Turkish exports rose 11.3% to $113.7 billion in 2010 as the emerging economy's rapid rebound from recession boosted competitiveness, Turkey's Foreign Trade Minister Zafer Caglayan said Monday.
Turkish exports rose 11.3% to $113.7 billion in 2010 as the emerging
economy's rapid rebound from recession boosted competitiveness,
Turkey
's
Foreign Trade Minister Zafer Caglayan said Monday.
Speaking at a press conference in
Ankara
, the
minister said full-year growth was driven by a surging auto sector, which saw
exports expand 16.0%.
Caglayan said the numbers underlined
Turkey
's
economic stability, but cautioned that further export growth was crimped by a
rapidly strengthening lira and continued economic woes in the euro zone,
Turkey
's
largest trading partner.
"I hope we will exceed $130 billion to reach record growth in 2011,"
the minister said. "We will continue to export to
Europe
but
also expand in new markets."
The policy of
Turkey
's
Islamist-leaning ruling AK party to boost trade to its middle eastern neighbors
appears to be bearing fruit--exports to
Iraq
,
Iran
and
Israel
hit
their highest level on record in December, Caglayan said.
Turkey
's
economy expanded 8.9% in the nine months to October on the year, posting one of
the fastest growth rates of any G20 economy. Expansion has been underpinned by
record low interest rates, as the central bank slashed its key rate 13 times
from an October 2008 high of 16.75%. Loose policy has helped spur a
consumer-led recovery, propelled by a banking sector that has withstood the
financial crisis, thanks in part to wholesale reform in 2001.
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