TODAY’S – July exports to Syria increase 64 pct year-on-year

July exports to Syria increase 64 pct year-on-yearTurkey’s exports to Syria increased by 64 percent last month on a year-on-year basis, according to figures released by the Turkish Exporters Assembly (TIM) on Friday.The increase in exports to Syria was the highest rise recorded among Turkey’s top 30 partners.

However, exports to Turkey’s other southern neighbor, Iraq, declined by 46 percent due to continuing tensions resulting from the invasion of militants from the Islamic State of Iraq and the Levant (ISIS), currently known as the Islamic State (IS). The group seized Mosul — the country’s second-largest city — on June 10.

June exports declined 19.3 percent year-on-year, a major loss after Turkey’s exports to Iraq had been growing for several months.

Despite the rise in exports to Syria, which is still experiencing a bloody civil war, regional conflicts do not bode well for Turkish exports, according to TIM President Mehmet BuyukekIi: “Geopolitical risk factors negatively affected exports from six countries in neighboring regions during the first seven months of the year It is necessary for us and our neighbors to have a calm and peaceful atmosphere,” BuyukekIi said in a written statement on Friday.In July, the largest exports came from the automotive sector, which totaled nearly $2 billion.

The ready-made garment sector followed, accounting for $1.72 billion, while chemical agents were the third-highest export at $1.

58 billion.Turkey’s top five export partners in July were Germany, the United Kingdom, Italy, France and Iraq, respectively.

Iraq dropped to fifth place after falling from second to third place in June. Leaving Iraq aside, Turkey increased its year-on-year exports last month with the other four countries.

The defense and aviation industry enjoyed the largest increase of Turkish exports last month, rising by 76 percent.Turkey posted major increases in exports to several other countries, including Peru, Malaysia, Norway, Angola, Ghana, Ireland and Kuwait.

The increases ranged from between 83-314 percent among these countries. Exports to the European Union increased by 11 percent, North American exports rose by 12 percent, and those to the Far East increased by 10 percent.

Exports to Africa and the Middle East declined by 10 and 18 percent, respectively.The top 10 exporting provinces in Turkey were Hatay, Sakarya, Istanbul, Manisa, Ankara, Kocaeli, Denizli, Izmir, Bursa and Gaziantep.

While Hatay saw a 33 percent year-on-year increase, Gaziantep recorded an 18 percent drop in exports.Exports during the first seven months of 2014 totaled $92.

7 billion, a 57 percent year-on-year increase. According to BuyukekIi, last month’s exports, which were about the same as in July 2013, would have increased by nearly 4 percent year-on-year had it not been for the sharp decline in exports to Iraq.

SOURCE: Today’s Zaman