Times of Oman2
Price in RO
24ct / gm
22ct / gm
Forex Rates vs R01
Back to Homepage
Turkey may struggle to narrow its deficit
August 27, 2013 , 8 : 51 pm GST
SAVE THIS ARTICLE
Turkish exports to 10 Middle Eastern trade partners slipped five per cent in June. Photo — Bloomberg file
Turkey may struggle to narrow its current-account deficit as mounting tensions with Egypt make it harder for traders to reach the Middle East, the destination for about a fifth of Turkish exports.
Turkish exports shipped via Egypt's Damietta port to customers in the country and throughout the Arabian Gulf dropped as much as 30 per cent after the army toppled Islamist President Mohamed Mursi on July 3, triggering violence, according to data of Mersin, Turkey-based OSF International Logistics Services. Exports to 10 Middle Eastern trade partners shrank five per cent in June, state statistics office data show.
Turkey's reliance on the Middle East has increased as the ratio of exports to countries including Iraq, Saudi Arabia, Kuwait and Egypt more than tripled in the past decade, according to data from the Ankara-based statistics office. The country has been struggling to reduce its current-account gap as it faces the highest borrowing costs in 19 months and the worst- performing currency after South Africa's rand among emerging markets in Europe, the Middle East and Africa this year.
"Exports through Egypt can only continue if tensions there do not increase," Ali Serdar Kocaoglu, general manager of OSF, said by phone on August 22. Turkish shipments to 10 major markets in the Mideast increased almost 15-fold to $29.5 billion during the decade to 2012, making up 19 per cent of the nation's total sales abroad, according to government data. Exports rose 7.6 per cent in the first half from a year earlier, down from 61 per cent growth in 2012 even after the civil war in Syria closed that trade route.
Iraq, which shares a 330-kilometre border with Turkey, accounted for $10.8 billion of sales in 2012. The bulk of the remaining shipments to the nine Middle East markets go through Egypt, with volume falling 30 per cent since the beginning of last month, Kocaoglu said.
Rate this Article
Rates : 0, Average : 0
Post a Comment
Did you like this section? Leave a comment!
Your Name :
Your Email Address :
Your Comment :
Enter Image Text:
No Comments Posted
Latest in this section
AstraZeneca drugs group says profits halved, blames generics
Determined to help control prices, end monopoly: Oman Chamber of Commerce and Industry
Oman eyeing Africa for non-oil exports
Omantel allots 95% shares in its public offer
Omran opens new four-star Crowne Plaza Hotel in Duqm
TOP RATED ARTICLES
Everyday I tell him that I love him
Susan French/Tony James Features
Petroleum Development Oman’s OMR5.5m pledge for society
A E James
Royal Oman Police urge caution over summer thefts
Fahad Al Ghadani
Royal Oman Police arrests fraudster for defrauding money exchange shop
Times News Service
Times of Oman Inter School Quiz Contest: Great quizzing at Indian School Wadi Kabir
Times News Service
More in News
More than just a moustache - Adolf Hitler vs Charlie Chaplin
Urban gardens greening Berlin rooftops, airfield
Italian violinist strikes a chord with street children
Tips for writing a good article
How to choose your writing form and communicate your creative thoughts
Natasja Engholm - Special to Times of Oman
More in Features
This is the end of the two-state solution
Indian women target of a vicious campaign
Target the companies that pollute most
Turkey must take the lead role to end conflict in Syria
Attempts to remake Eden are dangerous
More in Columns
Get Top news by E-mail.
Copyright � 2012 Muscat Press & Publishing House SAOC. All rights reserved. Times of Oman is not responsible for the content of external internet sites.
For reprint rights contact:
TOO Online Editorial