Turkey should get rid of “economic slavery”

Photo: Turkey should get rid of “economic slavery” / Economy news

Baku, Azerbaijan, May 23
By Rufiz Hafizoglu - Trend:

Turkey should get rid of its "economic slavery" and become a country having its own word in the world economy, Turkey's Haber7 TV channel quoted the country's Deputy Prime Minister, Ali Babacan as saying on May 23.

He went on to add that it is not an easy task.

Babacan stressed that Turkey should have its own brand name in the world market.

"Ankara should carry out reforms in the economic sphere. Currently, the national income per capita is $2,500, which shows progress in the country's economy," Babacan said.

The deputy prime minister underscored that Turkey has seen a lot of economic growth in last 30 years, but the world crisis has affected the country's economy.

"The export and import transactions with the EU countries have significantly increased," Babacan said.

The total volume of Turkey's export has increased by 12.4 percent in March, 2014, compared to the same period of 2013, and stood at $14.748 billion, the Turkish Statistical Institute said.

Turkey's imports decreased by 3 percent in March, compared to the same month of 2013 and amounted to $19.943 billion.

The country's foreign trade turnover stood at $34.691 billion, while red ink in the amount of $5.195 billion was observed in the foreign trade.

Turkey's export to the EU countries was equal to $6.84 billion during the reporting period, the Statistical Institute said.

The official statistics says Turkey exported around $1.364 billion worth of goods to Switzerland (while some $1.275 billion of this amount fell to gold exports), followed by the country's exports to Germany - $1.334 billion, Iraq - $1.1 billion and UK - $848 million.

The import of Russian goods to Turkey increased by 11.6 percent in March, compared to the same month of 2013, and amounted to $2.181 billion, according to the Statistical Institute.

The country's imports from China stood at $2.43 billion, from Germany - $1.984 billion and from the U.S. - $1.135 billion.

Edited by C.N.

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