Minister of Commerce Omer Bolat said, “Today, there has been a decrease of around 20-25% in rents in the automotive first and second-hand markets, as well as in the real estate market. We will continue our inspections.”
Minister of Commerce Omer Bolat, in his speech regarding the 2024 budget of his Ministry at the General Assembly of the Turkish Grand National Assembly, said that despite the negative developments in global markets, the Turkish economy continues to invest, produce, employ and export.
Emphasizing that the economy has continued to grow uninterruptedly for 13 quarters, Bolat stated that as of the third quarter of this year, the national income will increase to $1 trillion 75 billion in 2023, and the national income per capita will increase to $13 thousand 380.
Omer Bolat stated that the number of employed people increased by 246 thousand people in October this year compared to September, reaching 31 million 835 thousand people, and the unemployment rate decreased to 8.5%, the lowest rate in the last 11 years.
Stating that $232.9 billion of exports were reached in the January-November period of this year, Bolat stated that 2023 is planned to be closed with $256-257 billion of exports.
Minister Bolat explained that the rate of increase in imports has slowed down in the last four months, and as a result of the measures taken, a slowdown was recorded in gold and automotive imports.
Underlining that the foreign trade deficit in goods trade has decreased since August this year, Bolat said that the ratio of exports to imports has been over 80% in the last four months.
“We have increased our financial resources”
Stating that within the scope of the Medium Term Program (MTP), it is aimed to increase exports to $267 billion in 2024 and $302 billion in 2026, Bolat stated that supports for exports were offered and ₺7.5 billion of export support was provided to 20 thousand companies in 2023. “We have increased financial resources through Turk Eximbank in order to solve the financing problem of our exporters.”
Stating that 84% of those benefiting from Eximbank’s support are SMEs, Bolat explained that the daily rediscount credit limit offered to exporters has been increased by 10 times.
Underlining that they also support services exports, Bolat continued as follows:
“While the rate of increase in our service exports in the world in the last 10 years was 4.5% annually, Turkiye grew by 7.3%. We increased our service exports from $59 billion in 2021 to $89 billion in 2022. We will exceed $100 billion this year. Thus, we will obtain $357 billion of foreign exchange revenue annually, with $256-257 billion in goods exports and at least $100 billion in service exports.”
Emphasizing that they do not hesitate to protect domestic production against unfair and dumping imports, Bolat said, “As world trade becomes harsher and competition intensifies, we will not allow countries that implement protection measures in their own countries to unload their products in our country with dumping or unfair commercial practices and origin diversion.”
“Hundreds of thousands of companies were audited”
Stating that they are determined to ensure green and digital transformation, Bolat said that they are carrying out various studies on this subject.
Stating that the government continues to fight against inflation, Bolat explained that inspections against exorbitant prices and stockpiling practices continue. Omer Bolat said:
“As the Ministry, we had to impose fines totaling ₺536 million in domestic trade in areas such as automotive, real estate, stockpiling and exorbitant prices. In addition, with the efforts of the General Directorate of Consumer Protection and Market Surveillance, a fine of ₺662 million was imposed as a result of contracts to which consumers are parties, advertising and unfair commercial practices, market surveillance, product safety inspections, price tags and exorbitant price inspections in markets. Hundreds of thousands of companies were audited. Everything necessary was done to protect the interests of the public and consumers. With the regulations we issued in the automotive, real estate and other sectors, we banned and strictly controlled speculative and manipulative price increase efforts. We managed to prevent price-setting manipulations on advertising sites with heavy penalties. Today, there has been a decrease of around 20-25% in rents in the automotive first and second-hand market and the real estate market. We will continue our inspections.”
Stating that the fight against smuggling continues, Bolat reported that 11 tons of drugs worth over ₺4 million 700 thousand and commercial goods worth ₺17 billion 200 million were seized by customs enforcement units.
Stating that there are some information deficiencies regarding trade between Israel and Turkiye, Bolat said:
“Trade between our country and Israel has decreased by 48% since October 7, after Israel’s attack on Gaza. The current trade between our country is not carried out by state companies, but by private companies, many of which are international companies. As Turkiye, 31% of our exports are carried out by international companies that have made direct investments in Turkiye.”
Stating that they recognize and implement the sanctions under the United Nations (UN), Bolat said that the goods sent from Turkiye are sent to Palestine via Israel because Palestine does not have its own customs and port. Omer Bolat stated that Israel does not recognize goods sent directly to Palestine.
Underlining that they will continue to support the just cause of Palestine, Bolat added that they will never leave Palestine alone.
Source: AA / Prepared by Irem Yildiz