Protectionism ‘hurting performance’ of Turkish exports

ISTANBUL - Anadolu Agency

CİHAN photo

Rising protectionism is hurting the performance of Turkish exporters, head of Turkish Exporters Assembly (TİM) said on Oct. 5.

In a speech at the G-20 in Istanbul, TİM’s Mehmet Büyükekşi said, “Protectionism is increasing in every market around the world and it is affecting not only Turkish exports, but also Foreign Direct Investment [FDI] in Turkey.”

FDI has been at a high value in Turkey for some time, Büyükekşi said.

“In 2007, FDI was at $17.5 billion and, even in challenging global conditions, was at $12.5 billion last year.

Uncertain global economic conditions and exchange rate volatility have reduced FDI investment ın Turkey. In particular, the devaluation of the euro against the dollar has affected total FDI value,” he said.

But certain trade agreements and actions by multinational companies have led to increased protectionism, which has had a limiting effect on investment in Turkey, he said.

Turkey’s exports declined 19.8 percent in September year-on-year, TİM figures revealed Oct. 1.

Exports fell to $10.61 million in September, representing the fifth consecutive month of decline. For the year to date, exports have dropped 10 percent year-on-year to $106.3 billion, according to the report.