Turkey Broke Record in November's Export VolumeWed, Jul 27, 2022, 12:43:32 AM
Turkish export volume has increased by 33.4 percent compared to November of last year and reached 21.5 billion dollars. This is the highest export volume that Turkey has ever enjoyed to date.
Mehmet Mus, Minister of Trade, announced the foreign trade figures for November. He noted that the economy and commercial activities were revived as the invention of vaccination and disruptions in the supply chain and shortages of raw materials constitute a major obstacle to trade. He also emphasized that inflation in major European economies such as Germany and Spain has reached its peak in the last 30 years and energy and food prices have reached the highest levels of all times with the increasing global demand.
Turkish Manufacturers Attract Attention with Low Prices
Considering the great depreciation of the Turkish Lira, especially in the last six months. Most Turkish traders shifted their focus to export. Most manufacturers do not provide goods for the domestic market and instead offer them to foreign markets.
The Turkish government is looking for a solution to this problem in recent days. On the other hand, this trend also supports the Turkish government’s new economic strategy, which focuses on reducing labor costs and attracting more investors to the country.
It seems like this strategy is working and Turkey is attracting plenty of foreign investment to the country. In addition to this, the increasing export volume provides a great bonus. However, most experts believe that this is the last resort of the government to win the elections again.
Is Increasing Export Volume a Good Indicator for Foreign Investors?
Exporting is one of the determinant trade statistics in the success of every economy. Turkey is adopting an approach similar to China. This includes reducing the costs and labor to attract more foreign currencies to the country.
Considering that Turkey has a better strategic advantage than China, they may be quite successful in this effort. However, until they enjoy success, most foreign investors will enjoy leveraged profits in the country. This already attracted wealthy nations such as Qatar and the United Arab Emirates. The number of British citizens investing in Turkey individually is quite high too.