A performance by Turkish exports brought another record in February as they hit $14.7 billion, according to Turkish Exporters Assembly (TİM) data Tuesday.
Turkish exports rose 2.3% year-on-year last month, while imports went up 9.9% to hit $17.7 billion in the same period, Trade Minister Ruhsar Pekcan said in a written statement.
The country’s foreign trade volume totaled $32.3 billion, marking a 6.43% rise compared to the same month last year, she stressed. Pekcan also said the export-import coverage ratio rose to 83% in the month.
“Despite the weakening in foreign demand, global and regional negativities, uncertainties and risks, the rise in our exports is an important indicator of the dynamism and competitive strength of our exporters in the world,” Pekcan noted.
In January-February, the exports totaled $29.4 billion, rising 4.3% on a yearly basis. Imports also posted an annual rise of 14.4% to $36.9 billion in the same period.
February exports have renewed record, TİM head İsmail Gülle said in a statement, also adding that the 12-month rolling exports have reached $182.1 billion.
“While a record was broken in the first month of the new year, despite all global and regional developments and uncertainties, we are bringing the record bar to the next level by reaching the highest-ever February export figure,” Gülle added.
Germany, Iraq, U.K. top markets
Germany, Iraq and the U.K. were the top receivers of Turkish exports, while the country imported the most from Russia, China and Germany, Pekcan said.
Data showed exports to Germany totaled $1.3 billion, followed by Iraq with $906 million and the U.K. with $856 million. Around 48.1% of the country’s exports went to European Union countries.
Automotive again led the way among sectors, carrying out exports in February worth $2.52 billion. It was followed by ready wear with $1.52 billion and chemicals with $1.51 billion. Seven industries enjoyed increases over 10%, Gülle noted.
In the first two months, he continued, 21 sectors managed to increase their overseas sales. Among them, the ship and yacht industry’s foreign sales jumped by 95% to $148 million, in addition to a 49.7% rise in jewelry exports to $372 million and a 23% increase in the fruit and vegetable sector to $205 million.
2.3 points of GDP growth in 2019 generated by exports
On Turkey’s economic growth rate of 0.9% in 2019, the trade minister said that 2.3 points of growth were generated by net exports, posting the most significant contribution.
Turkey’s economy grew 6% year-on-year in the fourth quarter and nearly 1% in 2019 as a whole, beating expectations and rebounding strongly from the turbulent period it endured since the second half of 2018.
The country’s GDP at current prices surged by 14.9% year-on-year in 2019 to over TL 4.28 trillion, according to the Turkish Statistical Institute (TurkStat).
The country’s exports reached an all-time high as they crossed $180.46 billion in 2019, up 2.04% from 2018. Imports decreased by 8.99% to reach $210.4 billion, while the foreign trade deficit decreased by 44.9% from $54.3 billion to $29.9 billion.
Among the 62 countries whose data was revealed by the World Trade Organization (WTO), Gülle noted, Turkey ranked sixth and was listed among the limited number of countries that managed to raise their exports despite global and regional developments and a challenging global trade outlook.
Pointing to the country’s success in raising its exports Gülle emphasized according to the said data, exports of nine out of the top 10 countries carrying the most exports declined.
He also pointed to the spreading coronavirus outbreak, stressing the illness had already paved the way for a slowdown of the global economy and trade and disruptions in supply chains.
“We are working intensively and quickly with our ministries on proactive solutions to prevent setbacks in Turkish export products entering the markets. We will continue to take all kinds of precautions for our country’s exports to overcome this process with the least damage,” Gülle noted.
The coronavirus, which emerged in the central Chinese city of Wuhan late last year, has spread around the world over the past week, with more new cases now appearing outside China than within.
There are more than 90,000 cases globally, with more than 80,000 of them in China, and infections appearing in 77 other countries and territories. China’s death toll is 2,943, with more than 75 deaths elsewhere.
WTO head Roberto Azevedo said Monday that he expected the coronavirus epidemic to have a “substantial” impact on the global economy.
“The effects on the global economy are also likely to be substantial and will start to show up in the trade data in the weeks to come,” Azevedo said.
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