Turkiye: Highest July exports of all time took place this year

Trade Minister Mus said, “Our exports in July increased by 13.4% compared to the same month of the previous year and reached $18.6 billion. This is the highest export figure in July.”

Minister of Commerce Mehmet Mus announced the foreign trade data for July with Mustafa Gultepe, President of the Turkish Exporters Assembly, in the program held at the Konya Chamber of Commerce.

Stating that Turkiye continued the success it achieved in exports in 2021 in 7 months of 2022, Minister Mus said:

“Turkiye achieved the highest monthly export value in the 7th month, as it did in the first 6 months of 2022. By making 7 out of 7, Turkiye continued its record-breaking series. In the first 7 months of the year, Turkiye achieved a total of $144.4 billion in exports. In July, our foreign trade volume increased by 28.7% compared to the previous year and reached $47.7 billion. This value is the highest export figure for the month of July ever measured. Our imports in July amounted to $29.1 billion.”

“Our exports continue to be the locomotive of our economy”

Referring to the dollar-euro parity, Mus stated that the euro-dollar parity, which was 1.20 in the 2021 January-July period, became 1.08 in the 2022 January-July period.

“If the parity of the previous year had not changed, our exports in euros would have been $7 billion 96 million in the first seven months of 2022, and our imports would have been $5 billion 429 million higher.” Minister Mus said that due to the development in the parity, the foreign trade deficit was approximately $1.6 million more, and in this regard, the nominal effect of the parity was negative on the foreign trade deficit.

Minister Mus stated that this decrease in the parity stands out as a risk factor on the foreign trade balance.

Emphasizing that despite all these external developments, with 12-month exports reaching $248.4 billion, they are taking firm steps towards the $250 billion export target pointed out by President Recep Tayyip Erdogan for the end of 2022, Mus said:

“Dear exporters, thanks to your devoted efforts, our exports continue to be the locomotive of our economy. At a time when the world’s largest economies stumbled, more than half of the first quarter growth of 2022 was due to net exports of goods and services. As a matter of fact, while the global economic growth forecasts were lowered in the IMF’s July report, the 2022 growth forecast of our country was raised to 4% with an increase of 1.3 points.”

Mus stated that, from the leading data, they observed that the said performance continued in the second quarter of the year as well.

“The Turkish economy has succeeded in creating 3 million 573 thousand additional jobs”

Stating that the annual increase in industrial production, which started in July 2020, continued with 9.1% in May 2022, Mus continued as follows:

“At this point, I would like to underline that this situation is strongly reflected in the employment data while continuing on the production side without slowing down. As of May 2022, compared to the pre-epidemic period, the Turkish economy managed to create 3 million 573 thousand additional jobs. The continuation of the increase in the labor force and the highest labor force participation rate in the series show that the strong performance in our economy is reflected positively on the real sector. After all the difficult processes experienced with the epidemic, we foresee high increases in our tourism revenues in the coming months, despite the increasing uncertainties with the Russia-Ukraine war. As a matter of fact, the number of foreigners visiting our country in June increased by 119% compared to the same month of the previous year, reaching 5.6 million people, and reached its strongest level after the epidemic compared to 2019.”

Source: Trthaber / Translated by Irem Yildiz

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