The Skyrocket of Exports in the Last 17 Months!

Turkey broke a record in exports in 17 months of 19 months.

Turkey continues to grow economically. The biggest impact on this growth is, of course, exports. Looking back from 2022, there is a long-lasting record streak. Many countries fell behind in both export and import valuation during the pandemic. This situation followed a different path in Turkey. Import rates from Turkey increased both in terms of hygiene and resource adequacy.

In the period from the post-September 2020 period, which is described as post-pandemic, to March 2022, the increase in exports is quite high. According to the newly announced data, the export record in 17 months of the 19-month period stands out.

In March 2022, exports amounted to 22.7 billion dollars with an increase of 19.8% compared to the previous year. In addition, in the first quarter of 2022, exports increased by 20.8% compared to last year and reached 60.3 billion dollars. Both on a monthly basis and in the first quarter evaluation, these rates are the best export records in the History of the Republic.

According to the data from the Ministry of Trade and the Turkish Exporters Assembly, the period from September 2020 to March 2022 was productive. It is a great success to reach the high data of 17 months in 19 months. Although it is normal to increase exports on a monthly basis, maintaining that success for 17 months is a great success. It was also noteworthy that 12-month exports reached 235.6 billion dollars.

The Special Power of the Economy: Export

The fluctuations in export values in the pandemic shook the whole world. In addition to this process, the war between Russia and Ukraine also caused discussions on export and import routes. Among all these negativities, Turkey undertook a great task in becoming a supply base. Turkey, which is described as a supply base, has gained great momentum in exports. Moreover, the progress of the industrial sector has a great impact on this export rate. While a record was broken in exports every month, this situation also affected the industry.

According to the data of the Turkish Statistical Institute, there was an increase of 4.4 percent on a monthly basis in the industry in February. In addition to this rate, it increased by 13.3% annually. The industrial sector, which has become the locomotive of export in a way, also provided an opportunity for economic development. Turkey ranked first among the G20 countries in terms of the monthly increase in industrial production in February. Ranking second in the annual framework, Turkey also increased expectations.

Export in the Industry Sector

In January-March 2022, the industrial sector increased its exports by 21.8 percent compared to the same period of the previous year. It reached 45 billion 247 million dollars. It was the highest first-quarter report in the history of the Republic. The share of the sector in Turkey's exports was 75.1%. The increase in the importance given to the industrial sector day by day indicates that the share in exports will increase. The exports of 12 out of 16 sectors within the industry broke a record in the first quarter. The highest demand for sub-sectors within the industry came from European countries.

Air Conditioning Industry Gained Great Acceleration

Although the industrial sector is generally in a rising atmosphere, the increase observed in the air conditioning industry has left its mark. In the first quarter of this year, the air conditioning industry made an export of 1 billion 613 million dollars. It increased by 16 percent compared to the same period of 2021. Thus, the all-time high first-quarter exports have been reached. The increasing supply and demand balance in this area seems to have a major impact on the industrial sector. Therefore, it will also affect the record increases in exports.

In the first quarter of this year, the air-conditioning industry exported the most to Germany, with 174 million dollars. Italy ranked second with $115 million, while the United Kingdom ranked third with $103 million.

In the general evaluation of exports, a record was broken in exports to 33 countries, including the USA, Israel, and Germany. The unit export value increased by 13 percent compared to the same period of the previous year and rose to $1.45. Many industrial branches, especially the air conditioning industry, received full marks in exports.

Support Will Increase within the Scope of the Strategic Transformation Program

Export Credit Bank of Turkey, which plays a major role in Turkey's export-oriented growth, touched upon the diversity of funds. It follows the rise in exports and developments around the world closely. The bank is also preparing for innovations within the scope of its Strategic Transformation program. Developments will be announced with the support of the Ministry of Trade in order to increase accessibility in the export sector and facilitate financial issues.

As a result, Turkey's export progress on a monthly basis will continue to be supported in terms of both manufacturers and supply chains. As the expectations are high, the works continue at full speed.