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Posted On: 07/01/2012
In 2011 Turkish export earnings hit the record high of $135 billion. This is an increase of more than 18% compared to 2010 when exports reached $114 billion, and significantly better than 2009 when export earnings fell below $100 billion due to the global financial crisis. Europe remains Turkey's largest export market, making these figures even more remarkable. In December $12.8 billion worth of revenue was generated from exports, and this is the highest monthly figure during the past 37 months.
The export of Turkish motor vehicles generated more than $20 billion in 2011 and this figure was closely followed by clothing and chemical products which each brought more than $16 billion of revenue into Turkey. Steel exports were worth $15 billion. Exports have nearly quadrupled during the past decade even though Turkey has very few natural energy reserves.
Turkey's current account deficit has also started to decline, as has its foreign trade gap. This is significant as there had been worries this could cause the country to suffer a hard landing after eight consecutive quarters of economic growth. Turkey is now the second largest exporter in the Black Sea region and the Middle East after Saudi Arabia and Russia who are two of the world's largest exporters of energy.
In contrast Turkey's main exports are petrochemicals, cars, textiles and metals, and its lack of natural reserves means the country is forced to spend nearly $50 billion annually buying natural gas and oil, and the demand for energy is increasing as Turkish industries are continuing to grow. Turkey has set an ambitious target of $500 billion of export volume by 2023.
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