July's monthly exports highest at $12.6 bln

The greatest amount of exports in July was made by the automotive industry with $1.96 billion and the ready-to-wear sector followed with $1.62 billion.

July's monthly exports highest at $12.6 bln

World Bulletin/News Desk

Turkey sold products overseas worth $12.69 billion in July, the best exports performance seen in a single month, union data revealed on Thursday.

According to the data shared by the Turkish Exporters Assembly (TİM), Turkey saw its July exports surge by 17.3 percent over a month ago. The seventh month registered the largest number of exports Turkey has seen in a month -- excluding exports of scrap gold -- the union said. Having maintained a steady increase, exports also jumped by 3.3 percent in the first seven months of the year compared to the same period of 2012.

Turkey exported goods worth $87.86 billion in the January-July period. The government estimates that exports will reach $158 billion by the end of the year. A 2023 vision put the annual exports figure at as high as $500 billion.

TİM said sales to Turkey's largest exports market, the EU, surged by 23 percent in the month of July over the preceding month, while Turkey sold 29 percent more goods to the Far East markets. Turkey also enjoyed a 17 percent rise in products sent to Africa and 7 percent to the Middle East in the same period, the report has shown.

The Western manufacturing hubs of Sakarya, Bursa and Kocaeli, which mainly produce cars and defense materials, were at the top of the list of largest exporters in July. Sakarya saw the highest increase in exports by 55 percent in July over June. Bursa followed with 38 percent and Kocaeli came third with 25 percent.

Meanwhile, Turkey sent 12 percent more goods to Egypt in the seventh month of this year than over a year ago.

Figures show bilateral trade ignored ongoing political tension between Ankara and Cairo over the deposal of the latter's first democratically elected president in a military coup.

Egypt was the 12th largest buyer of Turkish goods in July. Turkey exported goods worth $280 million to Egypt in July; this figure was $251 million in the same month a year ago. Another critical surge in exports in July was experienced with Syria; Turkey sent 98 percent more products to the war-torn country in July compared to June. TİM cited the increase in grain sales to this country.

The greatest amount of exports in July was made by the automotive industry with $1.96 billion and the ready-to-wear sector followed with $1.62 billion. Chemical products saw the third best performance with $1.55 billion.

Exporters have long said they feared the fluctuations in foreign currency would impact business negatively. The Turkish lira has been losing ground against the US dollar as most investors preferred to buy greenbacks with an anticipated cut in the US Treasury's money injection to markets. Büyükekşi said the ideal level remains TL 1.9 per US dollar. The lira's depreciation makes imports more expensive and exports cheaper.

A weaker lira could offer Turkish products a price advantage in international markets, giving a boost to the country's exports. A stronger dollar, on the other hand, lifts prices at home, increasing inflation and hurting people's purchasing power.

Güncelleme Tarihi: 02 Ağustos 2013, 17:07