Türkiye Achieved its Highest November Export Figure at $23 Billion.

Among the top exporting sectors, automotive remained at the forefront with $3.172 billion, followed by chemicals at $2.09 billion, ready-to-wear apparel and clothing at $1.43 billion. The average export value per kilogram in November was $1.49.

TİM Chairman Mustafa Gültepe stated: "By the end of the year, we will reach our target of $255 billion in goods and $100 billion in service exports. Hopefully, we will conclude the 100th anniversary of the Republic with two records."

Türkiye's November exports reached $23 billion, marking a 5.2% increase compared to the same period last year. The 11-month export performance reached $232.9 billion.

The November export data was announced at a press conference in Istanbul attended by Minister of Trade Ömer Bolat and Chairman of the Türkiye Exporters' Assembly (TİM) Mustafa Gültepe. Gültepe reminded that they set targets of $255 billion in goods and $100 billion in service exports for 2023.

Gültepe highlighted the confident progression towards the year-end target based on the 11-month data and stated:

“According to the General Trade System (GTS) records, we completed November with $23 billion in exports, marking a 5.2% increase compared to the same month last year. Thus, we have achieved our highest November export figure in our history. We reached $232.9 billion in 11-month exports and $255.8 billion in 12-month exports, both recording the highest export values of all time.

Looking at the sectors specifically, the automotive sector retained its top position with $3.172 billion. Other sectors in the top five were chemicals at $2.9 billion, ready-to-wear apparel at $1.43 billion, electronics at $1.4 billion, and jewelry at $1.25 billion. I would like to emphasize a point here: due to the influence of the international economic climate, some of our sectors are experiencing significant losses. It's imperative that we reassess the situation of these sectors and swiftly devise actionable solutions to address their challenges.”

PARITY EFFECT CONTRIBUTED 2.9 BILLION DOLLARS TO EXPORTS IN 11 MONTHS

The impact of parity contributed $2.9 billion to exports in 11 months. Mustafa Gültepe highlighted that the top five provinces with the highest exports last month were Istanbul, Kocaeli, Bursa, Izmir, and Ankara, underlining Adana, Eskişehir, Aydın, Giresun, Şanlıurfa, and Amasya achieving their historically highest export values. Gültepe reported that 1,517 firms exported for the first time, stating, "Our unit export value realized at $1.49. The Euro/dollar parity continues to positively impact our exports. Last month, the parity difference contributed $537 million to our exports, bringing the total contribution to $2.9 billion over 11 months. The countries we exported to the most were Germany, the United Arab Emirates, Iraq, the United States, and Italy."

WE CAN ONLY EXPAND PRODUCTION AND EXPORTS THROUGH INVESTMENT

Mustafa Gültepe recalled that the Turkish economy grew by 5.9% in the third quarter, indicating that the 1.1% increase in goods and services exports contributed 0.3 points to this growth. Stressing the critical importance of production and exports in growth, Gültepe continued:

“We can only expand production and exports through investment. And for investment, financing is needed. Our exporters' problems with accessing credit have largely been resolved over the past few months. We welcomed the Central Bank's decision to fix the discount on rediscount loans with great satisfaction. However, we also need to produce solutions to improve the investment environment because as investments increase, production rises, and as production increases, exports go up. Alongside exports, Türkiye grows and develops. Indeed, we observe positive revisions from international institutions regarding our country's growth. After the IMF, OECD has raised its growth expectations for the Turkish economy in 2023 and 2024. OECD increased Türkiye's 2023 growth expectation to 4.5% and 2024 to 2.9%. I believe that as Türkiye grows, they will need to revise their 2024 forecasts again. Another important issue for our exports is global inflation. According to the European Statistical Office, inflation in the Eurozone has fallen to its lowest level in the past 2 years. On the U.S. side, there are signals that the Fed is nearing the end of its interest rate hikes. After a contraction in October, China's manufacturing activity also declined in November. In summary, efforts are being made to rebalance the world.”

WE WILL CONCLUDE 2023 WITH 148 TRADE DELEGATIONS AND 53 PROCUREMENT DELEGATIONS

Gültepe emphasized the continuation of trade delegations unabatedly to enhance market diversification in such an environment. He mentioned that with the support of the Ministry of Trade, TİM, and the Exporters' Associations, they would conclude 2023 with 148 trade delegations and 53 procurement delegations, expressing, "By the year-end, we will achieve our goal of $255 billion in goods and $100 billion in service exports. Hopefully, we will conclude the centennial of the Republic with two records."