Turkey's export growth loses momentum

Turkey’s export growth loses momentum

Data released by Turkish Exporters Assembly (TIM) show that Turkey's exports rose only 1.1 percent year on year to $5.7 billion in July due to the appreciation of Turkish currency, rising costs and banking policies. Exports totaled $41.69 billion for the first seven months of the year, up 17.17 percent year on year. Exports over the past 12 months rose 22.87 percent to $70.46 billion. Industrial sector exports, which accounts for more than 86 percent of the Turkey's exports, fell 1.1 percent to $4.95 billion last month. This represents the first decrease, except February 2002, since 2001.