When compared to February of last year, Turkey's exports climbed by 25%. It hit $20 billion in February, the biggest February figure ever.
During a news appearance at the ministry, Minister of Trade Mehmet Muş disclosed the foreign trade figures for February. Based on the data of the Ministry of Trade, "When compared to February of last year, our exports climbed by 25%. It hit $20 billion in February, the biggest February figure ever."
At the same time, Minister Muş expressed his wish for the war between Ukraine and Russia to end. Both Russia and Ukraine are obviously major trading partners for Turkey. These commercial relationships are strengthening by the day despite the war. In the future years, Turkey will continue to make efforts to promote peace and stability in its region and around the world.
Muş pointed out that the whole world is going through a difficult period. He emphasized that the increase in energy and basic commodity prices and the resulting increasing inflation have become a global problem. He pointed out that Turkey has strong commercial relations with both Ukraine and Russia. The war between these countries dealt a serious blow to the economic activity in the region.
Turkey's exports increased by 25% compared to last February. It reached $20B in February, the highest February figure of all time. Imports amounted to $28.1B. Foreign trade increased by 36.4% to $48.1B. The foreign trade deficit increased by 142%, year on year to $8.1B in February. Imports in February reached $20.1B excluding the energy sector. On an annual basis, the number of exporting enterprises climbed by almost 5,000. There was a very high export performance. The aim for Turkey's Medium-Term Program surpassed 230.9 billion dollars, reaching $231.9B.
The gains witnessed throughout the economy demonstrate that Turkey has a long way to go. With a 20.7% increase in goods and services exports, net exports contributed 4.8 points to growth. The Turkish economy has achieved the strongest growth rate of the last 10 years. With its high performance, Turkey has been the fastest growing country among the G20 countries. Industrial production increased by 14.4% per year. Levels above 50 in the index are seen as growth signals. Leading indicators show that the momentum in the economy continues.
Furthermore, Muş stated that they have adopted a proactive attitude towards tension. "We started our work to reduce the possible impacts. We met and consulted with representatives from all our sectors at the very beginning of the events. In this context, we established two separate desks within our Ministry to minimize the effects of the Ukraine-Russia tension on our exporters and transporters.”
He stated they have created an effective management approach for exporters and transporters to continue their activities. With these approaches, they are taking the necessary steps to solve the collection concerns of exporters and the problems of Turkish trucks. They also work in coordination with other institutions and sector organizations. Together, they carry out technical studies on the supply chain and alternative distribution channels to prevent the spread of the crisis.
Moreover, Muş wished that the tension that destabilized the Black Sea basin, of which Turkey is a part, would come to an end as soon as possible. He hopes that diplomacy and dialogue would continue for the resolution of conflicts.
"Both Russia and Ukraine are important trade partners for Turkey. Our commercial ties with these countries are getting stronger day by day. “The strong commercial ties not only strengthen the cooperation between the countries but also enable the development of cultural rapprochement and friendship. Therefore, the increase in prosperity brought by trade is essential for prosperous societies.
In this respect, commercial ties are of vital importance in ensuring international peace and stability. It is clear that the international community needs to take more decisive steps toward the development and liberalization of trade. It is for the establishment and maintenance of lasting peace. With this understanding, we will continue to work for the development of our commercial and economic relations to contribute to peace in our region and in the world."
The acceleration in exports throughout 2021 continued this year as well. Imports, on the other hand, reached 28.1 billion dollars in February. It is a result of the harshest and unexpected winter conditions of recent years and the increase in energy prices. The number of exporting companies increased by more than 5 thousand compared to the same period of the previous year.
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