İTO chair calls for import targets to curb trade deficit

ISTANBUL

Istanbul Chamber of Commerce (ITO) President Şekib Avdagiç has urged Türkiye to introduce import targets alongside export goals, stressing that narrowing the trade deficit must be a top priority.

Avdagiç said the goods trade gap is expected to remain in the range of $85 billion to $90 billion, describing it as one of the country’s most persistent economic problems.

“For 150 years, Türkiye has not been able to close its trade deficit, and much of our economic strain stems from this,” he noted.

He underlined that part of the shortfall is offset by services exports, which have held up despite difficulties in some sectors this year. Still, he argued that focusing only on export figures does not provide a realistic picture.

“As we move into 2026, Türkiye should also set an import target. We need to ask how we can produce domestically some of the goods we currently import, and thereby reduce our dependency,” he said.

Avdagiç pointed to the plastics industry as an example, noting that despite years of incentives, Türkiye has failed to invest in raw material production. As a result, domestic supply now meets less than 15 percent of total demand.

Turning to broader economic conditions, he said Istanbul’s business community is united in its view that inflation must be brought down without hesitation. However, he added that expectations regarding the impact of policies on the market have not been fully met.

One of the most pressing concerns, he said, is access to credit for small and medium-sized enterprises. “Some measures have been taken, but banks say the framework restricts them, and they cannot extend sufficient loans to SMEs. At this point, access to credit is an even bigger issue than cost,” Avdagiç explained.