Minister of Trade Ruhsar Pekcan declared Turkey’s February exports amounted to USD 14 billion 312 million, based on the general trade system. As the IMF cuts its forecasts for world economic growth to 3.5%, rising trade protectionism, European economic slowdown and the uncertainty stemming from Brexit all play major roles in this period of slowing global economy.
Today, to describe the reversal in the trend of increasing global economic integration, the term slowbalisation is often used. Despite the global economic slowdown, Turkey recorded a significant increase in export figures since October 2018. We have compiled a 6-point list on Turkey’s February achievements in foreign trade.
- Minister of Trade Ruhsar Pekcan declared Turkey’s exports recorded a 3.7%increase to reach a total number of USD 14 billion 312 million based on the general trade system, marking the nation’s all-time highest February export figures. Based on the previously used special trade system, the export revenue would be USD 13 billion 603 million, rising 3.5%.
- In spite of all the setbacks in the global trade, Turkey managed to record its all-time high in February export figures, while imports decreased by 18.7% to settle at USD 16 billion 161 million.
- Based on the special trade system, Turkish export figures climbed by 3.5% to hit USD 13 billion 603 million, while imports fell 16.6% to reach a total of 15 billion 793 million.
- Thus, export figures showed a 5% increase as imports fell 23.1% in the first two months of the year.
- One of the most substantial indicators of the year 2019 has been the exports-to-imports coverage ratio, rising from the last year’s 69.4% to hit 88.6% in February, as expected. The coverage ratio was 63.9 for the first two months of 2018, for this year, the numbers hit 87.3 in a significant increase.
- The recipients of the greatest number of exports were Germany, the U.K., and Italy, in that order.