Record Turkish Export Increase in July

Commenting on these statistic, Turkish Exporters Assembly (TIM) President Oguz Satici complained about the costs of energy, labor, and raw materials, as well as high interest rates. He said the low exchange rate prevented exporters from fully benefiting from the record-high exports because the low exchange rates reduced profits. Pointing out that TIM had repeatedly asked the Central Bank to brief exporters on its monetary policies, Satici said the requests remained unanswered. He added that transparency reforms of the European Union adaptation packages should also be applied to dominant economic institutions. “We applaud the government’s efforts to reduce interest and inflation rates, and we approve its taxation measures. We are aware of the benefits of a positive view of the government’s efforts, but we also realize that not everything is rosy. The necessary foundation has not yet been laid to continue with these positive economic developments." Satici continued, "The monthly US$4 billion level has been exceeded for the first time. The engine of exports, industrial products, makes up 86.6 percent of the total export increase of 34.9 percent for the first seven months of 2003. In July, ready-made clothing exports increased by 23.6 percent, and automotive exports increased by 63.4 percent.”

Germans prefer Turkish blue jeans

Elsewhere, the State Institute of Statistics revealed Germany is the biggest importer of blue jeans from Turkey. Blue jean exports to Germany increased 15.1 percent between this year and last year. Italy and Belgium are the leading EU blue jean importers.

Economy Services / Istanbul / TURKEY