Industry sets new export record ln January–September period

ISTANBUL

Türkiye’s industrial sector records highest-ever exports for January–September period at $143.2 billion, up 5.7 percent, accounting for 71.4 percent of the country's total exports.

The industrial sector achieved its highest-ever first-nine-month exports, totaling $143.2 billion in January–September this year, according to data from the Türkiye Exporters’ Assembly (TIM).

The five-point corporate tax exemption granted to exporters, along with employment support of 2,500 Turkish Liras ($59.5) per worker, continued to positively impact the sector’s performance. Global agreements and sectoral trade meetings also contributed to the rise in exports.

The country's total exports climbed 4.1 percent to $200.6 billion in the first nine months of the year, the data showed. Industrial exports surged 5.7 percent, accounting for 71.4 percent of total exports.

Six of the 15 industrial sub-sectors broke export records during this period.

The automotive industry’s exports reached $30.2 billion, followed by electrical and electronics with $12.9 billion, jewelry with $6.2 billion, defense and aerospace with $6 billion, air conditioning with $5.4 billion and ships, yachts and related services with $1.5 billion.

In terms of growth rates, defense and aerospace exports surged by 39.3 percent, jewelry by 14.3 percent, automotive by 12.3 percent, ships, yachts and services by 8.7 percent, electrical and electronics by 5.7 percent and air conditioning by 3.2 percent.

Germany was the top destination for Turkish automotive exports at $4.9 billion and also imported $571.7 million in air conditioning products.

Norway received $264.6 million in shipbuilding and services exports, the U.K. imported $1.3 billion in electrical and electronic goods and the United Arab Emirates purchased $2.3 billion in Turkish jewelry.

Ibrahim Unalmis, director of the financial research center at Istanbul Bahcesehir University, told state-run Anadolu Agency that some 70 percent of the sectors within the Turkish industrial business increased exports during the period.

He added that sectors with higher added value were able to boost their exports, while more labor-intensive ones saw their exports decline.