyand’s tourist sector has grown rapidly in recent years as the country has become one of the worldand’s most popular to visit, a difficult 2015 marked by political instability and regional violence in conjunction with a decline in one of the sectorand’s biggest markets –Russian visitors — has resulted in a year of losses. The poor numbers have had hoteliers scrambling to cut prices even in the busy summer months in a bid to fill up empty hotels.