3/4/2013

Turkey’s exports to OPEC members up 74 percent year-on-year

Star – The share of Turkish-made goods and services shipped to the members of the Organization of the Petroleum Exporting Countries (OPEC) in 2012 increased by 72 percent year-on-year, reaching one quarter of the country’s overall exports.


According to data derived from the Turkish Statistical Institute (TurkStat), 12 OPEC members bought USD 38 billion worth of merchandise from Turkey, making up 25 percent of the country’s record-breaking USD 152 billion export total. The same countries received USD 21.8 billion worth of Turkish exports in 2011.


Crisis-hit European markets, who traditionally constitute the largest part of the receiving end of Turkey’s foreign trade, still dominate with 38.8 percent that corresponds to USD 59.2 billion, albeit with a slight decline of 5 percent from the preceding year.


Among OPEC members, Iraq was in the lead with USD 10.8 billion worth of Turkish goods bought in 2012, followed by Iran with USD 9.9 billion, United Arab Emirates with USD 8.1 billion, and Saudi Arabia with USD 3.6 billion.


Finding alternative markets has contributed significantly to Turkey’s soaring exports in recent years as trade ties between the country and African, Middle Eastern and Central Asian countries continue to grow stronger. Turkey exported USD 152 billion worth of goods last year, 13.5 percent more than in 2011.


The country aims to claim a 1.5 percent share of global trade by the year 2023 by reaching an export volume of USD 500 billion.

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