Turkey’s trade volume to reach ‘$1 trillion by 2023’

Türkiye Materials 11 September 2013 13:00 (UTC +04:00)
Turkey’s trade volume to reach ‘$1 trillion by 2023’
Turkey’s trade volume to reach ‘$1 trillion by 2023’

Turkish Exporters Association (TİM) has set a target for Turkey's foreign trade volume to reach $1.1 trillion by 2023, with progress in branding and competitiveness Hurriyetdailynews reported.

TİM Chairman Mehmet Buyukekshi said yesterday during a publicity meeting of the Asia Pacific Retailers Convention and Exhibition (APRCE) that Turkey's foreign trade volume had increased by four-fold in the last decade. The APRCE is set to be held in Istanbul between Sept. 23 and Sept. 26.

"Turkey's foreign trade volume rose from $117 billion to $400 billion in the last 10 years. Our national income rose from $231 billion to $786 billion, with a more than three-fold increase. National income per capita rose from $3, 500 to $10, 504," he said.

Buyukekshi said Turkey's medium-income group had improved along with a rise in national income per capita, which raised the importance of an organized national retail sector. The target was to increase national income per capita to $25,000 by 2023, he added.

"Turkey's successful brands are emerging into foreign markets more and more. Retail networks are becoming more strategic channels. We place importance on branding in order to benefit from this channel," he said, noting that the Economy Ministry's Turquality program, which started in 2006 and offers Turkish brands both monetary funding and advertisement assistance, currently supported 103 brands of 91 firms.

Buyukekshi also said Istanbul would be hosting 2,000 retail sector senior representatives from 33 countries across three continents at APRCE. "The Turkish population, currently 76 million but estimated to reach 82 million by 2023, serves as a high potential market for Asia-Pacific countries," he said, adding that this event would lead to the creation of new investments and an increase in trade.

Current account gap to stay below $60 billion

Meanwhile, speaking at the same meeting, Economy Minister Zafer Caglayan said the current account deficit would stay below $60 billion this year.

"I foresee that the current account deficit will be lower in the second half-yearly period than the first. My forecast is it will stay below $60 billion," he said. The current account deficit totaled $36 billion in the first half of 2013, rising $5.9 billion over the same period last year. The year-end expectation for current account gap in the Medium-Term Program is $60.7 billion.

Caglayan also said as the Medium-Term Program saw $172.3 billion in export value in 2014, they would need a downward revision between $165 billion and $170 billion for the coming year.