Posted on 05 May 2011
Of all the news on the Turkish economy, the record exports in April is arguably the most significant. If you read like I do on the Turkish economy you will see that the news is overwhelmingly one-sided on the positive side, and that the negative news is almost all centred on the current account and trade deficits. Increasing exports is one of the things the Turkish economy needs badly to resolve these two negatives.
And what an increase it was. In the first quarter of the year exports increased 22.2% compared to the previous quarter, thanks in no small part to a 25% month on month increase in April. The figures from Turkish Exporters Assembly (TIM) President Mehmet Buyukeksi, who revealed that exports in the first quarter totalled 43.2 billion USD, and in April alone 11.8 billion USD, fuelling hopes for the 127 billion USD annual target for this year.
“Turkey’s ‘zero-problem’ foreign policy helps establish better trade relations with surrounding countries, which in turn increase exports to our neighbours,” said Buyukeksi at the press meeting, referring to steps taken by the government to facilitate doing business and trade with countries in the region.
“Turkey’s exports to the countries in its region have risen considerably in the recent years,” he added, noting that Iraq, Iran, Syria, Egypt and many others in the region have become important trade partners.