Annual Turkish exports reached 200 billion dollars in Turkey for the first time. Besides, the 2022 export target of 198 billion dollars was already achieved in 2021! There was an increase of 34.5% in exports to neighboring countries in January-August 2021. According to the statement of the Turkish Exporters Assembly (TIM), the highest August figures of all time were recorded in exports to Bulgaria, Iran, Iraq, Syria, Georgia and Greece.
Chemical substances and products were the most exported goods to neighboring countries. 2 billion 134 million 394 thousand dollars of chemical products were exported to 6 neighboring countries.
During the 8-month duration, the most export was carried out to Iraq with 5 billion 305 million 647 thousand dollars.
Bulgaria: 2 billion 185 million 316 thousand USD
Greece: 1 billion 744 million 837 thousand USD
Iran: 1 billion 405 million 656 USD
Syria: 924 million 175 thousand USD
Georgia: 914 million 450 thousand USD
Due to the strong increase in Turkey’s export and tourism receipts, it is aimed to reach the status of a country that has a current account surplus at the end of 2021. Export figures, which had been approximately 100 billion dollars for the last 14 years, reached 200 billion dollars for the first time.
Positive Effect of Increase in Euro/Dollar Parity: 208 Million Dollars!
In bilateral trade, 6,463 exporting companies continued their foreign sales transactions in Turkish Lira. The use of local currencies was supported. The increase in the dollar/euro parity since 2020 has had a positive effect on exports.
Exports to 173 countries amounted to 4.6 billion TL.
Turkish Exporters Assembly (TIM) announced the support of the usage of domestic currencies.
It was also decided to increase the financial support for exports depending on the increase in commodity prices, logistics and other expenses in the world. The ratio of exports to imports has gained momentum compared to the previous year.
Mehmet Mus, Turkish Minister of Trade, has announced that Turkey gets closer to a current account surplus because of the rapid increase in export and tourism receipts! Turkish economy’s current account deficit decreased by 4.3% in June with the increase in total export momentum. According to foreign trade statistics, exports in Turkey increased by 2.3% in 2021, while imports decreased by 5.9%.
“Turkish Exports to England Increased by 90 Million Dollars”
Since January 2021, 2-billion-dollar export has been carried out in the automotive sector. At the same time, automotive exports to the UK have increased by 63%.
Exports to the UK reached 233.3 million dollars with an increase of 90 million dollars.
Export from Turkey to 213 Countries and Regions!
Automotive, chemicals, steel were the three sectors that contributed to the decrease in export figures and current account surplus in July.
There was a rapid increase in export figures to Greece, Russia and Canada.
Chemicals Export / Istanbul-Greece: 7 times ↑, $80 million
Grain Export / Gaziantep-Russia: 5 times ↑, $52 million
Steel Exports / Bursa-Canada: 28 times ↑, $40 million
Top 3 Turkish Exports Countries; Germany, USA and UK
Top 3 export countries to which Turkey exports the most are Germany, the USA and the United Kingdom.
Turkey-Germany: $1.4 billion
Turkey-USA: $1 billion
Turkey-UK: $983 billion
Greece and Portugal are also included in the list of countries with the most monthly export.
The highest increases on the amount basis are;
Italy: $171 million ↑
Spain: $155 million ↑
UAE: $141 million ↑
“Annual Turkish Exports Reached the Highest Figures”
Along with the increase in export figures in Turkey, for exporting companies, it was decided to increase the financial support provided by banks and the Central Bank.
TIM Chairman Gulle indicated the need for equilibrium in other sectors with the increase in foreign sales.
“Trade Deficit Narrowed, Target $300 Billion!”
Turkey’s trade deficit narrowed by 31.7% and reached 4.3 billion dollars. According to the current rises, the 5-year export target is to reach 300 billion dollars!
Current Account Surplus for the Remainder of 2021
Throughout 2021, Turkey’s current account deficit has swiftly narrowed. Furthermore, the current account surplus targets are emphasized due to the increase in exports and tourism receipts.
Sahap Kavcioglu, The Governor of the Central Bank of the Republic of Turkey, has announced the current account surplus of Turkey for the remainder of this year. Despite the contraction in the world economy and global trade, Turkish exports continue to break new records.
“Stability for the Turkish Economy”
Stability was provided for the Turkish economy in 2020. According to the statements, the ratio of exports to imports increased by 6.9 points and reached 82.5%.
Turkey’s export figures, 201 billion 406 million dollars, made their marks in history in line with the figures of the last 12 months.
“Reliable Supplier Port!”
Turkey is seen as a reliable supplier port for global trade.
Because of to the end of the pandemic and the transformation in the supply chain, the increase in foreign sales in export figures was effective in the current account surplus.
TIM Chairman Gulle; “Thanks to our current upward momentum, we have reached the 2022 target of 198 billion dollars. We have targeted the year 2023. We, all together, will reach our 300 billion dollars of export target within 5 years.
“Amount of Rediscount Credit Increased to 30 Billion Dollars”
The amount of rediscount credit limit to get from Turkey Eximbank and commercial banks for companies exporting foreign exchange earning services and goods in Turkey with the resources of the Central Bank of the Republic of Turkey has been increased.
The Turkish Minister of Commerce announced the increase of the limits to 30 billion dollars.
“21.7% Annual Growth in the Second Quarter of Turkish Exports!”
Along with a strong increase in the second quarter of 2021, the Turkish economy recorded an annual growth of 21.7%. It was noted that the number of companies exporting for the first time reached 10 thousand thanks to the strong growth figures in the second quarter and the increase in net exports.
According to the statement of TIM Chairman Gulle, the number of exporting companies increased in July. He also emphasized the importance of increasing new exporting companies.
The Number of Companies Exporting for the First Time: 10,598
In July, 1,273 companies in Turkey exported for the first time. The number of companies exporting for the first time throughout the year reached 10,598.
In July, foreign sales increased in 18 sectors, including the automotive sector.
- Automotive: $2 billion
- Chemicals: $1.9 billion
- Steel: $1.7 billion
- Ready-Made Clothing: $1.7 billion
- Electrical and Electronics: $1 billion
Also, the 709 million dollars increase in the export figures in the steel industry was remarkable.
Chemicals: $339 million ↑
Ferrous and Non-Ferrous Metals: $176 million ↑
Mining: $105 million ↑