Alshawi1234
FULL MEMBER
- Joined
- Nov 28, 2012
- Messages
- 1,386
- Reaction score
- 8
- Country
- Location
ISTANBUL, Feb 28 (Reuters) - Iraq is likely to replace
Germany as Turkey's biggest export market this year as Turkish
firms continue to diversify away from debt-choked Europe,
Turkey's Central Bank Governor Erdem Basci said on Thursday.
Turkish exports to Europe have been falling in recent years,
dropping to 48 percent of total exports last year from 60
percent in 2010, as firms refocus on growing markets in Africa
and the Middle East.
"There has been a big effort to diversify our markets ...
Probably this year Iraq is going to replace Germany which has
been our number one export destination," Basci said in an
interview with the broadcaster CNBC Europe on Thursday.
Turkish exports to Iraq rose to $10.83 billion in 2012 from
$8.3 billion a year earlier, while exports to Germany fell
slightly to $13.13 billion from $13.95 billion.
Strong export growth last year helped the Turkish economy
prove resistant to the slowdown that blighted much of western
Europe and exports are continuing to rise this year, rising 5.6
percent year-on-year in January to $11 billion.
The central bank has been performing a delicate balancing
act, trying to reinvigorate domestic demand without letting loan
growth accelerate so quickly that it stokes inflation and widens
the current account deficit, Turkey's main economic weakness.
It cut two of its three main interest rates this month in a
bid to prevent speculative capital inflows from boosting the
lira too sharply, while also taking steps to cool domestic loan
growth.
Iraq to overtake Germany as Turkey's main export market -cbank - Yahoo! News
Germany as Turkey's biggest export market this year as Turkish
firms continue to diversify away from debt-choked Europe,
Turkey's Central Bank Governor Erdem Basci said on Thursday.
Turkish exports to Europe have been falling in recent years,
dropping to 48 percent of total exports last year from 60
percent in 2010, as firms refocus on growing markets in Africa
and the Middle East.
"There has been a big effort to diversify our markets ...
Probably this year Iraq is going to replace Germany which has
been our number one export destination," Basci said in an
interview with the broadcaster CNBC Europe on Thursday.
Turkish exports to Iraq rose to $10.83 billion in 2012 from
$8.3 billion a year earlier, while exports to Germany fell
slightly to $13.13 billion from $13.95 billion.
Strong export growth last year helped the Turkish economy
prove resistant to the slowdown that blighted much of western
Europe and exports are continuing to rise this year, rising 5.6
percent year-on-year in January to $11 billion.
The central bank has been performing a delicate balancing
act, trying to reinvigorate domestic demand without letting loan
growth accelerate so quickly that it stokes inflation and widens
the current account deficit, Turkey's main economic weakness.
It cut two of its three main interest rates this month in a
bid to prevent speculative capital inflows from boosting the
lira too sharply, while also taking steps to cool domestic loan
growth.
Iraq to overtake Germany as Turkey's main export market -cbank - Yahoo! News
