Turkish Export Figures Reach $12.8 Billion, up 14.8% in February, with Record Level of Exports to France, increasing by 19%
The month of February 2018, the best in export history for Turkey, marks continued double-digit growth
Exports to France reached record level, valued at $604,595,716
The Turkish automotive sector displayed the best performance across sectors, reaching $2.8 billion in export revenue, up 25.7% this year, and representing 22% of all Turkish exports in February.
PARIS, March 22, 2018—Last month marked the best February in export history for Turkey. According to the Turkish Exporters Assembly (TIM), Turkish export figures reached a record $12.8 billion, an increase of 14.8%. Total Turkish export revenues reached $25.3 billion, demonstrating a 12.8% increase in the first two months of 2018.
The news marks continued double-digit growth for Turkish exports, in what TIM Chairman, Mehmet Büyükeksi has deemed the “year of records in export revenues”.
“We have started 2018 with consecutive double-digit export growth, kicking off the year with a record January and now, the best February in export history for Turkey,” said Mehmet Büyükeksi, Chairman of the Turkish Exporters Assembly (TIM). “This year marks an important milestone for Turkish exports on a sectorial basis, with automotive, machinery and other sectors reaching new peaks in terms of monthly exports. At this rate, we are on track to exceed our export revenue target of $169 billion this year, with numbers likely to reach above $170 billion by the end of 2018.”
Turkish exports to France reached their highest level last month, growing by 19% in February and valued at $604,595,716. France remains one of Turkey’s top five export markets worldwide, among Germany, Italy, the UK and the United States.
Turkey’s exports to 159 markets increased in February, with exports to the European Union increasing by 24.6%, compared to February of 2017. The EU’s share of Turkey’s total exports reached 53%. Exports to Africa also rose by 16.7%, those to the Commonwealth of Independent States by 20.6%, to North America by 3.5% and to Free Trade Areas by 24.3% in February.
The Turkish automotive sector showed the best export performance across industries, increasing by 25.7% in 2018 and reaching $2.8 billion in export revenue in February – the highest monthly export number of all time. The automotive sector, in fact, represented 22% of all Turkish exports in February. The performance results follow a recent pledge by Ford Otosan to invest 50 million euros in the Turkish automotive market to produce Turkey’s first domestic transmission in the heavy commercial vehicle segment. The significant investment is expected to increase locality ratio in transmission and truck production to 90% in parts and to 75% in turnover, and should strengthen Turkey’s position as a main manufacturing basis for foreign automotive companies in Europe. In addition to Ford, the French group Renault also highly contributes to Turkey’s export dynamism in this sector. Oyak-Renault’s plant in Bursa produces around 360,000 vehicles every year, two thirds of them being exported to other countries, mainly to France.
This positive trend of Turkish exports is likely to continue during the next months, backed by a solid economic growth. Last week, OECD raised Turkey’s 2017 growth figure up to 6.9% and the International Monetary Fund (IMF) revised up its forecast for Turkey’s GDP growth in 2018 and 2019 to 4.3% from its previous forecast of 3.5 percent published last October.
About Turkish Exporters Assembly
Established in 1993 and headquartered in Istanbul, the Turkish Exporters Assembly (TIM) leads Turkey’s group of 70,000 exporters present in 26 different industries in which export records are maintained. The Turkish Exporters Assembly conducts foreign trade transactions and is the umbrella organization of 60 exporter associations throughout the region and sector-wide, divided into 13 different sub-groups.