Turkey's exports up by 37%

Turkey’s exports up by 37%

Turkey's monthly export figure reached an all time high with US$6.7 bn in December, according to the Turkish Exporters' Association (TEA) data. After reaching US$5.8 bn in November, exports in December were up an impressive 37%. There was a sharp m-o-m increase in exports due to seasonal factors and increasing number of business days. Consequently, exports reached US$64 bn in 2004, increasing by 34% compared to 2003. Domestic analysts expect a decelerating pace in 2005. This is due to the expected slowdown in the Euro Zone, ongoing sharp appreciation of the TRL and possible adverse China impact seem to be major obstacles to Turkey's export performance in 2005.