Turkey’s April exports tumble, contracting By 33.7 percent

Turkey's exports in April dropped to $7.5 billion, 33.7 percent lower than the same month last year, Turkish Exporters Assembly (TİM) Chairman Mehmet Büyükekşi has said.

Announcing export figures for April at a meeting held in Antalya on Friday, Büyükekşi said Turkey's exports in the first four months of 2009 amounted to $28.5 billion. Exports for the 12 months prior to April 2009 decreased by 3.37 percent compared to the 12 months prior to April 2008, falling to $113.3 billion. The TİM head said the industry with the highest amount of exports in April was the automotive sector, with $1.23 billion, while textile exports amounted to $996 million and exports of iron and steel goods followed with $959 million.

Büyükekşi said exports of industrial goods, which alone made up 84.2 percent of Turkey's exports in April, totaled $6.34 billion last month and $23.82 billion in the first four months of the year.

"The downward trend since October of last year has given way to an increase in [export] figures month after month," Büyükekşi noted.

Among the companies, members of the İstanbul Mineral and Metals Exporters' Association (İMMİB) exported the most in April, bringing in $2.33 billion in revenue. The Uludağ Exporters' Association (UİB) followed with $1.25 billion, and the İstanbul Textile and Apparel Exporters' Association (İTKİB) came third, having made $1.09 billion in exports. Germany, France, Iraq, Italy, the United Kingdom, Egypt, Russia, Spain, the US and Algeria were the top 10 countries importing goods from Turkey. Germany received 10.3 percent of Turkey's exports, while France's imports made up around 6 percent.

Constituting 13.4 percent of overall exports in April, Turkey's agricultural exports amounted to $1.14 billion, a 0.6 percent decline compared to the same month of 2008. Mineral and metals exports, which made up 2.25 percent of exports in April, amounted to $169.4 million, a 42.2 percent fall compared to April 2008. Industrial supply materials saw the largest decline last month, falling 55.5 percent compared to same month of 2008. Exports of auto industry supplies decreased by 50.6 percent, and exports of nuts and nut products fell by 49.4 percent in April compared to the same month last year.

Speaking at the meeting in Antalya, Foreign Trade Minister Kürşad Tüzmen said that while there were positive signs of a recovery in global markets, the current contraction in exports would continue for a while longer. "US consumer confidence has increased, and the latest figures show that confidence in the Turkish non-financial sector is also on the rise. The global markets pinned their hopes on an increase in Chinese economic growth," he said. Noting that the global economy had contracted for the first time since the Great Depression, Tüzmen said the shrinkage in the Turkish economy was expected to be 3.6 percent in 2009 and that industrial production would drop 10 percent. "The contraction in global trade has exceeded 10 percent, and this is the largest fall since the Great Depression," he noted.

He said the period between 2003 and 2008 was the "golden era" of Turkish exports, when Turkey broke export records year after year. "Now things have become tough. There has been a steep decline in demand, and this fact has hit markets very badly," he said, adding that Turkey's foreign trade deficit is expected to decline by 75 percent by the end of the year. "However, this does not make us very happy: our economy is shrinking, anyway," he said.

Turkey's exports to Egypt, Syria and Iraq have increased, said Tüzmen, adding that this was an encouraging development. "We will continue on our path. This is a long journey. We might have to confront destructive waves and face serious trouble. We need to cruise without being overturned. I believe Turkey will manage to surmount difficulties and survive better than its strong rivals," he noted. He emphasized that Turkey would reappear in the global arena more powerful and determined than ever. Recalling Turkey's goal of increasing exports to $200 billion by 2013, Tüzmen emphasized that Turkey would realize this goal. "We will also see $500 billion in exports in 2023," he added. "There is no choice but to continue without stop so as not to fall and be overcome."

Tüzmen had said on Thursday that it would be a great success for Turkey if the country made $100 billion worth of exports in 2009.


Source: todayszaman.com

Publication date: 5/4/2009

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