Minister Muş Announced Foreign Trade Figures for March

Minister Mus Announced March Foreign Trade Figures
Minister Muş Announced Foreign Trade Figures for March

Minister of Commerce Mehmet Muş stated that exports in March increased by 19,8 percent compared to the same month of the previous year and amounted to 22,7 billion dollars, adding, “This figure is the highest export figure in March of all time.” said.

Minister Muş announced the foreign trade figures for March 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.

Emphasizing that the momentum achieved in exports in 2021 continued this year as well, Muş said, “Accordingly, in March we left behind, our exports increased by 19,8 percent compared to March of the previous year and reached 22,7 billion dollars. This figure is the highest export figure for March of all time. We also announced the highest monthly figures in January and February. We did 3 out of 3 this year.” he said.

Noting that March imports amounted to 30,9 billion dollars, Muş said that energy imports had an important place in the said import figure.

“Import excluding energy was 22,5 billion dollars in March”

Pointing out that with these developments, the foreign trade volume increased to 26 billion dollars in March with an increase of 53,6 percent compared to the previous year, Muş made the following assessment:

“At this point, I find it useful to open a separate topic on energy imports. The increase in global commodity prices, especially oil and natural gas, was effective in our increase in imports in the January-March period. As a matter of fact, global commodity prices increased by 41,8 percent in the first two months of this year compared to the same period of the previous year. On the other hand, brent oil prices, which were 76 dollars in January, increased by 70,2 percent in March and reached 130 dollars. Similarly, natural gas prices in Europe increased by a very high rate of 313 percent in the first two months of this year compared to the same period of the previous year. This situation in global markets is naturally reflected in our energy imports. Our energy imports increased by 156 percent in March compared to the same month of the previous year and reached 8,4 billion dollars. Excluding energy, our imports amounted to 188 billion dollars in March.”

“The ratio of exports to imports excluding energy rises to 95 percent”

Minister Muş pointed out that while the ratio of exports to imports was 73,4 percent in March, this ratio increased to 4,5 percent with an increase of 95 points compared to the same period of the previous year, when we look at this ratio excluding energy. 2022 billion dollars of the 25,7 billion dollars increase in imports in the same period of the previous year resulted from the increase in energy imports, especially the increase in natural gas and crude oil imports. When we evaluate all these data, we can say that our country has displayed a very strong export performance compared to the same period of the previous year.” used the phrases.

Noting that he fully believes that the strong performance will continue and that they will reach new records in exports in the continuation of this year, Muş said, "With our exports of 235,6 billion dollars in the last 12 months, we are taking firm steps towards the 2022 billion dollars export target indicated by our President for the end of 250." said.

Minister of Commerce Mehmet Muş stated that they will impose the heaviest sanctions on companies that do not reflect the VAT reduction on prices and make citizens suffer with unfair price increases, and said, “All our inspection staff in 81 provinces are on the field, our inspection board is on alert. Those who make some other speculative actions with tag games in violation of the law will be paid a heavy price within the framework of the law.” said.

Minister Muş announced the foreign trade figures for March 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.

Stating that the multidimensional effects of the war situation between Russia and Ukraine on the global economy have begun to be felt seriously, Muş said that the supply chains that are currently disrupted due to the epidemic have been more hit by the war between the two countries, which are the main producers of many critical raw materials and commodities globally. He said it caused additional price increases.

Noting that an analysis published by the OECD predicts that the war may increase global inflation by 2,5 points and that it may have a negative impact on global economic growth by more than 1 percent, Muş noted that the Euro Area was also severely affected by the current crisis.

Emphasizing that Turkey did not remain indifferent to this important event in its region and that it has become the center of diplomacy carried out to ensure a ceasefire immediately, Muş stated that the country strongly continues its role as a reliable mediator who can negotiate with both sides.

Pointing to the intensification of high-level contacts with the two countries under the leadership of President Recep Tayyip Erdoğan, Muş said:

“We, as the Ministry of Commerce, are making great efforts so that the war in question does not adversely affect the commercial and economic activities that we have been carrying out with both countries for years. We continue our work in the dimensions of export, import, logistics, customs and foreign relations in coordination with all relevant public institutions and sector stakeholders through the coordination desks we have established within our Ministry. In this regard, access is provided through the personal communication line established with our land and sea transporters who are stuck in conflict zones, and all kinds of support, including humanitarian aid, are provided to them.”

Measures against epidemic and war

Minister Muş, on the other hand, informed that due to the war, the ships took the necessary initiatives to deal with the increased freight and reinsurance costs, and explained that they were in constant contact with the sector organizations and in line with the demands of the companies, they also took measures to ensure supply security for the products needed.

Similarly, Muş stated that they are in an intense work tempo to provide the products needed by the industry at affordable costs by identifying alternative supply channels and methods, and lastly, canola oil, safflower, corn oil, which can be substituted for sunflower oil with canola-rapeseed in order to ensure supply security in vegetable oils. reminded that they have reset the customs tax rates on soybean and palm oils.

On the other hand, pointing out that they have further intensified their commercial diplomacy activities with the European Union (EU), Muş said, “First the Kovid-19 outbreak, now the Russia-Ukraine War, once again proved that Turkey is a reliable production and supply center especially for Western countries. confirmed.” used the phrase.

The liberalization of transit quotas with Romania is an important challenge for both Turkey and the EU side. kazanNoting that this is a historical and historical development, Muş stated that the realization of transit trade through Turkey reinforces this role of the country, which is an important link in the global supply chains strategically and logistically. Muş said that they would like to see positive developments regarding the update of the Customs Union Agreement as soon as possible.

“We will not let go of malicious people who engage in manipulative price increases”

Minister Muş explained that Turkey, like all countries, is going through an economically important process due to the epidemic and the war in the near geography, the effects of which have not yet completely passed. Noting that the most important of the problems arising as a result of these developments is the increasing costs, Muş stated that as the government, they continue to take all necessary measures to prevent consumers and traders from being victimized in this regard.

Reminding that the VAT rate has been reduced to 8 percent in many products of basic need and in the provision of all kinds of food and beverage services, including restaurants, Muş made the following assessment:

“As the Ministry of Trade, we continue our efforts to achieve the purpose of these VAT regulations, which were implemented by sacrificing the Treasury revenues. Right after the regulation came into effect, we tightened our inspections across the country through our trade directorates in 81 provinces. No one should have any doubt that we will impose the heaviest sanctions on companies that do not reflect the VAT reduction on prices and make our citizens suffer with unfair price increases. We will not violate the rights and laws of our citizens. We are always with our honest working traders and tradesmen, but we do not let go of malicious people who engage in speculative and manipulative price increases. All our inspection personnel in 81 provinces are on the field, our inspection board is on the alert. We examine sector by sector, we look. Those who make some other speculative actions with tag games in violation of the law will be paid a heavy price within the framework of the law. As the government, our priority in this period is to realize the economic functioning that will guarantee the jobs and vaccines of our people, as stated by our Honorable President.”

Pointing out that while Turkey is going through an important period and trying to protect its citizens from the effects of global problems, someone is spreading news that is not based on concrete information and has nothing to do with real figures, causing speculation in the public. I would like to express in particular that he should respect the numbers. I invite everyone to act responsibly, to abandon the pursuit of political profits based on the sensitivities of our people, and to adopt a constructive attitude.” said.

“It is aimed to create a credit volume of 22 billion liras for SME exporters”

Minister Muş pointed out that there was an annual increase of 7,6 percent in the industrial production index, which is one of the leading data on growth, as well as the good developments in exports. and chemistry sectors reported that the capacity utilization rates reached 80 percent.

Stating that the continuation of the capacity increase with new investments and orders from Turkey in the aforementioned sectors in the coming period will make concrete contributions to the sustainable increase in exports, Muş said, “The performance of our exports in the January-March period with the leading indicators, a strong growth in the first quarter of 2022. indicates that the ratio has been achieved. These data, which reveal that the wheels of the economy are turning in a healthy way, are very important for the period we are in.” he said.

Pointing out that Turkey's continued production without slowing down and the acceleration it has achieved in exports is extremely meaningful, Muş said:

“In this context, we take concrete actions for all the demands of our exporters, from financing to market access. Export Development Inc., which will facilitate the spread of exports to the base by reducing the collateral problems of our SMEs and exporters and the costs of accessing credit, started its operations at the beginning of this month. With the Equity Support Package, the first support package to be commissioned within the HDI, it is aimed to create a total credit volume of 22 billion liras for exporters with the status of SMEs. Apart from this, we increase both the scope and the amount of the traditional support provided by our Ministry every year. In this context, a resource of 2022 billion TL has been allocated for the benefit of our exporters in 5,2. We continue to support our exporters in accessing finance through Türk Eximbank. In 2021, 46,1 billion dollars of support was provided to our exporters in terms of credit and receivables insurance. While 15 thousand companies benefited from these supports, 77 percent of them were SMEs.”

Emphasizing that they continue to produce new projects to increase service exports as well as goods exports, Muş said:

“In addition to our current support for service exports, we will provide an important impetus to our software and informatics industries with the e-Turquality Program that will come into effect soon. Our service exports in January of this year increased by 2021 percent compared to the same month of 70,5, amounting to 4,8 billion dollars. With the contribution of our new sectors that we will support in 2022, we want to exceed the target of 68 billion dollars in our service exports. We trust the entrepreneurs and workers of this country, the dynamism of our business world, and their ability to adapt to changing and difficult conditions. We aim to make exports the main factor of our economic growth in 2021, as in 2022.”

After the speeches, Minister Muş and TİM President Gülle presented a plaque of appreciation to the heads of exporting unions for their contribution to exports.

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