At 11.4 billion USD Turkish exports increased by 7.4% year on year in September. The year-to-date performance is even more impressive, with 111.4 billion USD taking us up 12.1% compared to the same period in 2011.
Par for the current course automotive exports remained at the top of the tree with 1.5 billion USD worth of exports in September, although there wasn’t much to call between that and chemicals with 1.48 billion USD worth of exports. Ready-wear and textiles came third with USD 1.3 billion.
Arguably one of the more significant findinfs of the newly released data from the Turkish Exporters’ Assembly (TIM), is the fact that exports to the EU rose 3%. EU imports from Turkey have fallen for the last 8 months straight before the September upturn, which could be a good signal for the near future. Indeed Germany was the largest importer of Turkish goods in September, followed by Iraq and Britain.
In other news Ilker Ayci, the President of the Investment Support and Promotion Agency of Turkey (ISPAT) has set the target of bringing 110 billion worth of foreign direct investment into Turkey in the next 5 years.
“Emboldened by the new investment incentive scheme, we aim to receive at least USD 110 billion of FDI in the coming five years..”, said Ayci, speaking to the press after meeting with the executives of 15 global companies operating in Turkey.
These are the two main areas in which Turkey would like most to drive growth, because they will help to close the trade and current account deficits. Those are two of Turkey’s few remaining economic difficulties that it must overcome in order to achieve investment grade ratings from the likes of Moodys and S&P.