Made In Türkiye October 2024

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Economic Newspaper 4 Please mention “Made in Türkiye” when writing to advertisers October 2024 New medium-term program sees 3.5 percent growth this year Continued From Page 1 «These targets aim to ensure that the economy reaches its potential growth capacity and achieves a stable growth trend in the long term,» Yilmaz said, stressing that the growth path aligns with the disinflation course. The GDP at current prices is expected to increase to 44.2 trillion Turkish liras ($1.33 trillion) this year, up from 26.5 trillion ($1.13 trillion) last year, he said. The program targets an 83.1 trillion liras ($1.77 trillion) GDP at current prices in 2027 and a $20,420 GDP per capita at current prices, Yilmaz noted. Stressing that the main objective of the program is to ensure price stability, Yilmaz said the government targets to bring consumer inflation down to 17.5 percent in 2025 from a projected inflation rate of 41.5 percent at the end of 2024. In the previous program, the inflation targets for 2024 and 2025 were 33 percent and 15.2 percent, respectively. Türkiye›s new economic program forecasts that inflation rate would fall down to single digits, 9.7 percent in 2026 and 7 percent in 2027, he said. According to the latest data from the Turkish Statistical Institute (TÜİK), Türkiye›s annual consumer inflation rate eased to 51.97 percent in August, the lowest since July 2023. “The main macroeconomic projections and targets set out in the economic program, which we launched in September last year have been met to a great extent…This demonstrates the effectiveness and predictability of our program,” Yılmaz said. According to the new program, the budget deficit is projected to decrease from 4.9 percent of GDP in 2024 to 3.1 percent in 2025. It is expected to further shrink to 2.8 percent of national income in 2026 and down to 2.5 percent in 2027. Exports increase most to Australia, N Zealand in 8 months Continued From Page 1 Shipments to Australia and New Zealand amounted to $828 million in the first eight months of 2024, a 0.5 percent share in Türkiye’s overall export revenues. South America came second with an annual increase of 18.1 percent to $1.96 billion, according to a study by the Trade Ministry on the geographical analysis of export markets. Exports to Asia rose 10.8 percent yearon-year in the January-August period in 2024, the third highest increase, to $1.32 billion. Europe absorbed 56.9 percent of Türkiye’s exports in January-August. In the first 8 months of 2024, the country’s exports to European nations grew 2.5 percent annually to $97.2 billion. The annualized exports to European countries amounted to $146.3 billion as of August. The share of the Near and Middle East region in exports was 16.8 percent, or $28.7 billion, while Africa came third at Continued From Page 1 The program also envisages streamlining bureaucratic procedures to make Türkiye›s entrepreneurial ecosystem more appealing for early-stage and scaling companies. It aims to enable professionals and entrepreneurs «to feel at home and make long-term plans in Türkiye,» Industry and Technology Minister Mehmet Fatih Kacır said during the program›s launch event at Istanbul Airport. «The biggest beneficiaries of this program will undoubtedly be Turkish tech startups and our skilled workforce,» Kacır said. He described it as a comprehensive initiative designed to build a strong future for tech professionals and innovative entrepreneurs in Türkiye, highlighting the broad cooperation between national and international stakeholders to bring the program to 8.1 percent or $13.8 billion. Asia and North America ranked fourth and fifth at 7.9 percent ($13.55 billion) and 6.8 percent ($11.65 billion) of increases from a year ago, respectively. The ministry said that exports to countries with which Türkiye has a free trade agreement surged 14.1 percent year-on-year to $25.1 billion. Exports to neighboring countries increased by 10.8 percent to $22 billion. Türkiye’s overall exports rose by 3.9 percent year-on-year in January-August to $170.8 billion. The 12-month trailing exports amounted to $262 billion as of August. life. Kacır underlined that the world is undergoing rapid transformation, and technological advancements have placed entrepreneurship at the heart of the new global order. He explained that high-value, innovative tech startups are leading the way in generating economic and societal value through their potential for rapid growth and global market expansion. «Entrepreneurship is playing a more crucial role than ever in the development journeys of nations,» Kacır said, pointing out that businesses are increasingly investing in innovative ventures to gain a competitive edge. The program will also offer six months of legal, financial and technical consultancy to entrepreneurs establishing companies in Türkiye. The government aims to help foreign entrepreneurs navigate Türkiye›s Istanbul Airport once again tops list of busiest in Europe Continued From Page 1 IGA Istanbul remained the busiest airport in the week between Aug. 12 and Aug. 18, followed by Schipol Airport in Amsterdam with 1,428 flights and and Paris Charles De Gaulle Airport with 1,412 flights. One of the most connected airports worldwide, Istanbul Airport has often been positioned at the very top of the list by exceeding the figure of 1,400 in daily flights. According to the report, one more airport from Türkiye, namely Antalya Airport also emerged among the top 10 on the list. With 1,034 daily flights, the air hub in the Mediterranean ranked seventh, respectively, just behind London Heathrow, Frankfurt and Madrid Barajas. Three of the top 10 airports (iGA Istanbul, Antalya and Rome) are currently handling traffic above their 2019 levels, Eurocontrol said in its European Aviation Overview report. The traffic at Istanbul Airport surged 15% compared to 2019 levels and by 3% at Antalya Airport, it said. Both of the airports along with Sabiha Gökçen International Airport showed positive performance throughout the first half of the year as well, industry data suggested earlier as the sector rebounded following pandemic constraints. Türkiye launches TechVisa program to attract foreign entrepreneurs comprehensive public incentive programs and expedite their integration into the country›s growing tech ecosystem, according to Kacır. Kacır stressed that the Türkiye TechVisa Program marks a significant step in Türkiye›s ambition to become a global technology center. He expressed confidence that as the ecosystem grows, more success stories will emerge from the country, leading to faster connections between startups, investors and top talent. Labor and Social Security Minister Vedat Işıkhan, also speaking at the event, highlighted the program›s accelerated work permit procedures. The permits are designed to meet the needs of the fast-moving sector by shortening bureaucratic processes, Işıkhan noted. He emphasized the program›s role in attracting highly skilled foreign professionals and techdriven entrepreneurs. He also noted that while the program is projected to attract international talent, it is structured to prioritize and protect Türkiye›s domestic workforce. «We are issuing work permits for foreign workers while maintaining a strong focus on protecting local labor,» Işıkhan said. «In cases where local labor supply is insufficient, we will benefit from the complementary effect of international expertise.»
5 Economic Newspaper October Please mention “Made in Turkey” when writing to advertisers 2024 4 Turkish ports rank among top 100 on Lloyd's list Continued From Page 1 Ambarlı Port climbed in the ranking by 10 spots from the 74th to the 64th place, the minister said in a statement. Meanwhile, Kocaeli Port, which ranked 89th in the previous year, rose to 85th place, while Mersin Port, which ranked 92nd, rose to 91st place and Tekirdağ Port, which ranked 100th in the previous list preserved its position. In his remarks, Uraloğlu pointed out the "remarkable success in Ambarlı Port's container handling volume," explaining that the container handling volume at the port rose in line with the growth of Türkiye’s maritime trade in 2023, reaching the highest level in nine years and increasing by 10.6% compared to the previous year. As the country’s maritime trade gathered pace, the number of containers handled in Turkish ports increased by 1.5% compared to the previous year and reached 12.6 million 20- foot equivalent units (TEU) according to the minister. The highest amount of container handling took place within the boundaries of Ambarlı Regional Port Authority, Uraloğlu said. In 2023, a total of 3.17 million TEU containers were handled in the facilities operating within the Ambarlı Regional Port Authority, he added. Uraloğlu also noted that the amount of container handling in the administrative area of Kocaeli Regional Port Authority increased by 4.8% last year compared to the previous year. "The amount of container handling in Kocaeli Port Authority, which was 2.06 million TEU in 2022, reached 2.16 million TEU in 2023," he stated. Top ports on Llyod's lists were dominated by Asian ports with China's Shanghai taking the top spot, Singapore ranking second and Ningbo- Zhoushan also in China being third. Türkiye’s trade gap plunges on exports rise amid import slump Türkiye›s foreign trade deficit decreased by almost 43% in August as exports continued to rise amid a slump in imports, official data showed. The gap dropped to $4.99 billion, a 42.7% decline from $8.71 billion a year ago, the Turkish Statistical Institute (TurkStat) said. That marks the lowest trade shortfall on a monthly basis since October 2021. In August, exports rose 2.3% year-overyear to $22.05 billion, while imports decreased 10.7% to $27.04 billion. The fall in the trade gap reflects progress in the government›s efforts to curb current account deficit, one of the nation›s most chronic problems. Exports are among the priority areas that the government is seeking to rely on as they rebalance the economy›s growth composition. Türkiye managed to achieve the highest August exports ever despite weak external demand, said Trade Minister Ömer Bolat. Türkiye’s exports hit $22.5 billion in August with an increase of 2.3 percent compared to the same period of last year, while the country’s imports were down by 10.7 percent to $27.4 billion, according to provisional data announced on Sept. 27. In the January-August period of this year, exports were $170.8 billion with a 3.9 percent increase and imports were at $225.7 billion with a 8.6 percent decrease compared to the same period of last year, data produced with the cooperation of the Turkish Statistical Institute (TÜİK) and the The main partner country for exports during August was Germany, followed by the U.K., U.S., Iraq and the United Arab Emirates (UAE). Excluding energy products and nonmonetary gold, the foreign trade shortfall was $302 million, the TurkStat data said. On a seasonally and calendar-adjusted basis, both exports and imports grew by 1.8% and 2.8% monthly in August. Energy import bill declined by 0.5% to $5.29 billion and accounted for 19.5% of the overall import figures in August, the data showed. Crude oil imports saw a 7% decrease to 2.64 million tons, compared to 2.85 million tons in August 2023. Analyzing the economic sectors contributing to total exports, products from manufacturing industries comprised 94.6%, while agriculture, forestry, and fishing accounted for 3.1%, and mining and quarrying contributed 1.7%. Trade Ministry showed. Commenting on the data, Trade Minister Ömer Bolat said August saw the highest-ever monthly exports for Türkiye. “The increase in exports and the decrease in imports will strengthen our country›s macroeconomic stability, help transform the composition of growth to one based on net export contribution, and contribute to our efforts to reduce inflation,” Bolat said in a written statement. The minister also noted that the current account deficit for the last 12 months also narrowed to $19.1 billion in July 2024, a decrease of $37.9 billion from $57.0 billion in May 2023. The share of high-tech products in manufacturing exports was recorded at 3%, a decline of 17.7% year-overyear. In contrast, the share of mediumhigh-tech products increased by 4.7%, reaching 36.7%. Between January and August, the foreign trade gap declined by 33.5% from a year ago to $54.94 billion, according to the data. Exports rose by 2.3% in the first eight months to $170.8 billion, while imports fell by 8.6%, totaling $225.7 billion. Bolat highlighted that the current account deficit fell to $19.1 billion as of July 2024, marking a $37.9 billion improvement from the $57 billion level seen in May 2023. As part of its economic program, Türkiye introduced measures to cap strong domestic demand – one of the main reasons for higher imports – and to boost investments and exports to improve the current account balance. Flipping the chronic current account “While strengthening our competitiveness in global trade through value-added and innovationoriented production, we as the Trade Ministry continue our efforts to ensure ‘sustainable export growth’ through our export promotion programs, our trade diplomacy activities abroad, our missions abroad and our exporters who are working hard to promote exports even in the difficult global situation,” Bolat added. According to the data, exports, excluding energy products and nonmonetary gold, were $20.1 billion with a 2.5 percent increase in August, while imports, excluding energy products and non-monetary gold, were $20.4 billion with a 5.6 decrease. In August, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.6 and trade deficits into surpluses is high on the agenda since the government started reversing years of loose monetary policy after last May›s presidential and parliamentary elections. Bolat emphasized that the rise in exports and the drop in imports have strengthened Türkiye›s macroeconomic stability and shifted the country›s growth model to one based on net export contribution, supporting efforts to reduce inflation. Bolat said the export-to-import coverage ratio rose by 10.3 points in August 2024 to 81.5%, and the ratio for the first eight months of the year increased by 9.1 points to 75.7%. Over the past 12 months, goods exports have risen to a record high of $262 billion. Annualized imports decreased by 8.3% to $340.7 billion. The trade gap for the last 12 months narrowed 33.6%, amounting to $78.7 billion, said Bolat. Türkiye’s monthly exports at all-time high percent, 3.1 percent and 1.7 percent, respectively. On the other hand, 69.6 percent of imports were intermediate goods, 15 percent were consumption goods and 14.9 percent were capital goods. The main partner country for August’s exports was Germany with $1.67 billion. The country was followed by the United States with $1.3 billion, the United Kingdom with $1.2 billion, Iraq with $1.1 billion and the UAE with $1 billion. The top five markets made up 29 percent of Türkiye’s total monthly exports. The top country for Türkiye›s imports in August was China with $4.2 billion. The country was followed by Russia with $3.4 billion, Germany with $2 billion, the United States with $1.3 billion and Italy with $1.2 billion.
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Made In Türkiye October 2024

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