Export Journey Of Turkey in 2019
According to the report published by Turkish Ministry of Trade, (T.C.Ticaret Bakanlığı) Turkey’s export has been reached an all-time high $180.50 billion showing growth rate of 2.04% in 2019 compared to the previous year.
On the other hand, import dropped by 8.9% in 2019 and reached 210.4 billion compared to the previous year. Turkey’s foreign trade deficit decrease by 44.9% from $54.3 billion to $29.9 billion.
In January-December 2019, the coverage ratio of exports to imports increased from 76.5% to 85.8% compared to previous year.
Foreign trade made a record contribution of 4.7 points to the country’s growth, the largest contribution seen in 18 years in Turkey.
The main destination of Turkey’s export in 2019 was Germany with $16.6 billion, while the U.K. $11.28 billion and Iraq $10.2 billion followed it.
Minister of Trade Ruhsar Pekcan Said:
‘‘Despite all the difficulties, hurdles and negative factors of last year in the global economy, Turkey shows a positive performance in international trade and broke records in exports hitting a historical high. Turkey was one of the best performing countries in international trade in 2019.
The volume of exports affected by the protectionist measures, which leads an increased to $7.2 billion in 2018 and $11 billion in 2019. When we look at some possible measures, this is likely to go up to as much as $14.4 billion’’.
The Turkish government is encouraging both local and foreign investors by reducing investment related costs and creating a more investor-friendly environment. In terms of this, Turkish Government spent $540 million in 2019. This is the largest figure for supporting exports in the history of the country. Turkish Government is expected to increase these incentives to $640 million in 2020.
You can visit our guide in order to have more information about incentives.