Turkish Economy - News & Updates

[Bismarck]

It's the truth bro.

Germany Exports‎: ‎$1.33 trillion (2016)

Turkish Exports: $30billion (2003)
Turkish Exports: $175billion (est. 2018)

That's a X6 fold increase in 15 years.

Imagine what the next 15-20 years could bring to Turkey, considering we're now emphasising exporting machines and equipment worldwide

Friend, our export will reach €1.3 trillion this year, while Turkey’s export will reach €160 billion in the same period. Means ~9 times higher export rate. Not to mention that we have a trade surplus of €20 billion year by year, while you have a deficit of €60 billion year by year.

I love your enthusiasm and optimistic, but never lost reality.

 

[TaiShang]

This is a form of decentralization. China is seen as world factory and that should not be forever. Manufacturing capacities should be spread all over the world and not centralized in one country. This is to avoid one country to control entire world. Turkey should imposing tariffs on imports from China will support local producers and that is a good thing. China retaliating will surelly hurt Turkey in short term (if happen) - but in the long term it will be beneficial.

The world trade is already decentralized. That what makes it so difficult to break it apart. Trump gets to punish China in his mind, the entire supply chain from the US to Japan and Germany is hurt.

Turkey, in the meantime, is not part of this larger global supply chain. Your economy, from the very early on, is not designed as an East Asian export-oriented model - probably because your close economic ties with Europe (specifically with Germany).

China's strength comes from having entire supply chains readily available in country or nearby industrial powerhouses such as Japan and Korea. Anything can be made within the regional production chain. Korea and Japan are just next door. And then there is Taiwan province. Business communities are very closely tied and it goes very East Asian style. "We get together, eat hot pot, drink beers, and becomes good friends by the end of the night." This is what the CEO of the SoftBank said. LOL.

I do not think Turkey does not have such kind of region. So, you cannot make stuff as efficiently, in good quality, and affordable possible. Hence, if you shut the door on China (which would be terrible for your consumers and retailers), someone else will replace it. But, it won't be Turkey.

Besides, tariffs do not hurt China much. In 2017, about 10% of GDP came from exports. 60% came from internal consumption. In that regard, Germany is much more reliant on exports for growth.

I guess you can easily hurt Germany. Of course, they can hurt you back even more. In the end, you lose relatively more.

World need cheap labor. Who can be next to China?

Africa?

Southeast Asia?

South Asia?

Middle East?

And certain states in the Balkans.

Millions of informal sector workers in Turkey and other officially-higher paying countries?

But none of them does have the required infrastructure, regional supply chain, logistics, industrial clusters, skilled workforce, and developmentalist state. Some have some. But, none has all.

 

[KediKesenFare3]

Turkey, in the meantime, is not part of this larger global supply chain. Your economy, from the very early on, is not designed as an East Asian export-oriented model - probably because your close economic ties with Europe (specifically with Germany).

This is not true. Turkey's economy policies were similar to China's current policies before this happened: https://en.wikipedia.org/wiki/1980_Turkish_coup_d'état

This coup was supported by the United States of America which is not a conspiracy theory. After the 80's coup Turkey's economy policies got changed radically. World Bank and IMF played a major role.

Read this article if you're interested in this topic: https://www.wsws.org/en/articles/2000/09/turk-s27.html

 

[MMM-E]

Turkish gov’t reveals $34 bln incentive package to boost employment, cut current account gap

The Turkish government has announced the details of a new project-based $34 billion package in an effort to create new jobs and push down the country’s rising current account deficit

In accordance with the scheme, 19 companies will be granted incentives for a total of 23 projects, through which 35,000 new jobs are aimed to be created directly

http://www.hurriyetdailynews.com/tu...ost-employment-cut-current-account-gap-130038

 

[SouI]

I support this program. I think the country's resources should be allocated like this to build many new factories for products that are exported!

In accordance with the scheme, 19 companies will be granted incentives for a total of 23 projects, through which 35,000 new jobs are aimed to be created directly

Also I think investment loans and consumer loans should be separated and interests upon them should differ, as in investment loans should have little to no interest rate and consumer loans should have a high interest rate.

Turkey, in the meantime, is not part of this larger global supply chain. Your economy, from the very early on, is not designed as an East Asian export-oriented model

This so much, which saddens me a lot! We really need to get back to a surplus-driven trade regime. China is doing the right thing!

Friend, our export will reach €1.3 trillion this year, while Turkey’s export will reach €160 billion in the same period. Means ~9 times higher export rate. Not to mention that we have a trade surplus of €20 billion year by year, while you have a deficit of €60 billion year by year.

I love your enthusiasm and optimistic, but never lost reality.

You are right, but with the right pro-export policies we can increase our exports to at least about $500B in 20 years or so, but of course reaching Germany in this regard is most likely never going to happen.

 

[UkroTurk]

Human/Animal Blood makes up 1.3% of all USA exports!!
İts app 20 billion usd!!!

 

[OguzSenturk]

Budget account deficit happened ₺20.2billion between January-March (approximate $4.9billion)

http://www.bloomberght.com/haberler/haber/2112492-turkiye-butce-acigi-mart-ta

 

[OguzSenturk]

http://www.hurriyetdailynews.com/ge...-to-australia-six-months-after-opening-130569

 

[Inspector Spacetime]

Budget account deficit happened ₺20.2billion between January-March (approximate $4.9billion)

http://www.bloomberght.com/haberler/haber/2112492-turkiye-butce-acigi-mart-ta

https://tradingeconomics.com/turkey/government-budget

Scroll down to compare with other countries if interested.

 

[Dai Toruko]

Turkey seeks South Korea free trade agreement | Money Talks

Rising inflation is taking a toll on Turkey's currency. The lira fell to a new low on Thursday, trading at 4.2 to the US dollar. The government wants to reduce its trade deficit. As part of this drive, President Recep Tayyip Erdogan is in Korea to boost exports and investment. Mobin Nasir reports.

 

[UkroTurk]

Turkey seeks South Korea free trade agreement | Money Talks

Rising inflation is taking a toll on Turkey's currency. The lira fell to a new low on Thursday, trading at 4.2 to the US dollar. The government wants to reduce its trade deficit. As part of this drive, President Recep Tayyip Erdogan is in Korea to boost exports and investment. Mobin Nasir reports.

Free Trade agreement doesnt enable countries make trade without custom fees and taxes. By FTA countries still pay taxes. It is not magical .
FTA would hinder hidden stricks and limits which havent existed in trade with Korea.

 

[Deliorman]

A free trade agreement with South Korea... sounds awesome, huh?

While they will even more easily export cars, and ships, and phones, and home appliances and other products with high added value to Turkey... we will send them cherries and tomatoes. Sounds like a great deal indeed. That’s how some people think they can fight the growing trade deficit. Economical geniuses.

 

[UkroTurk]

A free trade agreement with South Korea... sounds awesome, huh?

While they will even more easily export cars, and ships, and phones, and home appliances and other products with high added value to Turkey... we will send them cherries and tomatoes. Sounds like a great deal indeed. That’s how some people think they can fight the growing trade deficit. Economical geniuses.

Bro FTA is nothing. It wouldnt change anything.

 

[CAN_TR]

https://twitter.com/x/status/994472925670641664

 

[[TR]AHMET]

https://twitter.com/x/status/994472925670641664

Exactly we have to close up our current account deficit by increasing our export capacity.

Production and create world wide brands is real solution to strenght Turkish economy.