Turkey Financial News

Posted by meb at September 8th, 2009

As gold production levels in Turkey continue to increase steadily every year, a report prepared by the Ministry of Energy and Natural Resources has noted that while total gold production in Turkey was 11.1 tons in 2008, this amount is expected to rise to 38 tons in 2010.

The report explains that while Turkey has been the top gold-producing nation in Europe since 2006, its gold production could in fact rise to 38 tons in 2010, making it a global leader in gold production. Turkey’s gold production contracted from 5.3 tons in 2003 to 3.2 tons in 2004, it then proceeded to break new records in subsequent years.

In 2005, Turkey produced 4.1 tons of gold, in 2006 it produced 8.1 tons, in 2007 it produced 9.2 tons and in 2008 it produced 11.1 tons of gold. Experts believe that Turkey will produce 16 tons of gold this year.

The same report also states that while the current total global reserves of workable gold are 49,000 tons, a full 6.5 percent of this is currently being produced by the nations of China, South Africa, the US, Australia and Indonesia. These world leaders in gold production carry out 46 percent of annual global production. (more…)

Posted by meb at April 29th, 2009

Turkey’s trade deficit probably narrowed in March from a year earlier, the seventh consecutive contraction, as weaker demand reduced the import bill.

The shortfall shrank to $1.4 billion from $5.4 billion in March 2008, according to the median estimate of 10 economists surveyed by Bloomberg. The Turkish Statistical Institute is due to report the data at 5 p.m. tomorrow. (more…)

Posted by meb at April 26th, 2009

The Nourah of Riyadh, the megayacht produced in the Kocaeli Free Zone, was delivered to its owners with a ceremony Friday. The yacht, which cost 40 million euros, will be used by Saudi Prince Mohammad Bin Abdulaziz.

Speaking at the ceremony at the free zone, State Minister Kürşad Tüzmen said Turkey has become the third in yacht production, while standing at No. 7 in shipbuilding.

The 65-meter-long yacht is the biggest megayacht produced in Turkey. “We like to break records,” Tüzmen said. “With a new record, we will build a 75-meter-long yacht here next time.” (more…)

Posted by meb at March 28th, 2009

With Turkey’s export markets — particularly those in the EU — being strongly affected by the adverse effects of the ongoing global financial crisis, “diversifying export markets” has become the motto of Turkey’s foreign trade policy, a safe way to provide fresh opportunities to Turkish exporters who have lost ground in their traditional markets due to shrinking demand.

In this way, both the government and entrepreneurs have intensified their quest to diversify export markets, a move that has a critical role in keeping the negative at bay. (more…)

Posted by meb at March 20th, 2009

Turkey is now a “major” gold exporter after a deteriorating economy and a jump in prices spurred consumers to sell their jewelry, according to a new report by London-based researcher GFMS.

The country imported an average of 232 metric tons of gold a year from 2003 to 2007, GFMS said in a report on its Web site late Wednesday. Net exports in the first two months of this year may have exceeded total imports in the first half of last year, GFMS said.

Turkey imported about 76 tons of gold in the first six months of 2008, according to the Istanbul Gold Exchange. (more…)

Posted by meb at March 15th, 2009

Some 2,000 businessmen from Turkish businesses abroad will be gathering in Istanbul for a two-day meeting aiming to increase Turkish exports.

“With the Turkish businessmen working abroad, we will show a united front against the global economic crisis,” said State Minister Kürşad Tüzmen on Sunday.

“There will be a large meeting in Istanbul on April 10 and 11. We will meet with 2,000 Turkish businessmen and entrepreneurs living abroad. Local businessmen will also attend this meeting. This meeting, which was organized in collaboration with the Undersecretariat for Foreign Trade, or DTM, and Foreign Economic Relations Council, or DEİK, will help us make some decisions that have the utmost importance for the participating companies as well as the Turkish economy,” Tüzmen said. (more…)

Posted by meb at March 1st, 2009

Istanbul, Turkey’s largest city in population, made the most of country’s export with $73.2 billion in 2008, which amounted to the 55.4 percent of the total, the Figures of Foreign Trade Undersecretariat has revealed.

Turkey’s northwestern province of Bursa followed Istanbul with $11.1 billion exports figure, while another northwestern province, Kocaeli, ranked at third place with $8.3 billion in the same term, Anatolian Agency reported on Sunday citing figures.

Istanbul also topped the list, which showed the cities that imported most in the same period, with $111.2 billion, which equates to 55.1 percent of total amount. (more…)

Posted by meb at February 27th, 2009

The global downturn in the steel market highlights the need for steel futures as they could help the industry to hedge its risk when prices fall, the Chief Executive of the London Metal Exchange said.

“I think the fact that we’re going through a downturn in the steel cycle is not hurting the contract,” Martin Abbott said. “If anything, it probably is heightening the awareness of the contract.” (more…)