Trade up 12 percent in Turkey’s free zones in first half
Posted by meb at July 26th, 2008
Trade volume in Turkey’s free zones increased by to $13.3 billion in the first half of the year, an increase of 12 percent over the same period last year.
According to figures from the Undersecretariat for Foreign Trade, the İstanbul Leather Free Zone exported $3.3 billion of products in the first half compared to $3.1 billion in the same period last year, while the Aegean Free Zone exported $2.1 billion, down from $2.2 billion last year. Furthermore, İstanbul’s Atatürk Airport Free Zone exported $1.9 billion, up from $1.6 billion in the first half of last year.
Free zones fall within the borders of a country but are exempt from regulations on customs, taxes, foreign currency, price, quality and standards.
In the Mersin Free Zone, the trade volume saw a 24.6 percent increase to $1.4 billion in the first half. However, the İstanbul Thrace Free Zone experienced a 4.4 percent drop to $1.1 billion compared to the same period of 2007. Meanwhile the Bursa Free Zone took in $920.6 million in the first half.
Most trade in free zones in the first half of the year was made with the Organization for Economic Cooperation and Development (OECD) and EU countries. The revenue from sales to these regions amounted to $4.96 billion. The 25 members of the EU expended $4 billion on goods from these zones, rendering it the biggest customer. The Commonwealth of Independent States (CIS) contributed $614 million to the revenue of Turkey’s free zones, and countries in North Africa and the Middle East were responsible for $724 million.
Source: Today’s Zaman
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