Trade Minister Muş Announced May Foreign Trade Figures

Trade Minister Mus Announced May Foreign Trade Figures
Trade Minister Muş Announced May Foreign Trade Figures

Muş announced the foreign trade figures for May at the press conference held at the Conference Hall of the Ministry of Commerce with İsmail Gülle, President of the Turkish Exporters Assembly (TİM).

Pointing out that Turkey had a great success in exports in 2021, Muş said, “Our country continued its strong performance in exports in the first five months of 2022. In the month of May we left behind, our exports increased by 15,2 percent compared to the same month of the previous year and reached 19 billion dollars. This is the highest May export of all time. Thus, we broke records in the first 2022 months by reaching the highest monthly export values ​​in all of the first 5 months of 5.” he said.

Mehmet Muş stated that the foreign trade volume in May increased by 31,1 percent compared to the previous year and rose to 48,6 billion dollars, while the import in May was 29,6 billion dollars.

“The reason for the increase in imports is energy prices”

Noting that the energy item occupied an important place in imports with a share of 6,9 billion dollars in May, Muş said:

“As a net energy importer, Turkey, which is highly integrated with global markets, cannot be affected by energy prices. I would like to underline once again that the main reason for the increase in our imports is the increasing energy prices in the world. At this point, our exports in the January-May period reached 96,8 billion dollars, excluding energy, and our foreign trade volume increased to 202,8 billion dollars. In addition, the ratio of our exports to imports in the same period was 91,3 percent, again excluding energy. With our exports for the last 242,6 months reaching 12 billion dollars, we are approaching the 2022 billion dollars export target indicated by our President for the end of 250, with determined steps.”

Minister of Commerce Mehmet Muş stated that as the Ministry, they will continue to stand by the exporters with all their means and in the strongest way to move the country among the leading countries in value-added exports, as they have done so far, and said, I believe it will be the main driver of our growth.” said.

Minister Muş announced the foreign trade figures for May at the press conference he held with the President of the Turkish Exporters Assembly (TİM) İsmail Gülle at the Conference Hall of the Ministry of Commerce.

Stating that the world economy has been going through important tests since 2020, Muş said that the global economy could not fully leave the winter behind in the current period.

Noting that the problems in the global economy have combined to cause a new global crisis, Muş said that despite the increasing demand in the post-pandemic period, supply problems have become chronic due to the continuation of raw material and logistics-related disruptions in supply chains, and this situation brings with it an increase in global inflation. .

Pointing out that the Russia-Ukraine War was added to these developments, Muş stated that according to the World Bank, the war created the biggest supply shock in commodity markets in recent years.

Noting that the European Union (EU) decided to impose an oil embargo on Russia until the end of the year and the quarantine measures in China were lifted to a large extent as of June 1, the rise in oil prices accelerated, while sharp rises were recorded in the prices of other energy and food commodities. evaluated the global economic developments.

 “The next two years will be very difficult, especially in underdeveloped countries”

Foreseeing that the next two years will be very difficult, especially in underdeveloped countries, Minister Muş emphasized that the measures taken to combat inflation strengthen the possibility of a global recession.

Pointing out that weakening growth means a decrease in export revenues for many countries, Muş said that while everyone is talking about global inflation, there is also a growing global debt crisis in the background.

Stating that while the global debt level broke a record, the strengthening of the US dollar made it difficult for developing countries to pay their debts, Muş said:

“In such a global environment, the Turkish economy continued its growth momentum in the first quarter of 2021, which it achieved in 2022. Turkey achieved a 2022 percent increase in gross domestic product in the first quarter of 7,3, successfully maintaining its high economic growth performance. Thus, our country continued its economic growth for 7 uninterrupted quarters and once again positively differentiated from the world in this field. If we look at the details of our growth rate, the contribution of net exports to the growth experienced in the first quarter of the year was approximately 3,5 points, with almost half of the growth coming from net exports. In other words, our exports once again shouldered growth.”

Pointing out that the Industrial Production Index, which is one of the leading indicators of growth and showing that the wheels are turning in industrial production, increased by 9,6 percent annually, Muş stated that the capacity utilization rate in the manufacturing industry increased by 0,2 points in May compared to the previous month, and reached 78 percent.

Emphasizing that the aforementioned data point to the fact that economic growth is based on a balanced and sustainable basis, Muş said, “In other words, Turkey is increasing its production power day by day and accelerating its breakthroughs in the industry.” used the phrase.

“We continue commercial diplomacy uninterruptedly”

Muş stated that as the Ministry, they continue their commercial diplomacy activities uninterruptedly in order to pave the way for exporters in the increasingly difficult global business environment, and explained that they comprehensively evaluated bilateral trade and economic relations with countries such as Bosnia and Herzegovina, Spain, Algeria, Colombia, Ethiopia and Pakistan throughout May. Pointing out that they carry out intensive consultations with the umbrella organizations of the business world, apart from official contacts, Muş said that they continue their efforts to facilitate foreign trade without slowing down. Reminding that they have implemented innovations that will contribute to the country's being a center of attraction in transit trade, Muş said, "I believe that our exporters will continue to do their part in increasing our exports of high value-added goods and services in these difficult times." made its assessment.

Stating that the way to increase the economic welfare of the country is through high added value production with the help of qualified workforce and technology, Muş said:

“The share of actors who adapt to technology and sustainability trends early and increase productivity by making investment decisions in this direction will definitely increase in the global economy. The only way for Turkey to get ahead of its peers is through here. For this reason, we express at every opportunity the investment, production, employment and export equation pointed out by our President. As the Ministry, we will continue to stand by you with all our means and in the strongest way possible to move our country among the leading countries in value-added exports. I believe that with your efforts, exports will be the main factor of our economic growth in 2022, as it was the case last year. In this sense, I believe that we will continue the breakthrough we have shown in our industry in recent years, and that we will make the current growth environment in which exports and investments are the driving force sustainable.”

In May 2022, compared to the same month of the previous year; exports increased by 15,2% to 18 billion 973 million dollars, imports increased by 43,8% to 29 billion 652 million dollars. In the January-May period of 2022, compared to the same period of the previous year, exports increased by 20,4% to 102 billion 504 million dollars, and imports increased by 40,9% to 145 billion 737 million dollars.

In May 2022, compared to the same month of the previous year;

  • Exports increased by 15,2% to 18 billion 973 million dollars,
  • Imports increased by 43,8% to 29 billion 652 million dollars,
  • Foreign trade volume increased by 31,1% to 48 billion 625 million dollars,

In the January-May period of 2022, compared to the same period of the previous year;

  • Exports increased by 20,4% to 102 billion 504 million dollars,
  • Imports increased by 40,9% to 145 billion 737 million dollars,
  • Foreign trade volume increased by 31,6% to 248 billion 241 million dollars,

For foreign trade data for May Click here.

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