Posted on 07 April 2011
Turkish exports grew 22.8% year on year in March according to the latest figures from the Turkish Exporters Assembly (TIM), taking the monthly total to $11.7 billion. According to the data, the majority of the exports ($1.4 billion) came from the car industry. TIM chairman Mehmet Buyukeksi said that these figures were not only the highest since the downturn, but the highest in almost 3 years (32 months).
This is extremely good news for the Turkish economy, because it is massively dependent on imports for its energy and other needs, which is causing the current account deficit to widen, especially as affluence grows and people continually increase their spending on luxury goods coming from overseas.
The car industry is predicted to grow from generating 1.1 trillion in revenues globally now, to generating 3.1 trillion in 2023. It is currently one of the sectors powering growth in Turkey, and the government i gas set the target of $75 billion in automobile exports per year by 2023, which would take Turkey’s share of world trade from 1.56% to 2.4%.
Even though the political unrest is continuing in the Middle East, Turkey’s exports to this region rose by 33% to US$5.7 billion during the first three months of 2011. During the first quarter of 2010, exports to the United Arab Emirates rose 72%, exports to Iran rose by 48%, exports to Iraq by 40%, and exports to Saudi Arabia by 16%.
Exports to Europe also increased during the same period, with a 28% growth in exports to Germany, a 24% increase in exports to Italy, and a 22% growth in experts to Britain. rising to 28% in Germany, to 24% in Italy and by 22% to Britain. Turkey’s recent efforts to increase trade relations to developing countries is clearly paying off as exports to Russia rose by 53%, exports to India by 52%, to China by 6% and to Brazil by 28%.