Turkish Economy - News & Updates

[-SINAN-]

Turkey’s exports to grow beyond world average – HSBC report

Zaman – Turkey’s increasing influence and growing cooperation with new export markets in the Middle East, Africa and Asia are forecasted to increase the country’s exports by 12 percent on average until 2020, according to HSBC Global Connection’s latest Turkey Trade Forecast Report.



Surpassing the global export growth forecast of 8 percent, Turkey is also listed among the top six countries with a positive trade sentiment in the HSBC Trade Confidence Index with 122 points, higher than the global index average of 112.



Dated October 2013, the report points to Turkey’s industrial machinery, iron-steel and chemicals sectors, all of which are predicted to see increased demand from customers in the Middle East, Africa and Asia in the coming years.



The report praises the country for becoming an investor magnet in recent years, thanks to a growing economy, robust macroeconomic framework and an attractive tax regime. Turkey’s young population, advantageous geographical location and a qualified workforce are also points of attraction for foreign investors.


Turkey’s exports have reached USD 112 billion dollars in the first 9 months of the year with a year-end target of USD 153.5 billion. The country aims to reach USD 500 billion exports by 2023, the 100th anniversary of the Republic

 

[UKBengali]

Turkey’s exports to grow beyond world average – HSBC report

Zaman – Turkey’s increasing influence and growing cooperation with new export markets in the Middle East, Africa and Asia are forecasted to increase the country’s exports by 12 percent on average until 2020, according to HSBC Global Connection’s latest Turkey Trade Forecast Report.


Surpassing the global export growth forecast of 8 percent, Turkey is also listed among the top six countries with a positive trade sentiment in the HSBC Trade Confidence Index with 122 points, higher than the global index average of 112.


Dated October 2013, the report points to Turkey’s industrial machinery, iron-steel and chemicals sectors, all of which are predicted to see increased demand from customers in the Middle East, Africa and Asia in the coming years.


The report praises the country for becoming an investor magnet in recent years, thanks to a growing economy, robust macroeconomic framework and an attractive tax regime. Turkey’s young population, advantageous geographical location and a qualified workforce are also points of attraction for foreign investors.

Turkey’s exports have reached USD 112 billion dollars in the first 9 months of the year with a year-end target of USD 153.5 billion. The country aims to reach USD 500 billion exports by 2023, the 100th anniversary of the Republic

If HSBC is correct then Turkey will indeed reach 500 billion dollar exports by 2023 and will then be considered an industrialised country.

I look forward to Turkey offering a wider range of products that countries such as BD will have the opportunity to purchase.

 

[-SINAN-]

Turkey grows 4.4 percent in Q3

The Turkish economy continues to see a sustained growth over the last four years (sixteen quarters) with a 4.4 percent growth in the third quarter of 2013 compared to the same period last year, Turkey's statistical authority (TurkStat) said on Tuesday.

In the September to December 2013 period, the Gross Domestic Product (GDP) increased by 4.4 percent in constant prices, compared to the same quarter of 2012 and consistently reached 33.33 billion Turkish Liras.

Also, the calendar adjusted GDP in the fourth quarter of 2013 increased by 4.1 percent compared to the same quarter last year.

Seasonally and calendar adjusted GDP was 0.9 percent compared to the previous quarter.

According to the AA Finace Expectation Survey, economists anticipated the growth rate for the third quarter of 2013 to be 4.2 per cent.

Turkey grows 4.4 percent in Q3 | Economy | World Bulletin

 

[AUz]

Turkey grows 4.4 percent in Q3

The Turkish economy continues to see a sustained growth over the last four years (sixteen quarters) with a 4.4 percent growth in the third quarter of 2013 compared to the same period last year, Turkey's statistical authority (TurkStat) said on Tuesday.

In the September to December 2013 period, the Gross Domestic Product (GDP) increased by 4.4 percent in constant prices, compared to the same quarter of 2012 and consistently reached 33.33 billion Turkish Liras.

Also, the calendar adjusted GDP in the fourth quarter of 2013 increased by 4.1 percent compared to the same quarter last year.

Seasonally and calendar adjusted GDP was 0.9 percent compared to the previous quarter.

According to the AA Finace Expectation Survey, economists anticipated the growth rate for the third quarter of 2013 to be 4.2 per cent.

Turkey grows 4.4 percent in Q3 | Economy | World Bulletin

Great! Hope Turkey reaches 5% growth in 2014, and 7% to 8% growth by 2015-2016, Inshallah.

Strong and prosperous Turkey is good for the region and the world.

 

[-SINAN-]

Turkey to start FTA talks with Singapore

Talks on a free trade agreement (FTA) between Turkey and Singapore will soon commence on a ministerial level, as per the decision reached by Turkey’s Prime Minister, Recep Tayyip Erdogan, visiting the Southeast Asian country and his Singaporean counterpart, Lee Hsien Loong.

Stating that the two countries were intent on building closer trade and business ties, “We have taken the first steps towards free trade between our countries. Talks on an FTA will begin between the economy ministers of Turkey and Singapore”, Erdogan said at a joint press conference with Loong.


“Singapore is an important partner for Turkey in reaching the Asia-Pacific region. We expect Turkish and Singaporean businessmen to jointly work in third countries”, Turkey’s Prime Minister said, adding that the two countries shared similar traits such as being strategic gateways to their respective regions.


Noting that investments from Singapore were mainly focused on Turkey’s finance sector, Erdogan said that Turkey presented ample opportunities in a variety of fields, calling on to Singaporean companies to form partnerships with Turkish companies in the country’s large scale infrastructure and energy projects.


“Trade between Turkey and Singapore reached USD 1.2 billion in 2012”, Erdogan said, adding that the two countries should set the bilateral trade target to USD 5 billion.

Turkey to start FTA talks with Singapore
- Invest in Turkey

 

[revojam]

TÜRKİYE’nin doğalgaz alım anlaşması yaptığı üç ülke olan Azerbaycan, İran ve Rusya arasında en pahalı gazı İran satıyor. Kontratların içinde en avantajlı olanı ise Azeri anlaşması. Türkiye, müzakerelere rağmen İran’ın indirime yanaşmaması üzerine konuyu uluslararası tahkime taşımıştı. Uluslararası Tahkim Mahkemesi’ndeki (ICC) ilk görüşmelerin 17 Şubat’tan itibaren başlayacağı öğrenildi.
RUSLARDAN UCUZ OLURDU
Yılda ortalama 47 milyar metreküp doğalgaz tüketen Türkiye, doğalgaz ihtiyacının yaklaşık yüzde 20’sini İran’dan karşılıyor. Türkiye’nin, Tahran ile yıllık 10 milyar metreküp doğalgaz kontratı bulunuyor. Enerji Bakanlığı kaynakları, İran’la müzakereler yapıldığını ancak istenilen indirim miktarını İran’ın vermeye yanaşmadığını anlatarak, şöyle konuştu: “İki ayrı tahkim davası var. İki tahkim birleştirildi, bunların görüşmeleri 17 Şubat’ta başlıyor. 2014 sonu, 2015 başlarında bu tahkim sonuçlanacak. İki tahkiminde ikisinde de yüzde 25’in üzerinde indirim istedik. Düşük senaryoya göre toplamda 2 milyar dolar alırız, yüksek senaryoda daha yüksek alırız” şeklinde konuştu. İran’ın gaz fiyatına yüzde 25 indirim yapması durumunda diğer kontratlara göre nasıl bir tablo ortaya çıkacağını sorduğumuz Bakanlık kaynakları, “Yüzde 25’in biraz üzerinde indirim alınması halinde, İran gazı Rus gazından daha ucuz konuma gelebilir” dedi.

AL YA DA ÖDE BİTİYORİran’dan 1.2 milyar metreküp al ya da öde miktarı kaldığını ve bunun da 2014 yılsonunda biteceğini dile getiren Bakanlık kaynakları, “Böylece Türkiye’nin İran ile al ya da öde yükümlülüğü ortadan kalkacak. İran’la parasını verip de alamadığımız gaz olmayacak” dedi. Son günlerde İran’dan gaz girişinde bir azalma olduğunu doğrulayan Bakanlık yetkilileri, “Normalde İran’dan tam kapasite geliyor fakat şu günlerde İran’daki bazı teknik sorunlar nedeniyle yarısından az geliyor. Bu düşüşü Azerbaycan, LNG kargoları ve Gazprom’la telafi ediyoruz” şeklinde konuştu. Bir yandan tahkim süreci devam ederken, diğer yandan Başbakan Tayyip Erdoğan’ın iki hafta önceki Tahran ziyaretinde gündeme getirdiği doğalgaz fiyatında indirim görüşmeleri İranlı yetkililer ile Ankara’da devam ediyor. Gelecek hafta tamamlanması beklenen görüşmelerden sonuç alınması ihtimalinin çok yüksek olmadığı da ifade ediliyor. İki ülke heyetleri, İran’ın yıllık 10 milyar metreküp ek doğalgaz vermesi teklifinin de değerlendiriyor.

İran ile dava 17 Şubat'ta - Hürriyet EKONOMİ

 

[Hakan]

Turkey’s Petroleum Corp. to own oil reserves in the Baituganskoye field, which is calculated to hold nearly 50 million barrels of oil.
World Bulletin / News Desk

Turkey’s Petroleum Corporation (TPAO) has bought a 49 percent share in Hungarian oil company MOL’s production field in Baituganskoye, Russia, Turkey’s Energy Minister Taner Yildiz said on Thursday.
The US$175 million transaction will see TPAO gain nearly half of the shares in the Baituganskoye field, which is calculated to hold nearly 50 million barrels of oil.

The deal is expected to be signed within the next month.

TPAO is Turkey's national oil company.

In recent years, the company has undertaken a number of oil and natural gas exploration projects as part of its mission to develop domestic and international resources and meet the increasing demand for oil and gas in Turkey.

 

[xxxKULxxx]

Dış ticaret verileri açıklandı

 

[revojam]

Dış ticaret verileri açıklandı

Anyone know total export and import figure for 2013?

 

[xxxKULxxx]

Anyone know total export and import figure for 2013?

I don't know detailed import figure but it says foreign trade deficit decrased 6,8%... Also it says however exports rised 8,6% imports rised only 2,6%...

 

[xenon54 out]

I don't know detailed import figure but it says foreign trade deficit decrased 6,8%... Also it says however exports rised 8,6% imports rised only 2,6%...

This is some good news, our trade deficit is our weak spot, last year we had the second biggest trade deficid in the world after USA can you imagine this?

 

[Hakan]

Istanbul among Forbes' top 10 billionaire cities | Economy | Worldbulletin News
More of the World’s Billionaires claim residence in 10 metropolises than anywhere else around the globe, according to the latest Forbes report.

Moscow has held onto its title as the billionaire capital of the world. This is the fourth time in the past five years that Russia’s capital stays ahead of New York on top of our list of billionaire haunts – those cities that are the primary homes to the most billionaires. Eighty-four of the world’s richest, worth a total of over $366 billion, call Russia’s most populous city home. New York City continues to rank second, with 62 billionaires worth $280 billion. London and Hong Kong tie for third place, with 43 billionaires each.

This year, only two American cities make the top: New York and Dallas, home to 18 billionaires and tied in the last position with Paris.

Hong Kong retains its title as the most popular city among billionaires in Asia, with 43 billionaires. Beijing knocked out San Francisco and is back to the top 10 most popular residences for billionaires. China’s capital is home to 21 billionaires, 6 more than last year. Mumbai and Seoul are other Asian cities included in the top 10.

The 37 billionaires living in Istanbul, where Europe and Asia collide, are the poorest among those in the top 10 billionaire cities. Istanbul's 37 billionaires are up from 30 billionaires last year with total worth of $65,400,000. Total number of billionaires in Turkey is 43 according to the report.

The average billionaire in the only city sitting across two continents is worth $1.7 billion, two times less than the average fortune of a billionaire living in London, for instance.

France’s capital is the place with the highest average net worth among billionaires. The average billionaire living in Paris is worth $6.81 billion, an astonishing $2.2 billion more than the average billionaire in any other city in the world.

 

[Hakan]

Turkey lignite reserves increase 82% in 8 years
​

Turkey’s lignite reserves have grown by 82 percent in the past eight years, said Energy Minister Taner Yildiz on Sunday.

Yildiz also said that by utilising the domestic lignite resources Turkey would be able to avoid $12 billion of natural gas imports.

Turkey currently relies on foreign energy resources, including natural gas and oil, to drive almost half of all domestic electricity production, costing it up to $60 billion a year and efficient use of energy and use of domestic resources are preferred government policies.

According to the International Energy Agency (IEA), energy use in Turkey is expected to double over the next decade, with electricity demand expected to increase at an even faster pace. By 2023 coal is planned to supply a third of electricity production in Turkey.

The Directorate General of Mineral Research and Exploration (MTA) is responsible for drilling and explorations and have found 11 new coal pits, with 6.8 billion tons of coal, in the past eight years. Between 2005 and 2012 lignite reserves increased from 8.3 billion tons to 13.9 billion tons. Currently, approximately 1.3 billion tons of pit coal and 13.9 billion tons lignite reserves exists in Turkey.

Turkey lignite reserves increase 82% in 8 years | Economy | Worldbulletin News

 

[sEoulman556]

Akbank Signs Cooperation Agreement With Korea’s Hana

Akbank TAS (AKBNK), Turkey’s second-biggest lender by market value, signed a cooperation agreement with South Korea’s Hana Bank as it seeks to take advantage of the two countries’ recent free-trade agreement.

The parties plan to cross-sell each others’ products and jointly invest in projects and countries outside Turkey and South Korea, Akbank said today in a statement. Hana Bank, part of the Hana Financial Group, has the largest bank network in the Asian nation after buying Korea Exchange Bank in 2012, Akbank said.

Today’s deal follows Akbank’s signing of an accord with Export-Import Bank of Korea, and rival Yapi ve Kredi Bankasi AS’s cooperation deal with Industrial Bank of Korea which was signed in January of last year. There are 257 Korean firms operating in Turkey, according to Akbank.

“We expect South Korean firms’ interest in big infrastructural projects to increase in the coming years” Akbank Chief Executive Officer Hakan Binbasgil said in the statement today. “Our cooperation with Hana Bank, which has such a large network in Asia Pacific, will give us an advantage in financing these projects.”

Akbank Signs Cooperation Agreement With Korea’s Hana - Bloomberg

I thought this was so galatically awesome, considering other countries are in a recession. The alliance between Turkey and SK is getting stronger each passing year.

 

[xenon54 out]

The alliance between Turkey and SK is getting stronger each passing year.