More good news coming out of Turkey this week as the export market has seen a huge increase for the first four months of this year, as demand slowly increases across a range of key products. Overall the growth equated to an increase of 33%, resulting in sales of $68.75billion, up from $51.64billion in the first four months of last year.
It represents the strongest increase since February 2018, and points to strong manufacturing performances as well as significantly more confidence in global trade and the wider economy. The US, Germany and the UK all receive exports from Turkey accounting for around 6%, 10% and 7% of all exports respectively.
Other countries also saw much improved figures on their exports too, including Italy, France, Spain & the Netherlands, which actually recorded the sharpest pace on record.
As most countries slowly start their recovery processes, there are some that are still reeling from the pandemic and as such Brazil, Kenya and India have, unsurprisingly, suffered as a result.
Andrew Harker is the Economics Director at IHS Markit, and he commented on the statistics saying ‘Encouragingly, the top three export destinations for Turkey are growing rapidly, even though Covid-19 still remains a concern’.