The head of Turkey's exporters association on Friday called
on policy makers to take action to stem further falls in the lira, to avoid a
negative impact on businesses.
The call from the head of the Turkish Exporters Association, or TIM, came
shortly after Friday data showed exports rose 25% on the year in June to $11.5
billion. Those gains were propelled by a rapid weakening of the lira, which has
fallen 19% against the dollar since November.
But the pace of the currency's decline has alarmed some investors, who are
urging Turkey to tighten fiscal and monetary policy and
regear its rapidly growing economy.
Friday's data showed that exports increased across automotive, clothing and
chemical sectors. Exports have been growing strongly for the past year, but
June's figure marks the largest monthly gain since April, and shows a
significant gain on May's 22% rise.
The export data news comes a day after separate figures showed Turkey's
economy grew an astounding 11% on the year in the first quarter.
But the market reaction to the growth numbers, which outstripped China, was
muted due to mounting concern that Turkey's economy is
overheating and worryingly imbalanced.
Dramatically boosting imports is a key priority for Turkey's policymakers, as
imports outpaced exports by almost four times.