Minister Muş Announced February Foreign Trade Figures

Minister Muş Announced February Foreign Trade Figures
Minister Muş Announced February Foreign Trade Figures

Minister of Commerce Mehmet Muş stated that the export amounted to 25,4 billion dollars with an increase of 20 percent compared to February of last year, “This figure is the highest February export figure of all time.” said.

Minister Muş announced the foreign trade figures for February at the press conference he held with the President of the Turkish Exporters Assembly (TİM) İsmail Gülle at the Conference Hall of the Ministry of Commerce.

Explaining that the momentum achieved in exports throughout 2021 continued this year as well, Muş said, “Our exports reached 25,4 billion dollars with an increase of 20 percent compared to February of last year. This is the highest February export figure of all time.” he said.

Noting that imports amounted to 28,1 billion dollars in February as a result of the heaviest and unexpected winter conditions of recent years and the increase in energy prices, Muş shared the following information:

“With these developments, our foreign trade volume increased by 36,4 percent compared to the previous year and reached 48,1 billion dollars in February. As a matter of fact, our energy imports amounted to 8 billion dollars in February. Likewise, excluding energy, our imports amounted to 20,1 billion dollars in February. Again in February, the ratio of exports to imports was recorded as 95,4 percent, excluding energy.

Pointing out that the number of exporting companies, as another important indicator, increased by more than 5 thousand compared to the same period of the previous year, Muş said:

“In the light of all these data, our country has displayed a very strong export performance compared to the same period of the previous year, to be frank. We firmly believe that this strong performance will continue in the continuation of 2022 and that we will reach new records in exports. Because our annualized export figure has exceeded our 2022 Medium Term Program target of 230,9 billion dollars and reached 231,9 billion dollars. Our target, as pointed out by our Honorable President, is to reach and exceed the export target of 2022 billion dollars in 250.”

Minister of Commerce Mehmet Muş stated that they have started studies to reduce the possible effects of the Russia-Ukraine War, and said, “We are carrying out technical studies on the supply chain and alternative distribution channels, together with our other institutions and sector organizations, in order to prevent the spread of the crisis to different regions and sectors, and towards alternative modes of transportation and transportation. We focus on routes.” said.

Pointing out that the whole world is going through a difficult period, Muş emphasized that the increase in energy and basic commodity prices and the resulting increasing inflation have become a global problem. Stating that the deterioration in supply chains and the price increases due to this also triggered the borrowing problem, Muş said, "Due to all these negative developments, uncertainties in 2022 are increasing and the global economic recovery is expected to lose momentum." he said.

Noting that the war between Ukraine and Russia, with which they have strong commercial relations, dealt a serious blow to the economic activity and political stability in the region, Muş said that they took quick steps against the negative effects of the said tension on the country's economy and trade. Minister Muş stated that they have adopted a proactive attitude towards the tension and said:

“We started our efforts to mitigate possible impacts, and we met and consulted with representatives from all our sectors right at the beginning of the events. In this context, we set up two separate desks within our Ministry in order to minimize the effects of the Ukraine-Russia tension on our exporters and transporters. In coordination with TİM, DEİK and related sector umbrella organizations, we have established an effective management approach 7/24 in order to ensure the payments of our exporters and to enable our transporters to continue their activities using alternative routes. With these management desks we have established, we take the necessary steps to solve the collection concerns of our exporters and the problems faced by Turkish trucks. In addition, we carry out technical studies on the supply chain and alternative distribution channels, together with our other institutions and sector organizations, in order to prevent the spread of the crisis to different regions and sectors, and we focus on alternative modes of transportation and routes.

“The way to regional peace and stability is through the development of trade”

Minister Muş expressed his wishes for the end of the Ukrainian tension, which has destabilized the Black Sea basin, of which Turkey is a part, as soon as possible and the continuation of diplomacy and dialogue for the resolution of disputes. Stating that the way to regional peace and stability is through the development of trade, Muş continued as follows:

“Both Russia and Ukraine are important trade partners for Turkey. The commercial ties we have established with these countries are getting stronger day by day. Likewise, the Free Trade Agreement we signed with Ukraine is meaningful in that it marks the final point of our commercial integration. Moreover, the strong commercial ties established not only strengthen the cooperation between the countries, but also enable the development of cultural rapprochement and friendship. Therefore, the increase in prosperity brought by trade is essential for the construction of prosperous societies. In this respect, commercial ties are of vital importance in ensuring international peace and stability. It is also clear that the international community needs to take more decisive steps towards the development and liberalization of trade in order to establish and maintain lasting peace. Therefore, with this understanding, we will continue our efforts for the development of our commercial and economic relations in order to contribute to peace in our region and in the world.”

Muş emphasized that Turkey will fulfill all its responsibilities to resolve the tension through peaceful means, and that it will continue to take the necessary steps to get through the process without losing both trade partners.

“We are building an exemplary model at BASBAŞ”

Minister Muş, pointing out that the successes in the economy in general along with exports show that they are walking on the right path, made the following assessment:

“In the last quarter of 2021, our economy grew by 9,1 percent. With the 20,7 percent increase in our exports of goods and services in this quarter, the contribution of net exports to growth was 4,8 points. While the Turkish economy grew by 2021 percent in 11, the strongest growth rate of the last 10 years was achieved. The contribution of net exports of goods and services to annual growth was 4,9 points, in other words, 44,2 percent of our annual growth stemmed from our exports. With this high performance, Turkey has become the fastest growing country among the G-20 countries, whose data have been announced, throughout 2021 and in the last quarter of the year.

Stating that the leading indicators show that the momentum in the economy continues, Muş pointed to the positive course of data such as industrial production and PMI index. Muş said, "In the light of these positive indicators, I would like to state that no one should doubt that our government and business world will achieve success by working hand in hand in 2022, as in the previous year." said. Explaining that the government will continue to take all necessary steps to provide the support needed by exporters and industrialists and to carry their success to higher levels, Minister Muş used the following statements:

“In this context, the bail problem of our exporters will be solved to a large extent with Export Development Inc. (İGE), which started its activities as of yesterday. Hopefully, with HDI, all infrastructure and organizational studies have been completed, we will quickly reach all our exporting companies in need. In addition, we are starting the infrastructure works of our Western Anatolia Free Zone (BASBAŞ) this month, and we are setting up an exemplary model here. Our consultations with the sector give preliminary signals that the investment appetite in the IT sector and renewable energy will be quite high at BASBAŞ. I sincerely believe that BASBAŞ will break new ground in the digital and green transformation of our country and will become an important center of attraction in a short time, especially for investments in these two areas.”

“Our country will come out of tension with a clear forehead”

Noting that they have implemented many works related to the export of services as well as the export of goods, Muş said:

“I would like to state with pleasure that we have finally paved the way for service exporters to access Eximbank foreign currency loans with the work we are carrying out. We are confident in the potential of this country. We personally see in the field that our producers and exporters are working non-stop. We do not have the slightest doubt that our country will emerge from the tensions on a global and regional scale with a clear head. These times, when the whole world is going through tough tests in every sense, improves the capacity of our exporters and their ability to cope with difficulties, and prepares us for the most unexpected conditions. The success we have achieved in exports is the most obvious proof of this.”

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