Page 26 - TURKRptNov22

5.0 External Sector & Trade
5.1 Balance of payments, current account
5.1.1 Import/export dynamics
The decline in the EUR/USD exchange rate caused a $10bn loss in Turkey’s export revenues across the first nine months of this year, Mustafa Gultepe, head of Turkey’s assembly of exporters (TIM), said on October 4.
In September alone, the parity effect erased $1.8bn.
Turkey’s export revenues in September stood at $23bn, including $3bn of re-exports via free economic zones, while in 9M22, they amounted to $188bn, including $19bn in re-exports, according to the TIM data.
Turkey buys inputs (energy and intermediary goods) with USD and sells final products to Europe in EUR.
The EUR/USD pair declined to $0.97 on October 10 from $1.14 at end-2021. There is still some scope for the rate to decline as the US Fed is addressing booming prices with far stronger action than the European Central Bank (ECB).
26 TURKEY Country Report November 2022 www.intellinews.com