Türkiye's August Exports Reached $21.6 Billion

After a period of fluctuation, with one month up and one month down compared to the same period of the previous year, exports saw an increase in August following July. In the ranking of sectors with the highest exports, the automotive sector maintained its top position with $2.7 billion. It was followed by the chemical industry with $2.6 billion, ready-to-wear and clothing with $1.7 billion. The unit export value per kilogram also increased to $1.41, representing a 10% increase compared to the same month last year.

Türkiye's August exports increased by 1.6% compared to the same month of the previous year, reaching $21.6 billion. The eight-month export figure for the January-August period reached $165 billion.

Mustafa Gültepe, Chairman of the Türkiye Exporters Assembly (TİM), announced that they achieved a record-breaking August, which is a critical month for year-end targets. Emphasizing that they reached the highest export figure in August, Gültepe continued:

"According to General Trade System (GTS) records, we completed August with $21.6 billion in exports. We are up by 1.6% compared to the same month last year. Exports, which have fluctuated for some time, with one month up and one month down compared to the same period of the previous year, broke this cycle after July. When we look at the January-August period, we are almost neck and neck with last year at $165 billion.

In the last 12 months, our total exports reached $253.6 billion. In August, the automotive sector contributed the most to our exports with $2.7 billion. The other sectors in the top five were chemicals with $2.6 billion, ready-to-wear with $1.7 billion, electronics with $1.4 billion, and steel with $1.3 billion. Last month, we also recorded significant increases in the exports of ships and yachts, cereals, and machinery sectors. Thirty-six of our provinces increased their exports, with Istanbul, Kocaeli, Bursa, Izmir, and Gaziantep being the top five exporting provinces in August. In August, 1,472 of our companies made their first exports.

Our unit export value increased by 10% compared to the same month last year, reaching $1.41. Exchange rate differences contributed $715 million to our exports last month. The exchange rate contribution in the last five months reached $2.2 billion. In August, the countries to which we exported the most were Germany, the United States, Iraq, the United Kingdom, and Italy. We also set export records for eight countries, including Kazakhstan, Norway, and Somalia."

WE ARE APPROACHING OUR GOAL OF 100 TRADE DELEGATIONS IN 2023 STEP BY STEP

Mustafa Gültepe, emphasizing the importance of financing to achieve export targets, stated that they have mobilized all resources to achieve their goals. He said they are strengthening their presence in key markets and working to find new markets:

"As part of our goal to diversify our markets, we have given priority to trade and procurement delegations. In August, we organized large-scale trade delegations in Brazil and Chile. We also have a busy delegation program in September. With our export associations, we plan to organize trade delegations in Kenya, Saudi Arabia, Tanzania, Jordan, the United Arab Emirates, Nigeria, Oman, and Benin this month. We are steadily approaching our goal of 100 trade delegations for 2023."

CONTINUED EFFORTS TO EXPAND THE $1 BILLION CREDIT VOLUME

Mustafa Gültepe highlighted the vital importance of financing to reach export goals. He provided information about their efforts to meet the increasing financing needs of exporters, stating:

"On August 28th, we signed a $1 billion credit protocol with 11 banks. Under the protocol, our companies can use low-cost export credits up to $5 million or 100 million Turkish Liras. Our exporters can choose between revolving or installment credit options. I wish this new credit package to be auspicious for all exporters. We continue to work on expanding the package based on conditions. I believe that these negotiations will yield positive results, bringing more of our exporters together with favorable credit conditions."

Mustafa Gültepe also added that they are working with banks on a different financing mechanism for green transformation.