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BLOG Turkey’s Billion Dollar Export Industry

27 October 2017 / Lifestyle


Turkey’s Billion Dollar Export Industry

Turkey’s export industry is showing promising results in 2017. Figures released by the Turkish Exporters Assembly and Turk Stat, the national statistical institution say that up until August 2017, monthly export figures have been steadily rising when compared to year on year results. Reaching 12.4 billion USD in August, the last 12 months collectively netted a result of 151.8 billion USD. The target by the end of 2017 is 155 billion USD.

Unfortunately, the result will not be their best achievement, which was instead 157.6 billion USD in 2014, but it is better than 2015 that netted 143.8 billion USD and 2016, that saw it drastically drop to 142.5 billion USD.

Part of the increase can be credited towards renewed relationships with Russia that took a drastic dive following the downing of a Russia jet in 2015. In October 2016, the northern port of Samsun resumed exports to Russia, to the welcome relief of many traders. Exports to Russian were worth 3.7 billion USD to 2015 but drastically fell to 1.8 billion in 2016.

So far, this year, export trade has increased 58.9% with Russia and new relationships with China show a 43.1% increase in exports. Stats also show that out of August’s results, 47% were attributed towards EU states to collectively net 5.9 billion USD.

About the Turkish Exporters Assembly

The Turkish Exporters Assembly says their goal is to coordinate between public and private sectors to help set up relationships, be decision makers and support the export industry of Turkey. It has been the leading organisation since 1993 for many smaller branches situated across Turkey from the east to the west. Citing trade fairs as a significant part of their promotion and work, they closely follow the world export industry and the role that Turkey plays.

MadeinTurkey

With headquarters in Istanbul, they are based in Turkey’s hub of business, finance and tourism. The board of directors is formed once every four years following democratic elections, and all nominees must have been a member of the Turkish Exporters Assembly previously to continue the expert knowledge that roles demand.

An Export Industry Worth 500 billion USD by 2023

Classing themselves as the export representative of the “Turkey” brand, they are playing a large part in Turkey’s aim to increase its export industry to 500 billion USD by 2023, the 100th year of its anniversary. If this target is achieved, the country will become one of the top ten economies in the world rising from its current position of 17th.

Following a set path as detailed in the Turkey Export Strategy plan 2023, performance management is a crucial aspect of tracking how well they are doing. Monthly, quarterly and annual reports are prepared and levelled up to the highest figures in government.

The Turks Are Eyeing up Japan for Poultry

Meanwhile, the Mediterranean Exporters Association said it was making progress on plans to export poultry goods to Japan. Expressing their enthusiasm at tapping into a 3-billion-dollar market, the Food, Agriculture and Livestock Ministry reviewed all obstacles to pave the way.

The Japanese’s Agriculture, Forestry and Fisheries Ministry have also visited Turkey, to inspect distribution centres, the health and welfare of animals, and relevant documentation. Following the visit, permission was given to Turkish export companies by the Health, Labour and Welfare Ministry of Japan.

Turkey’s Top Five Export Partners

Turkey exports products to 57 countries of which the top five are Germany who buys 14 Billion USD of products every year. The UK follows suit by spending 11.7 billion, Iraq with 7.6 billion and Italy with 7.6 billion. Turkey mainly exports vehicles, gems and precious metals to these countries, but the trend shifts for the USA, Turkey’s fifth biggest export partner accounting for 6.6 billion USD from iron and steel.

Turkey’s Vehicle Export Industry

According to figures by the Turkish Automobile industry, a new car is made every 13 seconds in Turkey. Car manufacturers with factories in Turkey include Fiat, Renault, Toyota and Ford. In 2004, Turkey exported roughly 500,000 vehicles to countries within the European Union, and successfully weathered the financial crash of 2009, to ship 1.4 million cars with 15.3 billion euros to EU states in 2016. Such is the success and potential for future growth, the Republic of Turkey’s investment agency, recommends the automobile industry as a prime sector for investment.

 

 

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