Turkey’s Great Success in January Exports
Trade Minister Mehmet Muş shared the foreign trade figures for January with the public. Exports grew by 17 percent in January compared to the same month the previous year. Exports broke the all-time high record of 17.6 billion dollars. Turkey will sign a New Generation Free Trade Agreement with Ukraine and expects its exports to exceed 10 billion dollars after the agreement.
Minister Muş indicated that harsher conditions than 2021 awaited Turkey in 2022. However, they would continue to battle for its growth with manufacturers, employees, and exporters. With 160 projects planned for 2020, Turkey is Europe’s ninth most sought-after foreign direct investment destination. Despite the consequences of Covid-19, Turkey garnered attention by raising its share of European direct investments to 3.1 percent in 2020.
He also gave the good news about the rise in January and expected high money inflows in the next month. Muş touched upon the projects. “The Export Development Joint Stock Company, which we have announced before, will start operating next month. It will solve our exporters’ access to finance and collateral problems.” He pointed out that in this way, production and export rates would increase harmoniously.
Exports Reached $17.6B
When compared to January of the previous year, exports of Turkey climbed by 17% to 17.6 billion dollars. This is the best January export total in Turkey’s history. Turkey’s imports, on the other hand, increased to 28 billion dollars. This is due to the rough and unexpected winter weather in recent years, as well as January energy price rises. As a result of these events, international trade volume climbed by 38% year on year to 45.6 billion dollars in January.
According to Muş, rising international energy prices and supply chain disruptions produce broader and longer-term inflation in many emerging nations than projected. However, he said that despite all these inflation fluctuations, Turkey had survived 2021 well and that 2022 should not be feared.
He also stated that the Turkish economy’s production and export successes in 2022 reflect the country’s strength and potential. Exporters kept their promises even in the most severe conditions of the Covid-19 epidemic. According to Muş, they had proven to the entire world that they are trustworthy business partners. He also noted that the yearly export rate predictions for 2022 were reasonable when looking at Turkey’s exports in January 2022.
One of the nations with the biggest imports in January was Germany. Germany’s imports increased by 11.4 percent to 1 billion 616 million dollars. The United States followed with increased imports by 32.6 percent to 1 billion 233 million dollars. Finally, Italy’s imports increased by 18.8 percent to 1 billion 27 million dollars. The first ten nations with the biggest percentage of exports in total exports accounted for 49.1% of total exports. He also emphasized the impact of Turkey’s export success in both economic dimensions and relations.
The Secret to Turkey’s Export Performance
Stating that the ratio of exports to imports in January, excluding energy, was 88.3 percent, Muş drew attention to the export rate. Muş continued his words. “Our country’s export performance has been strong in the first month of the year, compared to January of the previous year. We are confident that our success in 2022 will continue, and that we will set new export records.”
The secret to Turkey’s export performance stems from the devotion of everyone from the manufacturer to the supply chain. Production in all markets is maintained efficiently and with high quality.
Muş highlighted, “Business people from different geographies of the world see our country as a safe harbor for investments. And are shifting many forward-looking innovative and important investments to Turkey. Our government is also trying to provide the support that our exporters and industrialists need and to carry their success to higher levels. They are taking all the necessary steps.” Another secret to Turkey’s success in exports is that it is a country that is gradually opening up to the world.
Exporters Are Supported as Much as Projects
Even in the light of these data, exports are based on rather complex numbers and results. Evaluations in many fields and on the basis of many products determine the fate of the country. On the other hand, exports reflect the demands of everyone from producers to consumers.
In short, it creates export power. However, at the same time, export processes also concern every individual in a country. There are many people who are hesitant about export processes, especially despite their high-quality production. That’s why we know your concerns, and we see what knowledge can do when combined with talent.
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