Turkey Financial News

Posted by meb at December 1st, 2008

Foreign Trade Minister Kürşad Tüzmen has said Turkey aims to diversify its export markets in response to shrinking demand from European markets.

“There is stagnation in the world markets to a certain degree, and Turkey’s exports have been affected negatively by this fact, but we are diversifying our export markets, particularly at a time when demand from European markets is decreasing,” Tüzmen said on Sunday in Ankara. “We are planning to brace for the shrinkage in European markets by entering new export markets.”

Tüzmen said Turkey will see the benefits of entering new export markets, especially in the long run.

The minister said exports to countries such as China, India, Iran, Iraq and Syria as well as countries in the Gulf region, North Africa and Central Asia would continue to grow in the near future, adding that acting in solidarity with its neighbor countries against the global crisis would have positive effects. Tüzmen also noted that a recent formal visit from China to Turkey brought a new series of business contracts signed between Turkish and Chinese firms amounting to $261 million. (more…)

Posted by meb at November 24th, 2008

As European importers feel the effects of the global financial crisis, they have decided to give up large stocks and order goods in smaller quantities. To do this, they are increasingly turning to Turkish exporters.

European companies’ profits have declined as their expenditures have increased. Before the crisis, importers ordered huge quantities of goods from China and other Far Eastern countries. Now that this trend has changed, conditions have started to benefit Turkish exporters.

A decline in auto, iron and steel exports triggered a slowdown in the Turkish economy. But the increase in orders by European countries has eased the burden on some Turkish exporters, especially those in the electronics, garment and food sectors. (more…)

Posted by meb at November 20th, 2008

Turkish Electronics and Information Industries Association (TESİD) General Manager Suat Baysan said yesterday that Turkish electronics exporters had lost a big part of their market share in Europe and that electronics production in Turkey has slowed over the last two years. He said Turkish losses in the electronics market in Europe have reached $1 billion, stressing that the main reason was declining demand.

Baysan said the sector could not achieve great success this year but that he expected the sector would recover and exports would increase in 2009. He noted that electronics production in Turkey had reached $9.5 billion in 2007 and that exports in the sector totaled $5 billion in the same year.

Baysan stressed that the electronics industry occupied a key position in the Turkish economy. “The electronics sector helps Turkey have a voice in global markets,” he said. He emphasized that he had faith in the sector’s dynamism and potential to grow. He stressed that the electronics industry had made up for its investments in research and development, but that now these investments are declining, adding that this problem should be solved as soon as possible. (more…)

Posted by meb at November 17th, 2008

As all 30 members of Organization for Economic Cooperation and Development are declared to be in recession, Turkey’s exporters reveal they are quite worried about what the future may hold for them.

Turkish exports to fall Turkish exporters are concerned as official figures have revealed that Germany, Turkey’s top importer, is now officially in recession. The 0.5 percent contraction in Germany’s growth rate in the third quarter is expected to result in a 20 percent decline in Turkish exports to the country.

Businessmen and investors are worried as the Organization for Economic Cooperation and Development, or OECD, announced last Thursday that the group’s 30 countries have entered recession. (more…)

Posted by meb at November 17th, 2008

İstikbal, a global Turkish brand in home furnishing, has opened two stores in Dubai, the most populous city of the United Arab Emirates.

Furniture firm eyes Dubai For advertising in Dubai, Boydak Group’s subsidiary İstikbal has enlisted Bülent İnal to play a reporter in their commercials. İnal is known for his role in the Turkish series “Ihlamurlar Altında” (Under the Lime Tree) and has built a significant fan base in the Arabic world.

It is the first time the firm has worked with a star abroad, said Boydak Holding Chairman Bekir Boydak. “We were obliged to enter these markets strongly. A popular actor will be influential in this respect. New films are on the agenda.” (more…)

Posted by meb at September 9th, 2008

The customs row between Russia and Turkey has hit traders hard in Istanbul’s main textile exporting districts of Laleli, Osmanbey and Merter.

Traders in Istanbul’s Laleli, Osmanbey and Merter districts face tough times due to the customs crisis between Turkey and Russia and expect an urgent solution from both governments, Referans daily reported on Monday.

“If the crisis goes on, exports will decline dramatically. Besides Istanbul, textile producers in several cities, such as Gaziantep, Denizli and Bursa will also see losses,” Referans daily quoted Orhan Altun, chairman of the Laleli Industrialists and Businessmen Association (LASIAD) as saying. (more…)

Posted by meb at September 2nd, 2008

Turkey’s exports to the United Arab Emirates (UAE) in August surpassed exports to its number one economic partner, Germany, for the first time in history, thanks to strengthening economic relations.

Exports to the UAE last month reached nearly $1.15 billion, according to the latest figures released by the Turkish Exporters’ Assembly (TIM) on Monday.

Germany ranked second among the top 20 nations Turkey exports to, with $988.6 million, followed Britain with imports worth $576.06 million. Russia ranked fourth with $530.56 million, while France ranked fifth with nearly $434.17 million.

Turkey’s exports to European nations, its strongest trade partner, stalled due to a painful economic slow down, while exports to the Gulf increased thanks to strengthening economic relations, TDN reported citing the Anatolian Agency on Tuesday. (more…)

Posted by meb at July 17th, 2008

Turkey’s year-on-year exports surpassed $125 billion and have reached the target for this year, a state minister announced yesterday.

Exports rose 35 percent between Jan. 1 and July 15, State Minister Kürşad Tüzmen told the Anatolia news agency. Industrial products exports reached $64 billion in the first half of the year, Tüzmen said, adding that the iron and steel sector reported the greatest rise, with an increase of 69 percent. (more…)