Turkish Economy - News & Updates

[Dai Toruko]

We have to cut more imports from China, Russia and Iran.

 

[OguzSenturk]

From Russia & Iran, we buy natural gas and oil. So we cannot cut them until we find alternative energy ways, like renewable energy or nuclear energy.

Imports from China are there because they are cheap. We either produce those things by ourselves, or imports will keep continue. If we cut imports from China right now, we will buy same things more expensive from EU or other places which doesn't make sense.

As a summary; we need renewable + nuclear enery + local production to reduce imports.

 

[Dai Toruko]

From Russia & Iran, we buy natural gas and oil. So we cannot cut them until we find alternative energy ways, like renewable energy or nuclear energy.

Imports from China are there because they are cheap. We either produce those things by ourselves, or imports will keep continue. If we cut imports from China right now, we will buy same things more expensive from EU or other places which doesn't make sense.

As a summary; we need renewable + nuclear enery + local production to reduce imports.

1. It is not necessary to import coal from Russia.
We also have coal and salaries are low in Turkey.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/2701/2016/

2. We make the same mistake with wheat and bran imports from Russia.
There are enough agricultural areas in Turkey.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/1001/2016/
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/2302/2016/

3. It is waste of money to import Rubber, Textile and Leather footwear from China
With a weak lira, we can produce it cheaper than China.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/6404/2016/
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/6402/2016/
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/6403/2016/

4. We should protect our children and ban carcinogenic toys from China.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/9503/2016/

5. Unnecessary zinc imports from Iran.
Turkey has enough raw zinc in Hakkari.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/7901/2016/

The list can be continued. We are not only import oil and gas but also other unimportant things.

 

[rajvoSa]

Turkey believes ties with UK will get even closer after Brexit

Turkey and the U.K. have witnessed an increase in ministerial level visits over the last few weeks. Following Treasury and Finance Minister Berat Albayrak, who paid an official visit to the U.K. last week, Trade Minister Ruhsar Pekcan was in London Wednesday for an official visit to boost commercial ties between the two countries. Speaking at the Turkey-U.K. Business Forum, Trade Minister Pekcan said, "We expect the cooperation between Turkey and U.K. to increase more than ever after the Brexit period." On the second day of her visit to the U.K., Trade Minister Pekcan attended the 6th Turkey-Britain Joint Economic and Trade Commission (JETCO) meeting and Turkey-U.K. Business Forum held in London.

A wide variety of topics such as trade and investment relations between the two countries, market entry opportunities, contracting and technical consulting services, as well as financial services were discussed at the closed-door meeting. At the end of the meeting, the 6th term U.K.-Turkey JETCO memorandum of understanding (MoU) was signed by Minister Pekcan and the U.K. Secretary of State for International Trade Liam Fox.

Pekcan attend the first JETCO meeting since the country voted on Brexit. The British public opted to leave the EU in a 2016 referendum, ending the country's 44-year-long membership in the bloc. Talks with the EU on the conditions for leaving the bloc began on June 2017.

Speaking at the meeting, Pekcan said that they were closely following the Brexit process. She said bridges of cooperation between the U.K. and Turkey will continue strengthening in the coming period and that they expect this cooperation to increase more than ever after the Brexit process is complete.

"We are here to build more bridges. Turkey, which is developing and continuing to grow in the last decade, has the most dynamic economy and population of Europe. In this respect, the business world and public are preparing all plans in accordance with this new global economy and industry 4.0," Minister Pekcan said after the signing ceremony, adding that the relations between the U.K. and Turkey are evaluated in this direction.

"Cooperation bridges between the U.K., one of the global centers of the economy on one side of the continent, and Turkey, which aims to turn to a high-income country from a middle-income country with an average age of 31, on the other side, will continue to strengthen in the coming period," Minister Pekcan said, highlighting that the talks between the two countries are underway.

Recalling that the third meeting of the free trade agreement was carried out by the delegations of the two sides, Pekcan said the aim is to make this agreement more comprehensive after Brexit. "Our preparations to update our agreements with the EU are complete, and we expect the EU to be ready as well," she added. Minister Pekcan said they intend to hold sector-focused meetings with JETCO in the upcoming period. "As you know, we have a trade volume of $16 billion between the two countries. In the first eight months, this trade volume increased by 25 percent," Pekcan noted, adding that concrete progress has been made in light of these talks.

Referring to the European Union and the Customs Union relations, Minister Pekcan said they continue to digitize systems to facilitate trade and customs, underlining that they will maintain their efforts to update the EU and the Customs Union as soon as possible. "Since the first day I took office in the ministry, I have been meeting with the nongovernmental organizations (NGOs). I know their power. We also expect NGOs to actively participate in these updating efforts by using their power in EU countries," Pekcan concluded.

She also inaugurated the Turkish Trade Center in London Thursday. The Turkish Trade Center is expected to host 36 companies on informatics, design, construction and architecture.

On her first stop in London, Pekcan met with women entrepreneurs on Tuesday, she said over her social media account.

Earlier this month Minister Albayrak met with directors and representatives of 11 financial institutions, after his meeting with Britain's Chancellor of the Exchequer Philip Hammond and State Minister Alan Duncan.

He met with representatives of financial institutions that manage assets worth $15 trillion in London. Albayrak narrated Turkey's 15-year success story and future policies that will be implemented within the frame of a stronger strategy. Elaborating on his meeting with the two ministers, Albayrak said on his social media account that in addition to discussing "our bilateral cooperation, we discussed the steps that could be taken to increase our trade volume after Brexit."

Meanwhile, President Recep Tayyip Erdoğan and British Prime Minister Theresa May discussed bilateral relations and regional issues in a phone later last month. The two leaders also exchanged views on the areas of economy, trade and investment.

-------------

World stocks boosted by trade hopes, tech and Turkey

https://uk.reuters.com/article/uk-g...-by-trade-hopes-tech-and-turkey-idUKKCN1LU03M

 

[CAN_TR]

I would never drink this infested "shit". (full of hormones and other indescribable things)

https://twitter.com/x/status/1040139233791537152

 

[SouI]

1. It is not necessary to import coal from Russia.
We also have coal and salaries are low in Turkey.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/2701/2016/

2. We make the same mistake with wheat and bran imports from Russia.
There are enough agricultural areas in Turkey.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/1001/2016/
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/2302/2016/

3. It is waste of money to import Rubber, Textile and Leather footwear from China
With a weak lira, we can produce it cheaper than China.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/6404/2016/
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/6402/2016/
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/6403/2016/

4. We should protect our children and ban carcinogenic toys from China.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/9503/2016/

5. Unnecessary zinc imports from Iran.
Turkey has enough raw zinc in Hakkari.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/7901/2016/

The list can be continued. We are not only import oil and gas but also other unimportant things.

Then we will produce all that and stop importing from them???

If we wont stop importing from them then it would mean that you are wrong and that it still makes economic sense to buy those from them.

Free-markets. It always picks the cheapest option by itself, no dictation is needed from the government etc.

 

[Adıvar]

I would never drink this infested "shit". (full of hormones and other indescribable things)

https://twitter.com/x/status/1040139233791537152

Short ago, AKP voters destroyed Iphones to protest the US.
They had also stabbed oranges to protest Holland.
Soon, same people will probably protest US by spilling American milk on the ground.

 

[Bismarck]

1. It is not necessary to import coal from Russia.
We also have coal and salaries are low in Turkey.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/2701/2016/

2. We make the same mistake with wheat and bran imports from Russia.
There are enough agricultural areas in Turkey.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/1001/2016/
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/2302/2016/

3. It is waste of money to import Rubber, Textile and Leather footwear from China
With a weak lira, we can produce it cheaper than China.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/6404/2016/
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/6402/2016/
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/6403/2016/

4. We should protect our children and ban carcinogenic toys from China.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/9503/2016/

5. Unnecessary zinc imports from Iran.
Turkey has enough raw zinc in Hakkari.
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/import/tur/show/7901/2016/

The list can be continued. We are not only import oil and gas but also other unimportant things.

Thanks for that information.

 

[FirstClass]

I would never drink this infested "shit". (full of hormones and other indescribable things)

https://twitter.com/x/status/1040139233791537152

Well...this is treason then... This "free market" thing really is not working for us. We should be introducing emergency measures like limitation of foodstuff imports from overseas countries immediately. It says that it was not possible to import dairy products from the US for the last 3 years due to certification issues. Well, don't certify them for at least 3 more years. Put bureaucratic obstacles. Tell your public servants to stall the procedures. Just don't raise the deficit even more. This is just utterly nonsense.

 

[xenon54 out]

I would never drink this infested "shit". (full of hormones and other indescribable things)

https://twitter.com/x/status/1040139233791537152

Well after importing meat and food for the cows this was the only logical step, no cows no milk simple as that but the peasant keep voting Erdo for the free second grade coal, they sell their own long term interest for 6 months interest but as we say kendi düsen aglamaz.

 

[TaiShang]

We have to cut more imports from China, Russia and Iran.

If I were you, I would first stop buying from Germany. It is not trade balance that is always the most important. Trade balance moves positive and negative, but strategic interests remain.

Remember that Germany has officially recognized the Armenian Genocide.

I do not see China there. In international relations, it is always give and take.

If you still think of Germany highly, I would think you are a Turkish German like @Bismarck .

They are never tired of stabbing Turkey in the back geopolitically.

 

[OguzSenturk]

https://www.haberturk.com/son-dakik...ania-ya-thy-sayesinde-kavustu-2143498-ekonomi

 

[Dai Toruko]

If I were you, I would first stop buying from Germany. It is not trade balance that is always the most important. Trade balance moves positive and negative, but strategic interests remain.

Why should we do something stupid like that? Turkey has a balanced trade with Germany.
In addition, China is Germany's biggest trading partner. If you hate the Germans so much, stop selling them your products. Moreover, it is embarrassing to interfere in Turkey's economic affairs.

Remember that Germany has officially recognized the Armenian Genocide.
I do not see China there. In international relations, it is always give and take.

Open you eyes and stop oppressing the Uighur's. You are not better than the Germans.
China has nothing to offer Turkey strategically. You can convince me otherwise.
I will listen to you..

If you still think of Germany highly, I would think you are a Turkish German like @Bismarck

I mean, obviously, you are not thinking clearly. I will tell you one secret though.
I hate Germany more than China. But today we have the opportunity to act in a more pragmatic way.

They are never tired of stabbing Turkey in the back geopolitically.

I agree with you on that point.

 

[CAN_TR]

Turkey has to prevent it immediately... every year more and more good educated people left the country.
Huge losses for TR economy.

 

[xenon54 out]

Cumhurbaşkanı Erdoğan'dan faiz mesajı: Bu sabır bir yere kadar

Bi sus be adam, birak isini bilenler yapsin sen konustukca lira batiyor zaten.
Bu isin sonu belli bir sonraki hedef Merkez bankasi, hersey sultanin emri altinda olmaliya, bu adam kendini Allah'mi saniyor ne?