Turkey breaks historic record as exports reach $134 billion

Speaking at a conference hosted by the Ankara Chamber of Commerce in Ankara, Çağlayan said Turkey had reached the highest level of exports in its history as of Thursday. (Photo: AA)

08 December 2011, Thursday / TODAY’S ZAMAN, ANKARA

Turkey’s exports have reached $133.97 billion in the past 12 months, indicating that the country has now broken a new record with the highest level of exports in the history of the republic, Economy Minister Zafer Çağlayan said at a meeting in Ankara on Thursday.

Turkey sold $114 billion worth of goods to overseas markets last year. It witnessed a record in export volume in 2008 with $132 billion, but saw the same figure plunge below $100 billion the following year due to the 2009 global financial crisis. Observers argued this year’s exports data could mean a new record and that the latest figures are proof of this. The country aims to reach $500 billion in exports by 2023, the centennial of the foundation of the republic.

Speaking at a conference hosted by the Ankara Chamber of Commerce (ATO) in Ankara, Çağlayan said Turkey reached the highest level of exports in its history as of Thursday, adding that the country is poised to maintain this performance. “This is a success which many could not even dream of … but we are here to work harder, and even exceed these figures in exports,” he stressed.

Underlining that the government has intensified efforts to diversify export markets, Çağlayan said the government will increase the number of trade offices abroad to 250, currently at 109. The minister also said these offices will work to help attract more foreign direct investment (FDI) to Turkey than in the past. “Our trade representatives in Europe tell us that investors, particularly from the UK, Italy and France, are interested in new investments in Turkey,” he explained.

Making mention of improvements in attracting foreign investment in Turkey, the minister recalled that Turkey received $10.9 billion in FDI in the first nine months of this year, more than twice the amount for the same period a year ago. “One important fact was that 87 percent of international capital inflows to Turkey in the given period were from financially troubled EU countries. … Turkey maintained its appeal to European investors despite the ongoing crisis,” he said.

Çağlayan cited political stability in the country as the driving factor behind Turkey’s economic success and growth. Regarding the EU crisis, he said the government expected EU leaders to reach a healthy solution at today’s summit in Brussels before the troubled eurozone could maintain a speedy recovery. As regards an International Monetary Fund (IMF) estimate of a 2.5 percent growth rate for the Turkish economy in 2012, the minister said the government believes the IMF will revise this figure following positive developments in the economy.

With reference to ongoing political instability in Syria, Çağlayan called on the Syrian government to reconsider an earlier decision to suspend a free trade agreement with Turkey. “Syria is facing economic difficulties every month due to sanctions, particularly on oil,” Çağlayan said, adding that “it is not a wise move” for Syria to also place obstacles before Turkish trucks entering the country. “We are looking for new trade routes bypassing Damascus and negotiations are under way with Egypt, Lebanon and Iraq to this end. … We will launch a ro-ro service from the Port of Mersin to Beirut and Alexandria in a few days,” he added.

via Turkey breaks historic record as exports reach $134 billion.