Turkish exports plunge
Turkish businesspeople have long advocated a cheap currency as a means to boost exports, but despite the plummeting Turkish lira, a combination of external factors have led to an alarming decrease in exports.
Turkey’s foreign trade is navigating troubled waters. Despite a significantly weakened Turkish lira, exports have kept dropping over the past six months. According to the Turkish Exporters’ Assembly (TIM), exports stood at $73.26 billion in the first half of 2015, down 8.1% from the same period last year. Following a staggering 19% decrease in May, the downward trend slowed down in June, with exports decreasing 6.4% compared with the same month last year.
In 2014, Turkish exports had hit an all-time high in Republican history, rising 4% from the previous year to reach $157.6 billion. But the record-breaking drive proved short-lived. Only six months later, the 12-month value of exports is down to $150.8 billion.
