Turkish exports at record $152 bln

Turkey saw the largest annual export earnings in its history with nearly $152 billion in 2012, surpassing the official government target of $149 billion. According to data provided by the Turkish Exporters' Assembly (TIM), the country earned $11.8 billion in exports in December 2012. On an annual basis defense sales posted a large increase of 43 percent to more than $1.25 billion, as December 2012 exports slightly fell to $11.9 billion from the same month a year earlier, the figures showed. Turkey's biggest exporter in 2012 was the automotive industry, which sold $19.6 billion worth of vehicles and automotive components to overseas buyers. The TIM report said that the biggest growth in exports was seen in manufactured goods, industrial chemicals and consumer electronics. Gold sales also supported the annual figures with a 42 percent increase from a year earlier, as Iran buys up gold to weather international sanctions. Germany remained Turkey's largest trading partner in 2012, purchasing $12.9 billion worth of exports. Iraq followed in second place followed by England, Russia, Italy and France. 2012 also saw a sizeable growth in exports from the country's underdeveloped southern provinces. Gaziantep, a regional production hub, posted a 16 percent increase in exports, signaling a recovery from the sharp fall due to the tensions with Syria. Speaking at the meeting held by TIM in Ankara, Economy Minister Zafer Caglayan said strong exports helped to narrow the current account deficit to around $50 billion in total for 2012.