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Exports up by 12.5 pct in January, raising hopes of exceeding 2010 target
The export figures for January were announced by TİM President Mehmet Büyükekşi yesterday at a press conference in Erzurum. According to the data, exports for the 12 months preceding the end of January totaled $97.96 billion, dropping by 21.6 percent compared to the same period a year prior, while exports for the month of January were up by 12.52 percent to $7.91 billion compared to last year.
In an assessment of January export figures, Foreign Trade Minister Zafer Çağlayan noted in a written statement released on Monday that the developments show that exports will continue increasing. “I expect to exceed both the $107.5 billion target of the medium-term economic program and the $111 billion target of TİM,” he said.
Turkey’s exports to 121 countries increased in the first month of the year, with the highest rise seen in exports to China, stated Çağlayan. However, the export figures remain below that of December, which the minister said should be attributed to seasonal factors. January export figures are 16.8 percent less than December’s according to the TİM data, while this figure is 21.3 percent according to the Turkish Statistics Institute (TurkStat).
Speaking at the press conference, Büyükekşi said the recent figures show that the upward trend is continuing for each sector, adding that the recovery in exports is expected to go on in the coming months, while the growth rate of exports is predicted to reach its pre-crisis levels in the near future.
The target for 2010 is $111 billion in exports, he said, adding, however, that the adverse impact of the financial crisis cannot be overcome instantly. “2010 will be both a year of growth and an uneasy year. The countries that leave their fears behind will be the winners this year, and Turkey will be among them,” the TİM head said.
Büyükekşi expressed his concerns regarding the long-awaited stand-by deal with the International Monetary Fund (IMF), explaining that they fear that an IMF deal might pave the way for the entry of cash into the country, which will eventually create pressure on the value of the Turkish lira and negatively affect exports. The economy can obtain all the funds it needs from exports, he noted, warning that otherwise Turkey will be a country that consumes without producing, getting into debt without earning and eventually falling into a crisis like Greece.
Auto makers enjoy lion’s share
TİM data showed that the automotive industry enjoyed the highest amount of exports in January with $1.43 billion, representing an increase of 42.82 percent compared to the same month of 2009. The ready-to-wear sector’s exports totaled $1.17 billion in January, rising by 2.29 percent, while the chemical materials industry logged $850 million in exports. The agriculture sector also enjoyed a slight rise in January over the same month of the previous year, earning $1.12 billion from its sales abroad. Mining saw $270.4 million in exports last month.
The manufacturing industry saw a 12.98 percent rise in the first month of the year over January 2009, increasing from $5.75 billion to $6.25 billion. Exports of industrial products were also up, increasing by 7.84 percent in the same period, from $4.65 billion to $5.01 billion. On the other hand, the industry suffered from a 24.2 percent drop in annual exports as of the end of January, totaling $82.05 billion, down from $108.26 billion in the same period of the previous year.
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