Exports keep rising in July, targets likely to be achived

Turkey's exports continued moving upwards in July, rising 5.97 percent year-on-year, a moderate increase compared to the double-digit growth of recent months, as the result of drops in the value of the euro due to the European debt crisis, according to Turkish Exporters Assembly (TIM) head Mehmet Buyukeksi. Exports totaled $9.42 billion in July, up from $8.89 billion a year earlier. Export volume reached $64.2 billion in the first seven months of the year, a 13.1 percent increase compared to the same period last year. The 12-month cumulative amount also rose 1.99 percent to reach $109.6 billion. Export figures for July were announced by Buyukeksi at a press conference on Sunday at the Izmir factory of Turkish petrochemicals producer Petkim. On the slowing growth rates, Buyukeksi attributed this to the decreasing value of foreign currencies, especially the euro. "If such developments had not happened, the double-digit growth trend would have continued," he said. "Despite all negative factors, I believe we still did a great job and should keep morale high." Exports were also up by 2.2 percent compared to the previous month. Commenting on the figures, Foreign Trade Minister Zafer Caglayan pointed to significant increases in exports to Germany, China, the US, Romania, and Syria. Turkey's aim is to boost exports to the countries that are already its good trade partners, while also finding new markets, he said. "This is not a shift in axis but the best way to benefit from Turkey's geopolitical importance," he added. He also said that the results indicate that the year-end $107.5 billion export target in the medium-term economic program will be reached without any difficulty.