Turkish Exports Show Massive Growth

Turkish exports grew 268% between 2000 and 2009 according to a recent statement by Zafer Caglayan, the state minister for foreign trade. To countries that Turkey has signed trade agreements with the increase is even greater at 524% during the period.

Drawing further strengths to the FTAs Caglayan said that while Turkish exports fell 23% overall in 2009, because of the financial crisis, that exports to FTA countries grew 6%. Turkey has signed FTA agreements with 16 countries, and 14 of the agreements have come into effect.

In parallel to the global contraction experienced due to the recent worldwide crisis, Turkey’s exports dropped 23 percent in 2009, compared to a year earlier. However, during the same period, exports to FTA countries increased 6 percent, said Speaking to Anatolia news agency on Sunday, Caglayan said Turkey has signed FTAs with 16 countries until today, with 14 in effect. Approval processes for FTAs with Chile and Jordan are ongoing.

Another 10 FTAs, including agreements with Chile and Jordan are currently in the pipeline according to Caglayan.

During the period (2000-2009) imports grew by only 158%, and imports from FTA countries by only 118%, which doesn’t signal what it seems to because the FTAs have been signed in the main in the second half of the period.

Recent data from Turkstat shows a further 5.5% year on year growth in Turkish exports in September, taking the total to 8 950 Million USD. During the same period imports increased by 25.3% and reached to 15 650 Million Dollars compared with September 2009.

The growth in exports is obviously very significant, and one of the largest reasons why the Turkish economy is such a strong force in the post-crunch world.

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