Foreign trade gap narrows 45 pct

ISTANBUL-Anadolu Agency

Turkey reduced its foreign trade gap by 45 percent and reached $29 billion from $54 billion, said the country’s trade minister on Jan. 12.

Ruhsar Pekcan’s remarks came at the Commercial Diplomacy Award Ceremony of Turkey's Foreign Economic Relations Board (DEIK).

“The ratio of exports to imports rose to 85.8 percent this year,” she said.

“It is the highest rate seen in the last 62 years since 1957,” she added.

She underlined the difficulties Turkey has faced throughout the year and said while the export rate of the 50 most exporting countries decreased by 2.7 percent as of October 2019, Turkey’s export rate had increased 2.04 percent.

She also stressed that developing countries have started to get more shares from the global economy since 2000 and it triggered trade wars between the countries which affect the global economy.

Underlining DEIK’s importance for Turkey, she greeted the attendees for their contributions to the economy.

“We acted with a common mind, and as a whole, we found a synergy that opened up the horizon,” said Nail Olpak, head of the DEIK.

“We have brought our business councils from a region-based structure to a country-based structure,” he added.

The winners were awarded in different categories at the end of the ceremony.