A New Massive Record in Turkish Exports
Turkey’s export data for March has been announced. In March, exports increased by 19.8 percent and reached 22.7 billion liras, breaking the historical record of the Republic. It is obvious that export develops a country. Based on this, looking at the March data, Turkey’s progress was emphasized by the Minister of Trade, Mehmet Muş.
It is the highest export figure for March so far. Moreover, considering the figures in January and February, there is a record for three consecutive months. An annual increase of 7.6% is observed in the industrial production index. He stated that energy imports in Muş increased by 156 percent in March, and these figures increased by 188 percent in the January-March period. In March, the import-export coverage ratio was 73.4 percent. Strong export performance was displayed on an annual basis.
The ratio of exports to imports increased to 95 percent, excluding energy. Preliminary data point to a growth rate in the first quarter of 2022. Underlining that the support to manufacturers and companies in exports will increase, Muş said that the developments should follow.
“The Pandemic and War Affected the Supply Chain.”
The negative effects of the ongoing epidemic and the war between Russia and Ukraine were also mentioned. It was stated that the negative effects were not ignored. Mehmet Muş said, “The supply chain, which is currently disrupted due to the epidemic, is hit by the war between the two countries and causes additional price increases.”
Muş continued his words. “In the report published by the Fed, it is stated that the rapid increase in prices across the USA will continue.” He underlined that Turkey did not remain indifferent to all these events and that negotiations were held with both countries. During the negotiations held in Istanbul, meetings with the senior executives of both countries continued. In addition to these, he emphasized that separate discussions on economic relations and benefits were held.
One of the remarkable comments in Muş’s words was the following. “We are taking the necessary initiatives regarding the increased freight of our ships due to the war. Measures are taken for the products needed by the companies. In order to ensure supply security in vegetable oils, the customs tax rates have been reset until 30 June 2022.
He added that, as the Ministry of Commerce, they are making efforts not to adversely affect the commercial and economic activities with the two countries.
The Effect of the Russia-Ukraine War on Trade
After the war, which started with Russia’s attack on Ukraine, there were rumors that imports from Turkey would increase with the sanctions against Russia. It was also commented that Ukraine, as one of its closest trade partners, could increase orders from Turkey.
Although these comments were partially correct, the rate of imports from Russia drew attention rather than the increase in exports to Russia on a sectoral basis. In this context, according to the data of the Ministry of Commerce, exports to Russia decreased by 37.98 percent in March compared to the same month of the previous year and became 276.6 million dollars.
On the other hand, imports from Russia increased by 13.3% and amounted to 4 billion 112 million dollars. It is estimated that the increase in natural gas prices is effective in this increase. According to TIM data, exports to Ukraine decreased by 79.9 percent compared to the same month of the previous year and amounted to 41 million dollars.
The product groups whose exports to Ukraine increased in March were fruit and vegetable products and cement-glass-ceramic. The products whose exports to Russia increased were ferrous and non-ferrous metals, dried fruits and products, furniture and paper products, ornamental plants and tobacco.
Top Importing Countries from Turkey
According to the data of the Ministry of Commerce, the sectors that exported the most in March were automotive with 2.3 billion dollars and machinery with 2 billion dollars. Iron and steel pursued the ranking with 1.7 billion dollars. According to the TIM classification, chemistry ranked first with a level of close to 3 billion dollars. It was followed by automotive with 2.7 billion dollars and lastly, steel with 2.3 billion dollars. Turkey is increasing day by day in international shopping. It continues to be the country that many countries refer to in terms of supply. Let’s take a look at the list of countries importing from Turkey in March:
- Germany with 1.9 billion dollars,
- The USA with 1 billion 531 million dollars,
- England with 1 billion 276 million dollars
Finally, the share of EU and non-EU European countries in exports increased to 54 percent as of March, while the share of the EU alone increased to 44 percent.
Considering the development of exports in terms of both the producer and the country, the producers continue to be supported. The manufacturers who receive the support start their research on export. Turkish Goods draws attention with its supply chain system and the breakthrough it has opened in transportation. Take a look at Turkish Goods as it opens up to the world with its service quality in 13 languages and the guarantee of delivering all kinds of products everywhere.
