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Viewing cable 08ANKARA23, Turkish Exports Boomed in 2007

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Reference ID Created Released Classification Origin
08ANKARA23 2008-01-04 15:38 2011-08-24 01:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Ankara 
VZCZCXRO4871
RR RUEHDA
DE RUEHAK #0023 0041538
ZNR UUUUU ZZH
R 041538Z JAN 08
FM AMEMBASSY ANKARA
TO RUEHC/SECSTATE WASHDC 4846
INFO RUEATRS/DEPT OF TREASURY WASHDC
RUEHIT/AMCONSUL ISTANBUL 3710
RUEHDA/AMCONSUL ADANA 2578
RUEHBS/USEU BRUSSELS
 
UNCLAS ANKARA 000023 
 
SIPDIS 
 
TREASURY FOR INTERNATIONAL AFFAIRS - JROSE 
USTR 
 
SENSITIVE 
SIPDIS 
 
REF: ANKARA 2052 
 
E.O. 12958: N/A 
TAGS: EFIN TU
SUBJECT: Turkish Exports Boomed in 2007 
 
 
1.  Summary: Turkish exports reached USD 105.9 billion in 2007, 
enjoying a 23.5 percent increase from 2006 and surpassing the 
official target of USD 100 billion. Turkish State Minister for 
Trade, Kursad Tuzmen, said 2008 exports would continue to be the 
locomotive for Turkey's economic growth.  The GOT has set a 2008 
target of USD 117 billion in export revenue, while Minister Tuzmen 
uses a figure of USD 125 billion in his public remarks.  End 
Summary. 
 
2. According to January 2 data released by the Turkish Exporters 
Association (TIM), Turkish exports jumped 23.5 percent in 2007, 
reaching USD 105.9 billion.  Even though official Turkstat numbers 
for 2007 will not be released until the end of January, TIM's data 
generally tracks closely with Turkstat figures. 
 
3. Trade Minister Tuzmen has long been critical of the free floating 
exchange rate regime used by the Central Bank since 2001, claiming 
the free float hampers Turkey's competitiveness in foreign markets. 
According to TIM data, the machinery sector lead with a 43 percent 
increase over 2006, automotive and automotive spare parts increased 
35 percent, and iron/steel increased 31.3 percent.  The total 
industrial sector share was 86.7 percent in 2007, reaching USD 91.9 
billion.  In 2007, most of Turkey's exports were made to Germany 
(USD 11.9 billion), the United Kingdom (USD 8.3 billion), Italy (USD 
7.4 billion), France (USD 5.9) and Russia (USD 4.8 billion). 
Turkish exports to the U.S. were USD 4.0 billion, or 3.7 percent of 
total Turkish exports. 
 
4. Comment:  Turkey imports many raw material components that it 
exports as finished goods.  While the increase in exports is good 
news, Turkey's heavy dependence on imports contributes to the high 
current account deficit, which is now eight percent of GDP.  End 
Comment. 
 
McEldowney