Turkey Exports in July Decline 5.5% to $10.8 Billion

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Researched by Industrial Info Resources (Sugar Land, Texas)--Turkey's exports in July fell 5.5% to $10.85 billion, as the slowdown in the Eurozone economy curbed export demand. According to the Turkey Export Assembly's (TIM) figures, sales in overseas markets increased 10% to $85.2 billion in the first seven months of the year. Also, on a yearly basis, Turkish exports increased 12.3% to $142.7 billion.

The automotive industry had the biggest share in Turkey's overall exports, with $1.46 billion, followed by the garment and chemical industries, with shares of $1.41 billion and $1.3 billion, respectively.

A decrease in exports was due to a 22.3% drop in the auto industry, said Turkish Economy Minister Zafer Caglayan in a written statement. He also reiterated the country's goal of $150 billion in exports in 2012.

"Our exports to the European Union were 47.7% of all exports in July of last year, but this dropped to 40.3% for July 2012," Caglayan said. "The decline in imports of countries such as Italy and Spain, which are experiencing economic hardship, have reached serious figures. The current data display a 15% decline in imports of these two countries. The decline in the euro-dollar exchange rates cost us $2 billion in the first six months [of the year] and $550 million in July alone."

TIM data indicate that the automotive sector represented the largest share of exports in July at 13.5%, despite the contraction. In other sectors, agricultural exports increased 4.6% in July compared to the same time last year, reaching $1.42 million, with a share in total exports of 13.1%.

The Turkish economy grew more strongly than expected in the first quarter of 2012, with an annual rate of 3.2%. The current account deficit widened to $77 billion, or 10% of gross domestic product last year. In May, the deficit fell to 8.5%, or $67 billion. For additional information on foreign trade, see August 1, 2012, article - Turkey's Trade Deficit Falls to $7.2 Billion, with Surging Gold Exports.

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