Turkey broke the export record of all time in April. Displaying a 24,6% increase compared to the same month of the previous year, exports reached $23,4B.
Turkey’s Minister of Trade Mehmet Muş revealed the new export figures for the month of April. Turkey broke the export record of all time in April. Displaying a 24,6% increase compared to the same month of the previous year, exports reached $23,4B.
Trade Minister Mehmet Muş spoke at an event where Turkish Exporters’ Assembly (TIM) president İsmail Gülle was also present. Muş touched upon the record inflation rates in the US, mentioning that negative forecasts were attracting attention as well as growth in the world trade.
Despite the negativities dominating the global economy, Turkey has been successfully continuing its exports. Based on the export data published, Turkey continues to display success and growth in the first four months of 2022, as a continuation of its success in 2021.
Muş revealed Turkey’s export data in April. “The exports reached $23,4B with a 24,6% increase in April compared to the same month of the previous year. This figure is the highest export figure of all time. Similarly, we revealed the record-breaking monthly figures in the past three months of 2022. Thus, the growth is continuing in April as it was in the previous months.” He concluded.
However, the export figure in April is not the only record-breaking figure the Trade Minister revealed. According to Muş, Turkey recorded its highest daily export figure on the 29th of April. On 29 April, Turkey exported products worth 1 billion 956 million dollars.
In the month of April, the export volume of Turkey also increased significantly. Muş expressed that the export volume of Turkey had increased 30,1% compared to the previous year. With this increase, Turkey’s export volume reached 52,8 billion dollars.
In addition to the export figures of Turkey, Trade Minister Muş also touched on the import figures of Turkey. According to Muş, the import figures of Turkey increased by 35%, reaching 29,5 billion dollars. The energy sector plays an important role in the imports of Turkey with a share of 7,7 billion dollars. Muş put emphasis on the import figures saying, “When the energy sector is excluded, export to import coverage ratio is over 100%.”
Drawing attention to the increase in imports in the energy sector, Muş explained the reasoning behind the increase. According to Muş, 20,7 billion dollars of 33,2 billion dollars’ worth of imports in the January-April period of 2022 is due to the increase in the imports in the energy sector. This increase is especially due to the increase in gas and crude oil imports.
Highlighting the energy price increase in the world due to the war between Russia and Ukraine, Muş stated that this also had affected Turkey’s imports. The ongoing war between Russia and Ukraine, Europe’s efforts in decreasing their dependency on Russia in terms of energy and Russia’s response to this have all been affecting the prices. According to Muş, this also brings about the risk of permanent high prices and fluctuation of prices. Therefore, Muş highlighted that the increase in the import figures of Turkey was due to the increase in the energy prices in the world.
The increase in the export figures in the first months of 2022 is expected to continue in the upcoming months. Trade Minister Muş emphasized that they believed new export records would be broken. Muş added, “Especially the pandemic proved Turkey to be a trusted supplier. Turkey is an important production base with its strong production infrastructure.” Muş also said that Turkey was taking firm steps toward the 250-billion-dollar export target expected in 2022.
Trade Minister Muş also added that they would support the establishments that were involved in exports in the service sector. According to Muş, the annual expenses of these establishments such as access to market, registration, fair organizations, advertisement and marketing would be supported with up to 9,6 million Turkish liras. Muş highlighted that they were going to provide incentives to 9 different sectors including education, logistics and transportation, health and sports tourism, management consultation and many more. With these new incentives, Turkey is expected to exceed the export target of 68 billion dollars in the service sector.
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