In the January–October 2022 period, Turkiye’s exports increased by 15.4 per cent and exceeded $209 billion and then $253 billion in the last 12 months. The ready-to-wear clothing segment ranked as the third sector with the most exports at $1.7 billion, preceded by chemicals and automotives. Exports in October reached $21.3 billion, increasing by 2.8 per cent, as per the General Trade System (GTS) records.
The Turkish Exporters Assembly (TIM) announced the export data for October in Istanbul with the participation of trade minister Mehmet Mus. TIM chairman Mustafa Gultepe said that despite the contraction signals in global economies,the export family showed a successful performance in October, TIM said in a press release.
“With this result, we have achieved the highest October export of all time. Our exports exceeded $209 billion in 10 months and $253 billion in 12 months. We see a 15.4 per cent increase in 10-month exports compared to last year. We have broken monthly export records in all of the last 12 months. In October, our top five sectors were automotive with $2.7 billion, chemicals with $2.6 billion, ready-to-wear with $1.7 billion, steel with $1.4 billion, and electrical and electronics with $1.3 billion,” said TIM chairman Mustafa Gultepe.
Gultepe reported that 38 cities increased their exports in October, and the top five cities with the most exports were Istanbul, Kocaeli, Bursa, Izmir, and Gaziantep.
Stating that Turkiye exported to 217 countries and regions in October, Gultepe added, “The top three countries we exported the most to were Germany, Iraq, and the US. In October, 1,806 new companies joined our export family. The increase in our average kilogramme unit export value continues. Compared to October last year, our kilogramme unit value increased by 18.7 per cent to $1.64. We should go above at least $2 on average. For this, we must increase our value-added, branded exports.”
Gultepe reminded that contraction signals continue to come from global economies, especially Europe and the US, which are Turkiye’s largest markets. Explaining that import demand was suppressed in these markets due to reasons such as high energy prices, inflationary pressure, interest rate policies, and cutting household expenditures, Gultepe said: “Since the beginning of the year, the euro/dollar parity has also reflected negatively on our exports. In October alone, our loss due to parity exceeded $1.5 billion and our loss in 10 months exceeded $11.5 billion. We started 2022 with an export target of $250 billion. We have two months ahead of us. Despite everything, we will reach the target and hopefully achieve a 10 per cent growth in export. Global trade is projected to grow by 3.5 per cent this year. In the next few months, there may be a contraction in the exports of some of our sectors.”