TURKEY’S EXPORTS WILL CONTINUE TO EXPAND: TRADE MINISTER
Turkey’s exports hit the highest-ever January-March figure at $44.5 billion, the country’s trade minister announced on April 4. According to the general trade system, Ruhsar Pekcan said exports in the first quarter of 2019 rose 3.34 percent year-on-year. Over the same period, Turkey’s imports amounted to $50.5 billion with an annual decline of 21.46 percent.
In the three-month period, the exports-to-imports coverage ratio stood at 88.2 percent. Pekcan also said Turkey’s exports rose by 0.5 percent on a yearly basis to $16.3 billion in March. “Imports in March fell 17.8 percent year-on-year to $18.3 billion, according to general trade system,” she said.
The minister noted that the country’s foreign trade balance in March posted a deficit of $1.96 billion, improving from a $6 billion deficit a year ago.
According to foreign trade statistics, two different methods are used: the special trade system and the general trade system. Calculations based on the special trade system do not include free zones and customs warehouses. The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation area and premises for inward processing.
Focus on projects and economy
Turkey aims to raise the rate of exports meeting imports and focus on e-commerce, the Turkish trade minister said on April 5.
Following the March 31 local polls in Turkey, the economy will be the focus of the national agenda, Pekcan told a trade consultation meeting in Istanbul. “Over the upcoming four to four-and-a-half-years, we will have an agenda that will focus on projects and the economy,” Pekcan said.
The Trade Ministry prepared several road maps, including the update of Customs Union, Brexit, and new markets, she stated. Pekcan stressed: “The upcoming era will be quite a performance period for us when we will take important steps in the economy.”
Also addressing the global economic problems, Pekcan said that it is predicted that the growth of the EU economy and world trade will decelerate.