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Sectoral Analysis of Turkey’s Foreign Trade
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According to the research of Aegean Region Chamber of Industry (EBSO) ‘Sectoral Analysis of Turkey’s Foreign Trade’ machine and transportation vehicles sector is the imports champion and the ready-to-wear is the exports champion in Turkey.
In the last 4.5 years the machine and transportation vehicles have realized exports for 42 billion dollars against imports of 86.5 billion dollars. While the ready-to-wear sector became champion in exports with 36.7 billion dollars of exports against only 1.5 billion dollars of imports. While the foreign trade of ready-to-wear sector had a surplus of 35.2 billion dollars the sector of machine and transportation vehicles had a deficit of 44.7 billion dollars. While the ready-to-wear sector became the sector, which exported most with a share of 63.8 percent food with 15.7 percent, weaving with 14.4 percent, semi-finished goods with 3.8 percent and iron and steel with a share of 2.3 percent have exported more than their imports and became ‘net exporters’.
In the ranking of net importers the machine and transportation vehicles, which have a share of 32 percent, are followed by fuel with 28.6 percent, chemicals with 22 percent and these are followed in turn by agricultural raw materials, virgin gold and crude metals, consumer goods and nonferrous metals. The machine and transportation vehicles’ sector having with 30 percent the largest share in foreign trade has an export coverage ratio of 48 percent. This indicates that the sector cannot even finance half of its imports. The Chairman of the Board of EBSO Salih Esen pointed out that in the first half of the year imports had been 45 billion dollars, while exports were 28 billion dollars and the trade deficit hade climbed to 17 billion dollars. Esen said, ‘When the exporting sectors in our country are analyzed, with the increased growth, the demand for intermediate goods and investment goods in the imports and exports sectors increase and this, in turn widens the current account deficit. The current account deficit which became an issue in 2004 is originated by the growth which has been above expectations.’
Source: www.zaman.com.tr
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