May exports set new record with $12.821 bln
Posted by meb at June 2nd, 2008
A new monthly export record was set in May. Turkey’s exports during the month increased 34.48 percent to $12.281 billion. The year-on-year export rate surpassed $120 billion for the first time in history, while import reached $ 18.2 billion
Turkey’s exports in May set a new monthly record by increasing 34.48 percent to reach $12.281 billion. This has been the highest level on a monthly base, Oğuz Satıcı, Turkish Exporters Assembly (TİM) chairman yesterday. “During the first five months of the year, our exports increased by 36.36 percent and reached $55.07 billion, while our year on year exports increased by 28.42 percent to reach $120.65 billion,” he added. The automotive sector and its supply industry recorded the highest level of exports during May at around $2.5 billion. The iron and steel sector ranked second with nearly $2 billion, followed by the chemical sector with $1.5 billion. The agriculture and livestock sectors had a share of 8.5 percent in May exports. The sector’s exports increased by 32.52 percent compared to the same period last year. The industrial sector, which covers 89.05 percent of Turkey’s total exports, showed an annual growth of 34.62 percent. The monthly exports of the sector totaled $10.936 billion. The sector’s exports for the past five months totaled $48.5 billion, while the year on year export totaled $105 billion. The mining sector’s exports increased by 36.24 percent in May to reach $305 million. The sector recorded $1.29 billion in exports during the first five months of the year, while the sector’s year on year exports totaled $3.81 billion.
Urging innovation
It is the responsibility of TİM, to ensure the country remains focused on the economy, public issues and the European Union accession process rather than becoming mired in domestic political disputes, the Assembly’s chairman said yesterday. Turkey, which is among the 20 largest economies in the world, has not been able to shake off its fragility, said Oğuz Satıcı, speaking at a press meeting held in Ardahan, 1,175 kilometers northeast of the capital Ankara, to release the country’s export numbers. A positive attitude should be maintained, however, some precautions should be taken, he said. “According to data from the Turkish Statistical Institute (TÜİK), the first four months of the year have seen a rapid increase in the number of business closures in Turkey. The number of closures reached 22,294. That is an increase of 73 percent compared to the same period last year. The number of new businesses also declined. The number of newly opened production-related businesses is also very low.” Production in Turkey is very expensive, said Satıcı. Turkey has the highest real interest rate in the world. The country ranks among the Organization for Economic Co-operation and Development (OECD) countries with the highest energy input and highest production cost. Therefore, producers are unable to profit, he added. There are structural issues that have been neglected for the past 10 years, Satıcı said, adding, “Turkish businessmen have to be more creative and innovative than ever. If your production is costly, then you need to resort to different means of management and marketing strategies to cover that cost.”
GAP’s value
Commenting on the government’s decision to accelerate the Southeastern Anatolia Project, or GAP, he said: “Although GAP is a key project to reverse all complications, due to the former domestic political disputes the project has never been able to receive the attention it deserves. I hope this situation will change from now on. The project is not only important for the eastern or southeastern regions, it is highly valuable for the entire country.” Turkey’s annual energy expenditure adds up to $50 billion, said Satıcı. The energy deficit and energy costs continue to grow each year. Therefore, all progress made in improving the efficiency of the energy sector is crucial, he added. Alternative energy opportunities in the county need to be further developed, said Satıcı. “Doing so would enable Turkey to put a stop to its source outflow, and energy costs may be reduced.”
source: Turkish Daily News
Related posts: