Turkey June Exports Rise

The value of Turkey’s exports rose 1.8% year-a-year to $12.7 billion in June, the country’s main exporters’ association said late Saturday. The Turkish Exporters’ Assembly, or TIM, said exports in the first half of the year also climbed 8.2% to reach almost $76.4 billion.

Turkey’s total exports in the last 12-month period rose 4.5% compared to the previous 12 months to stand at $147.3 billion, Anadolu Agency reported.

In June, the automotive sector contributed the highest exports with $2.5 billion, up 16.4% over the same month last year. It was followed by the clothing and chemical sectors with $1.4 billion and $1.3 billion, respectively.

The highest increase among industrial products was seen in ship and yacht sector exports with a 178% rise, TIM said.

Another prominent rising export sector in June was the olive and olive oil sector, up 63%.

Among the top 20 destinations for Turkey’s exports, Russia saw the sharpest rise, 89%, due to a fivefold increase of fresh fruit and vegetable exports, according to TIM.

Exports to Turkey’s main trading partner, the EU, rose 2.8% month-on-month in June, making its share of the country’s total exports 50.5%, the association said. Turkey’s exports to its second-biggest trading partner, North America, jumped 17.8% in the month compared to June 2016.

Exports to Turkey’s other main export markets were also on the rise—Germany (up 4.4%), the UK (up 2.1%), Italy (up 1.8%), the US (up 14.1%), and Iraq (up 4.4%).

Speaking at a press conference on Saturday, Deputy Prime Minister Mehmet Simsek stated that Turkey can escape from the middle-income trap, in which a country’s growth slows after reaching middle-income levels, by following a pattern of growth based on exports.