Turkey's exports soared by 14.3 percent in August to $2.2 billion, compared to the same period last year, according to figures released by the Turkish Exporters' Assembly (TIM).
In August 1999, however, the country was rocked by a major earthquake that devastated its industrial heartland and crippled the economy as a whole.
The increase in exports was a result of seasonal factors according to TIM Chairman Okan Oguz, who added that "although the August figures are promising, it is too early to conclude that exports are recovering."
In the first eight months of this year, exports rose by only 4.3 percent over the same 1999 period to $17.8 billion, the TIM data said.
But they could pick up remarkably if exchange rate pressure were diminished and financing costs reduced, Oguz noted. Under its anti-inflationary measures, Turkey is instituting a foreign currency regime that allows for a gradual depreciation of the lira within pre-announced limits, which puts pressure on exports.
The main commodities pushing exports up in August were minerals and metals, which rose by a substantial 59.1 percent, and automotive and sub-industry products, which rose by 39.7 percent. In contrast, olives and olive oil plunged 91.3 percent. –(Albawaba-MEBG)
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