ANKARA
Turkey´s export expectation index for the first quarter has seen a 5.6-point decrease compared to the last quarter of 2014, the Economy Ministry said on Monday.
The Export Expectations Index decreased from 114.1 to 108.5 for the last quarter of 2014, whereas the Import Expectations Index saw a 5.7-point decrease from 109.9 to 104.2 in the last quarter of 2014, according to the results of the Foreign Trade Expectation Survey conducted by the ministry.
Turkey’s exports reached $157.6 billion in 2014, a 4 percent increase from the previous year and a record high in annual exports revenue, the Turkish Exporters’ Assembly said on Jan.1.
In 2014, Iraq remained Turkey’s second largest export destination, following Germany, despite exports dropping by 10.1 percent, to $10.6 billion in 2014.
Turmoil in Iraq, Syria and Ukraine, as well as the Russian economic crisis, have greatly affected Turkish exports in 2014.
However, Turkish exporters have been trying to focus on different markets in the world, such as Africa and Asia.
Mehmet Buyukeksi, president of the Turkish Exporters’ Assembly, said: "Cautiously but optimistically, (…) we have to create new opportunities.”
According to economists, as the U.S. Fed is expected to hike interest rates, 2015 will present circumstances that will prove to be more challenging for emerging countries such as Turkey, Brazil and India.
Higher U.S. interest rates may spur an outflow of capital from emerging markets, including Turkey, where private sector foreign debt is now at $165.2 billion.
The Federal Reserve had said it would keep interest rates near zero for a “considerable” amount of time, but signaled on December 17, 2014 that it would raise rates in 2015.
Turkish exporters’ target is to reach $173 billion in 2015 and $500 billion by 2023.
