Turkey's economic results of 2016

Mehmet Buyukeksi
Mehmet Buyukeksi

The head of Turkish Exporters’ Assembly (TİM), Mehmet Büyükekşi, said Turkey completed 2016 with a 0.8 percent of year-on-year decrease, but this shrinkage was not a big deal considering its difficult year. He said global trade faced a serious contraction in value last year amid oil plunges.  “The value of Turkey’s exports in U.S. dollar per kilogram regressed to 1.37 in 2016 from 1.44 in 2015. This regression costs $3.5 billion of loss in exports,” he added. 

“In addition to our crisis with Russia, the ongoing conflicts in Iraq, Syria and Libya constituted another key factor that hit exports. Our exports to these countries decreased $3.7 billion in 2016 compared to the previous year. Another key factor that hit our exports was the loss of value of the Turkish Lira and the British pound against the dollar. Our loss due to the parities was $1.5 billion in 2016. All of these equaled to $8.7 billion in loss. If these had not happened, our exports would have increased by 5 percent to $150.8 billion,” said Büyükekşi at a press meeting in Ankara on Jan. 3. 

He also said the exporters’ group had declared 2017 as a “leaping point” for exports, adding that the 2017 export volume was estimated to be $155 billion in 2017, $1.7 billion above the country’s Medium-Term Program’s forecast. “We can proudly say, Turkey’s share of world trade hit a record and increased to 0.89 percent last year from 0.87 in 2015. Turkish exports’ share in EU imports also reached 1.28 percent, marking another record,” he added.        

New measures to boost exports

Economy Minister Nihat Zeybekci vowed to take all measures to boost exports in 2017. “We will take all measures to boost exports,” he said, adding that some 3 billion liras of new supports would be offered in the following days. Zeybekci said the EU again became Turkey’s top market with a 48.1 percent of share. 

“Our exports to the EU rose 7 percent in 2016 compared to the previous year. We expect the same trend will continue over this year,” he added. 

The automotive sector was the biggest exporter last year with around $23.9 billion in exports, up from $21.3 billion in 2015.  The second largest exporting sector, which was textiles, also witnessed a slight increase in exports last year compared to the previous year, closing 2016 at almost $17 billion.

2170 views

Read on the subject


More Turkey News

Erdogan: no solution in Syria with Assad

Erdogan: no solution in Syria with Assad

There could be no solution to Syria's conflict while President Bashar al-Assad remains in power, Turkish President Recep Tayyip Erdogan said. "Assad is not the address for a prospective solution in Syria," …

 PYD: US coalition approves Turkish air strike on Kurds

PYD: US coalition approves Turkish air strike on Kurds

Turkish Air Forces could not have struck the positions of Kurdish militias in northern Syria and Iraq without receiving approval from the US-led coalition in the first place, the co-chairman of the Democratic Union Party (PYD), Salih …

Turkish Deputy PM: global community should act in Syria in accordance with promises

Turkish Deputy PM: global community should act in Syria in accordance with promises

Turkish Deputy Prime Minister Veysi Kaynak gave a speech at the UN conference in Geneva about the humanitarian crisis developing in Yemen, calling the global community to attention and urging them to assist people in Yemen. …

PACE to reopen monitoring process against Turkey

PACE to reopen monitoring process against Turkey

The Parliamentary Assembly of the Council of Europe (PACE) has decided to reopen a political monitoring process against Turkey following the April 16 referendum on constitutional reform. The assembly gathered Tuesday in France's …

 Turkish high court rejects bid appeal referendum - media

Turkish high court rejects bid appeal referendum - media

Turkey’s highest administrative court has rejected the main opposition party’s bid to appeal the result of the April 16 referendum on boosting the president’s powers. The Republican People’s Party (CHP) is …

PACE discusses degrading Turkey’s status to monitoring

PACE discusses degrading Turkey’s status to monitoring

The Parliamentary Assembly of the Council of Europe (PACE) is discussing today whether to degrade Turkey’s status and reopen a monitoring process against the country. The co-rapporteurs of the monitoring committee, including PACE …

Erdogan may rejoin AKP in May

Erdogan may rejoin AKP in May

Turkish President Recep Tayyip Erdogan may rejoin the ruling Justice and Development Party (AKP) after the announcement of the official results of the referendum on constitutional changes, Erdogan's spokesman Ibrahim …

Turkey hits Kurdish areas in northeast Syria

Turkey hits Kurdish areas in northeast Syria

Turkish warplanes carried out airstrikes on Tuesday against suspected Kurdish rebel positions in northern Iraq and in northeastern Syria, the military said. A Syrian Kurdish militia force said the strikes hit a media center, a local …

We need to stop being hysterical about President Erdogan

We need to stop being hysterical about President Erdogan

There are many reasons to be interested in Turkey

Criminal complaint lodged over researcher inciting Erdogan#039s assassination

Criminal complaint lodged over researcher inciting Erdogan's assassination

Following a criminal complaint by Turkish President Recep Tayyip Erdogan, Ankara prosecutors have launched a probe into a former French diplomat for "calling for the assassination of the president," according to …

more Turkey News