ANKARA: Turkey’s exports declined by 10.5 percent in November to $11.44 billion year on year amid dramatic fluctuations in euro-dollar parity and geopolitical risks, according to temporary data revealed by the Exporters’ Assembly of Turkey (TİM) on Dec. 1.
The country’s exports declined by 8.6 percent to around $132 billion in the first 11 months of the year compared to the same period of the previous year, according to the TİM data.
“The negative effect of the euro-dollar parity was around $750 million over exports in November and $11.9 billion in the first 11 months of the year despite the rise in exports on an amount basis,” said TİM President Mehmet Büyükekşi at a press meeting in the Central Anatolian province of Niğde.
Turkey’s 12-month exports saw a decrease of around 7.8 percent to $145.2 billion, according to a follow-up press release from the association.
The largest amount of exports was made by the automotive sector in November at around $1.92 billion in November, followed by the ready-made clothing sector and the chemical materials sector, both of which, however, saw a 6.3 percent decrease and 12.8 percent decrease, respectively, in November compared to the same month of 2014.
While Turkey’s exports to Africa increased by 0.7 percent in November year on year, its exports to the European Union regressed by 0.9 percent, to North America by 11.2 percent and to the Middle East by 19 percent, according to TİM’s data.
The expanded stimulus program that the European Central Bank is expected to announce this week will enable Turkish exporters to increase their trade with the EU, as it will help the EU economy recover faster, said Büyükekşi. “Turkey is also in talks with the European Commission about upgrading the customs union agreement. This will also help Turkish exporters in the future,” he added.