ANKARA: Turkey’s exports decreased to $10.4 billion in February, a 13 percent drop from the same month of the previous year, mainly due to the loss in the Turkish Lira’s value and bad weather conditions, the Turkish Exporters’ Assembly (TİM) announced on March 1.
The country’s exports also declined by 6.7 percent to $22.8 billion in the first two months of this year from the same period of 2014, TİM said by a written statement.
The rise in the U.S. dollar’s value creates significant pressure over exported goods’ unit prices across the world. The loss of Turkey in its exports to only the European Union was $900 million due to forex changes. As exporters, we also faced a loss of around 20 percent in the unit prices in other regions due to the rise in the U.S. dollar’s value, as well as decreasing demand,” TİM head Mehmet Büyükekşi said.
He noted Turkish exporters expect more cuts in interest rates from the Central Bank.
