Turkey's exports reached 21.3 billion dollars in August. Trade Minister Mehmet Mus said, "Our August exports increased by 13% compared to the same month of 2021 and reached 21.3 billion dollars.
This is the highest August export to date. Trade Minister Mehmet Mus announced the foreign trade figures for August 2022 that Gaziantep was the country's 5th largest exporter with exports exceeding 10 billion dollars last year.
Stating that the balance sheet of the US Federal Reserve, which reached 9 trillion dollars with the expansionary monetary policies implemented due to the Covid-19 epidemic, started t2 shrink within the scope of the fight against inflation, Minister Mus said:
"The global economy is expected to follow this trend and the global growth is expected to slow down significantly in the upcoming period. As a matter of fact, the leading indicators for August point to a slowdown that is above expectations, especially in Europe, as well as the USA, which has shrunk for the last two quarters.
The German Central Bank stated in its report published in August that the probability of a recession in Germany is gradually increasing and that inflation will continue to rise.
"The possibility of a recession in major export markets is getting stronger. On the other hand, the ongoing war in Ukraine and the increasing tension in Taiwan pose significant risks for the global economy."
Stating that 1 million tons of food have entered the global markets safely within the scope of the Grain Corridor Agreement, which is a critical step towards the solution of the global food crisis and managed by the Coordination Center in Istanbul, the minister said, "At the trilateral summit held in Ukraine, an agreement was signed in the presence of President Recep Tayyip Erdogan and President of Ukraine Volodymyr Zelenskiy to rebuild Ukraine's infrastructure destroyed by the war.
The Task Force to be formed within this scope will coordinate the reconstruction of facilities such as roads, bridges, water and electricity infrastructure, hospitals and schools."
Despite the negatives in the global economy, the Turkish economy will continue to expand and grow up by getting stronger.
"As in the 1st quarter of 2022, Turkey continued its growth momentum and grew by 7.6% in the 2nd quarter. With the 16.4% increase in Turkey's exports of goods and services, the contribution of exports to growth was 3.9 points.
More than half of the high growth rate percentage (51%) originated from exports of goods and services, exports continued to be the driving force of growth, while the contribution of net exports to growth was 2.7 points, thus maintaining its economic growth for 8 uninterrupted quarters, and once again positively differentiated from the world in this field. "
source : https://www.melares.com/en/news/turkey/turkey-s-exports-grow-up-in-august-2022
Comments