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5.0 External Sector & Trade
5.1 Balance of payments, current account
Tofas (TOASO) cut its export target by 10%, while another Turkish vehicle producer, Ford Otosan (FROTO), lowered its target to 330,000-340,000 units from 350,000-360,000.
Seref Fayat, head of the country’s TOBB Garment and Apparel Council, said the clothing industry's year-end export growth target was reduced from 15% to hardly any growth at all.
"As we see a slowdown in new orders from US and European markets in the recent months, we have lowered our target," he told Reuters.
Ferdi Erdogan, deputy chair of the Turkish Construction Material Producers Association (IMSAD), told the news agency that the weakness of the euro against the dollar produced another risk for Turkish exporters such as apparel makers.
He spoke after trade minister Mehmet Mus said on August 3 that Turkey's exports for 7M22 would have been $7bn higher if the euro had not fallen against the dollar.
Turkey has set a $250bn export target for this year. Exports amounted to $225bn in 2021, with the EU accounting for $93bn of the figure, or 41.3%.
Turkish exports moved up by 19% y/y in the first seven months of this year to $144bn, but the trade deficit jumped by 143% in the same period to $62bn.
34 TURKEY Country Report September 2022 www.intellinews.com