UPDATE - 'Turkey targets to reach exports of $190B in 2020'

UPDATE - 'Turkey targets to reach exports of $190B in 2020'

High-tech products' share of country's overall exports rises, says head of Turkish Exporters' Assembly

UPDATES WITH MORE COMMENTS, REVISED DECK

By Gokhan Ergocun

ISTANBUL (AA) - Turkey is targeting $190 billion worth of exports in 2020, the head of the Turkish Exporters' Assembly (TIM) said on Thursday.

In 2019, the country's exports hit $180.46 billion, a historic high, according to assembly data.

Ismail Gulle also said the share of high-tech products in the country's overall exports is rising.

According to current figures, exports this month rose 5% over January 2019, added Gulle.

Referring to interest rates, he said: "Turkey should cut interest rates to the single-digit level for sustainability."

- Rate cuts, more meetings


During 2019, the Turkish Central Bank cut interest rates for a total of 1,200 basis points, down from 24% to 12%.

The bank also decided to boost the number of monetary policy meetings from eight to 12 starting in 2020.

Cutting interest rates and raising the number of meetings are both important steps, said Gulle.

Despite difficulties in international trade, it is important that Turkey's exports trend upward, he stressed.

He said "I’m confident that we’ll close out this year with a record in exports," adding that they are working toward this goal.

He stressed that while major world economies closed out 2019 in decline, it is extremely important for Turkey to reach growth of 2%.

In 2019, 17,544 Turkish firms did exports for the first time, with exports totaling $4.5 billion, he said.

- All signs positive


Mentioning U.S. restrictions on steel imports and the narrowing EU car market, he said these two factors cost Turkey $10 billion in 2019.

Turkey is a role model for its region, he said, adding that the country saw developments in investments, GDP, technology, and the defense sector in recent years.

Touching on the ongoing Brexit process, he predicted that the Brexit deal will cause no significant problems for Turkish trade.

"There may be opportunities in Brexit. The U.K. decision will determine Turkey’s position. It’s important for us to manage this process well," he added.

He also said that Turkey's annual GDP growth rate will be positive in 2019 and around 5% in 2020.

"There’s nothing negative about Turkey in 2020. Almost all indicators are positive," he added.

Kaynak:Source of News

This news has been read 235 times in total

ADD A COMMENT to TO THE NEWS
UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
Previous and Next News