Exports to Africa increase 30 pct
Güncelleme Tarihi:
Anatolian Agency
Oluşturulma Tarihi: Haziran 27, 2009 00:00
ISTANBUL - Despite a sharp contraction in trade with developed countries, trade between Turkey and Africa has tripled within the past three years, increasing to $18 billion from $6 billion. Turkey’s exports to Africa during that period rose to $9 billion from $2.5 billion.
The increasing export trend with the world's second-largest and second most-populous continent is partially due to the contraction in European, U.S. and Russian markets. Although Turkey’s overall exports dropped 40 percent in May, the country’s exports to Africa increased 30 percent, according to Rızanur Meral, chairman of the Confederation of Businessmen and Industrialists of Turkey, or TUSKON. "This shows Africa is among the regions we should focus on." Meanwhile, Turkey’s exports to Africa during the first four months of the year totaled $3.84 billion.
The African market’s stable growth rate continues 7-8 percent, according to Meral. "This growth rate may decline to 5 percent, but a contraction similar to those in the developed countries is not expected," he added. "Africa is becoming a more open economy."
Africa needs everything from furniture to clothing, home textiles, white goods and processed foods, according to Meral. Iron and steel, electric machinery and construction materials are also exported to Africa, he said. Meanwhile, Turkey imports raw materials, petroleum, gold and minerals from Africa.
Mostly medium-size Turkish companies are heading to Africa, Meral said. There is a big potential for construction companies in Africa, he said. "The trade volume, which stands at $18 billion now, can easily be upped to $50 billion."
The African market’s stable growth rate continues 7-8 percent, according to Meral. "This growth rate may decline to 5 percent, but a contraction similar to those in the developed countries is not expected," he added. "Africa is becoming a more open economy."
Africa needs everything from furniture to clothing, home textiles, white goods and processed foods, according to Meral. Iron and steel, electric machinery and construction materials are also exported to Africa, he said. Meanwhile, Turkey imports raw materials, petroleum, gold and minerals from Africa.
Mostly medium-size Turkish companies are heading to Africa, Meral said. There is a big potential for construction companies in Africa, he said. "The trade volume, which stands at $18 billion now, can easily be upped to $50 billion."