Records in exports continued in October
Turkey’s exports increased by 2.8 percent in October compared to the same month of the previous year and reached 21.3 billion dollars. This figure was recorded as the highest October export. In the January-October period, exports increased by 15.4 percent and exceeded 209 billion dollars, and 253 billion dollars in the last 12 months.
Turkish Exporters Assembly (TİM) announced the export data for October in Istanbul with the participation of Minister of Trade Mehmet Muş.
Accordingly, Turkey’s exports increased by 2.8 percent in October compared to the same month of the previous year and reached 21 billion 298 million dollars. This figure was recorded as the highest export data for October.
In the same month, imports increased by 31.9 percent and rose to 29 billion 303 million dollars.
Foreign trade volume reached 50 billion 601 million dollars in October with an increase of 17.9 percent. Foreign trade deficit was calculated as 8 billion 6 million dollars with an increase of 430.4 percent.
While the ratio of exports to imports was 72.7 percent, this ratio was 90.9 percent, excluding energy data.
“Export has been the driving force”
Commenting on the export figures for October, Minister of Trade Mehmet Muş pointed out that the levels in global energy and commodity prices continue, and reminded that the Euro Area inflation reached its highest level ever.
Emphasizing that exports have become the driving force in Turkey’s growth, Minister Muş said, “We are implementing policies based on production, investment, employment and exports. While trying to increase the industry and investments in the country, we are also looking for ways to sell the products we produce to new markets abroad.”
“Despite everything, we will reach the target”
TİM Chairman Mustafa Gültepe noted that despite the contraction signals in global economies, Turkish exporters displayed a successful performance in October as well. Reminding that monthly export records were broken in all of the last 12 months, Gültepe said, “We started 2022 with the target of 250 billion dollars. We have two months ahead of us. Despite everything, we will reach the target and achieve a growth of 10 percent in exports.” Pointing out that the euro/dollar parity has had a negative impact on exports since the beginning of the year, Gültepe said: “Only in October, our loss due to parity exceeded 1.5 billion dollars, and our 10-month loss exceeded 11.5 billion dollars. Concerns are growing that global trade will contract in 2023.”
Automotive takes back the lead
The automotive sector, which was experiencing a turbulent process due to the problems in the supply chain and the main manufacturers stopping their production due to the chip crisis, regained its leadership in exports in October. Automotive sector signed an export of 2.7 billion dollars in October. This was followed by chemistry with 2.6 billion dollars, ready-made clothing with 1.7 billion dollars, steel with 1.4 billion dollars and electrical-electronics with 1.3 billion dollars. Defense, aerospace and grain sectors, on the other hand, recorded the highest exports in their history last month.
While 38 provinces managed to increase their exports in October, the provinces with the highest export in the month in question; Istanbul with 8.3 billion dollars, Kocaeli with 1.5 billion dollars and Bursa with 1.3 billion dollars.
Last month, 217 countries and regions were exported from Turkey. The most exported countries were Germany with 1.6 billion dollars, Iraq with 1.4 billion dollars and the USA with 1.3 billion dollars. In this period, the most exported country groups were the European Union with 8.2 billion dollars, the Near and Middle East countries with 4.2 billion dollars and other European countries with 3.6 billion dollars.
OCTOBER EXPORT PERFORMANCE OF BURSA
5.5 percent increase in 10 months
Bursa’s exports in October decreased by 1.2 percent compared to the same month of the previous year, and increased by 5.5 percent in January-October compared to the same period of the previous year. Bursa’s 10-month export was recorded as 13 billion 105 million dollars.
This was followed by ready-made clothing with 116 million 630 thousand dollars, textile with 106 million 780 thousand dollars, machinery with 99 million 657 thousand dollars and steel with 76 million 961 thousand dollars.
In the previous month, Bursa’s exports of aquatic products and animal products increased by 52.6 percent, exports of fruit and vegetable products increased by 49.2 percent, and exports of mining products increased by 32.8 percent.
In October, 202 countries and regions were exported from Bursa. In this period, the countries to which Bursa exports the most are Germany with 208 million 73 thousand dollars, France with 126 million 201 thousand dollars, Italy with 108 million 723 thousand dollars, Spain with 90 million 143 thousand dollars and the USA with 54 million 655 thousand dollars. it happened.
Foreign trade volume with Turkish lira reached 300 billion liras
Turkey’s foreign trade volume with Turkish lira was determined as 297 billion 150 million liras in the 10-month period of the year.
Parallel to the increase in Turkey’s foreign trade volume, trade with the Turkish lira continued its upward trend. While exports in Turkish lira were 7 billion 21 million liras in January, imports were 12 billion 135 million liras, the foreign trade volume increased to 19 billion 156 million liras.
In this category, exports were 8 billion 572 million liras, imports were 13 billion 514 million liras, and foreign trade volume was 22 billion 86 million liras. In March, the aforementioned exports were calculated as 9 billion 284 million liras, imports were 17 billion 157 million liras, and the foreign trade volume was 26 billion 441 million liras.