Automotive Exports August 2022

Turkey big
growth boom
waiting to
happen
Turkey is a big growth boom waiting to
happen, said Robin Brooks, chief economist
at the Institute of International Finance
(IIF).
“Net exports, the difference between
exports and imports, have been a positive
growth driver for over a year, a sign just
how competitive Turkey’s export sector
has become. All that’s needed is macro
stability and Turkey will boom!,” he wrote
on Twitter.
Turkey is one of the few emerging markets
where exports boom, only Turkey has
consistently positive contributions, he
added. “Better days are coming.”
In another tweet, Brooks commented on
commodity prices, saying that “winners
versus losers in the global commodity
price shock. Biggest winners: Saudi Arabia,
Turkey, and Brazil. Biggest losers: Argentina,
Chile and Colombia. The list of losers is
deeply worrying. These are commodity
exporters that should be doing well.”
Turkey’s exports grew by 18.5 percent to
stand at $23.4 billion in June, according
to the preliminary data from the Trade
Ministry.
Imports amounted to $31.6 billion in the
month and the energy was the largest item
at $8.1 billion in overall imports, said Trade
Minister Mehmet Muş.
“Exports will remain the main driver of
economic growth,” Muş said.
Excluding energy imports, the exports-toimports
coverage ratio was 93.4 percent
last month.
In the first half of the year, the country’s
export revenues grew 20 percent on an
annual basis to hit $125.9 billion.
Turkey’s economy grew by 7.3 percent
in the first quarter of 2022 compared to
January-March last year. The rate of growth
in the first months of this year, however,
eased from the 9.1 percent expansion
recorded in the final quarter of 2021. Last
year the Turkish economy grew 11 percent.
AUGUST 2022 88