Russia sanctions and Iraq conflict drag Turkish exports

Exports stay flat at $12.5 billion in July after trade falls amid EU-Moscow fallout and warring in neighboring Iraq.

Russia sanctions and Iraq conflict drag Turkish exports

World Bulletin / News Desk

Turkey's exports were $12.54 billion in July - remaining flat compared to the same month last year, the Turkish Exporters' Assembly has disclosed, as political fallout and the Iraq conflict took their toll on the country's trading partners.

Turkey's top exporters' union said on Friday total exports reached $92.7 billion in the January to July period in 2014 - a 5.7 per cent increase - while exports over the last 12 months were $156.32 billion, a 2.2 per cent rise.

But the union said the recent drag on Turkish exports were due to the economic effects of EU sanctions against Russia and a decrease in exports to conflict-ridden Iraq, Turkey's second-biggest export market, which fell by 21 percent in June and 46 per cent in July.

The automotive industry was the best-performing sector in July, with $2 billion in exports.

The ready-to-wear fashion sector came second with $1.7 billion in exports, and chemical products were third with $1.6 billion.

Meanwhile, the defense and aviation industry was the most-increased exporting sector with a 76.3 per cent increase.

The top five countries which Turkey exported to were Germany, the United Kingdom, Italy, France and Iraq in July.

Güncelleme Tarihi: 01 Ağustos 2014, 16:44