Minister of Treasury and Finance Mehmet Simsek stated that the main determinant of exports is foreign demand and said, “The exchange rate does not have a significant effect.”
Minister Simsek evaluated the relationship between exports and exchange rate in his post on his X social media account.
Pointing out that the main determinant of exports is foreign demand, Minister Simsek said:
“The exchange rate does not have a significant impact. In the 2003-2013 period, the nominal basket exchange rate increased by an average of 3.3% annually, and our real exports increased by 7.1%. In the 2018-2023 period, while the exchange rate increased by 36.4%, our exports increased by only 5%. Getting a larger share of world trade and making our gains permanent is only possible with productivity increase, innovation, high-added value and branding. We support our exporters very strongly and we will continue to do so.”
Source: Trthaber / Prepared by Irem Yildiz
