Turkish exports decline for fifth month in row

ANKARA – Anadolu Agency

DHA Photo

Turkey’s exports declined 19.8 percent in September year-on-year, the Turkish Exporters Assembly reported 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.

However, the volume of exports has increased to some markets, with euro-based exports increasing by 7.3 percent in volume and global agricultural and industrial exports climbing 1.6 percent.

The head of the Turkish Exporters Assembly, Mehmet Büyükekşi, said the global export trade had been hit by a slowdown and that Turkey was no exception.

There was a 13 percent drop in German exports in the first seven months of 2015, a 15 percent fall for France, Italy and Spain, 16 percent for Brazil and India and 30 percent for Russia.

As such, the fact that Turkey’s exports only dropped 10 percent represents a relative success, Büyükekşi said.

In addition, Büyükekşi said the depreciation of the euro against the dollar had cut into the value of Turkish exports, as Europe is Turkey’s largest export market.

“In first nine months of the year, the euro lost 17.7 percent against the dollar. This decline cost our exporters $9.7 billion in first nine months,” Büyükekşi said, while adding that he believed Turkey’s exports would start to recover in the third quarter.