TR Economy & Updates

[Saithan]

Erdogan sells out Turks who live in GER!

Türkiye Avrupalı Türklerin mali bilgilerini paylaşacak mı? – DW – 25.09.2020

Küresel ölçekteki vergi kaçakçılığıyla mücadeleyi hedefleyen sözleşme çerçevesinde Türkiye otomatik finansal bilgi paylaşımına başlıyor. Almanya, Fransa, Hollanda, Avusturya ve Belçika ile de bilgi paylaşımı olacak mı?

www.dw.com

Not just Germany but all abroad living turks

 

[Saithan]

Tofaş to lead integration of Turkish suppliers into Fiat Chrysler’s global supply chain

One of the leading automotive companies in Turkey, Tofaş, a joint venture of Turkey's Koç Holding and Italy's Fiat Chrysler, has closed a deal...

www.dailysabah.com

 

[Saithan]

Zanzibar secures $3 bln from Turkish firm to boost fishing - Latest News

A Tanzanian firm has sealed a $3 billion deal with a Turkish investment firm to develop modern fish processing facilities and a landing port, local officials said on Nov. 28.

www.hurriyetdailynews.com

 

[Glass🚬]

Recent deals between Qatar, Turkey to boost cooperation via free trade zones​

BY DAILY SABAH WITH AA​

ISTANBUL ECONOMY
NOV 29, 2020 1:05 PM GMT+3

A MoU was signed by Turkey's Trade Minister Ruhsar Pekcan (R) and Qatari Trade and Industry Minister Ali Bin Ahmed Al Kuwari (L) during the meeting chaired by President Recep Tayyip Erdoğan (center R) and Qatari Emir Sheikh Tamim bin Hamad Al Thani (center L), Ankara, Turkey, Nov. 26, 2020. (AA Photo)


Recently signed agreements between Turkey and Qatar are expected to boost the bilateral trade volume between the two countries while paving the way for business cooperation in third countries.
Ankara and Doha signed 10 new agreements Thursday that aim to further strengthen bilateral ties. The deals were signed after the sixth meeting of the Turkey-Qatar Supreme Strategic Committee held in the capital Ankara and chaired by President Recep Tayyip Erdoğan and Qatari Emir Sheikh Tamim bin Hamad Al Thani.
Among the newly inked agreements, a memorandum and understanding (MoU) was signed between Turkey’s Trade Minister Ruhsar Pekcan and Qatari Trade and Industry Minister Ali Bin Ahmed Al Kuwari. The deal came as a mutual declaration to establish the Joint Economic and Trade Commission between the ministries of both countries.
The declaration aims to establish further cooperation in developing direct contact between the institutions, enterprises and economic actors of the two countries. It is expected to further enhance the economic cooperation and trade volume between Turkey and Qatar.
Evaluating the business opportunities in the Turkish and Qatari markets, and business opportunities and cooperation in the third countries, are also among the mutual targets.


The Joint Economic and Trade Commission established under the scope of the declaration will meet every year alternately in Turkey and Qatar.
If deemed necessary, representatives from the private sector and nongovernmental organizations (NGOs) will also be attending the commission meetings.
The commission meetings are expected to enable information sharing on the analysis of trends and expectations regarding the economic conditions and national economies of the two countries.
Meanwhile, the MoU signed regarding the Turkey-Qatar free trade zone and joint promotional activities is of great importance in the development of trade and economic relations between the two countries.
Under the agreement, joint promotional activities will be carried out in a bid to help the private sector make more effective use of the advantages offered by the free zones established in both countries.
The promotional activities aim to increase the mutual investments of investors from the two countries in the free zones and to effectively transfer the wide opportunities and incentives offered by the free zones to the investors.
In addition, a specialized free zone model, initiated by Turkey to promote investments for technological and high value-added production, will be introduced to the Qatari business world.
A conference where the advantages that are presented by specialized free zones can be introduced to business circles from Qatar and advantages of Qatar’s free zones can be introduced to Turkish investors is expected to be held in December.
The two allies’ close economic ties strengthened significantly after a Saudi-led embargo on Qatar. Ankara emerged as one of Qatar’s top partners since the Saudi Arabia-led bloc launched a trade and diplomatic boycott of the Gulf state in 2017, sending additional troops and food to meet Qatar’s needs just after the embargo began.
The two countries have strengthened military and economic ties in recent years and had signed a total of 52 agreements and five joint declarations before Thursday’s meeting.
With the latest meeting, the total number of agreements has risen to 62.

Recent deals between Qatar, Turkey to boost cooperation via free trade zones | Daily Sabah

Recently signed agreements between Turkey and Qatar are expected to boost the bilateral trade volume between the two countries while paving the way for...

www.dailysabah.com

 

[Cabatli_TR]

%6,7 positive growth in Q3

https://twitter.com/i/web/status/1333306084308754433

 

[Saithan]

%6,7 positive growth in Q3

https://twitter.com/i/web/status/1333306084308754433

That is impressive, I am looking forward to seeing which sectors contributed to this.

 

[Reviewbrah]

 

[Glass🚬]

Turkish Airlines to establish new air cargo company​

BY DAILY SABAH​

ISTANBUL TRANSPORTATION
NOV 30, 2020 10:59 AM GMT+3

A Turkish Cargo plane is loaded with containers at Istanbul Airport, Istanbul, Turkey, Nov. 18, 2020. (Photo by Turkish Airlines via Reuters )


Turkey’s flag carrier Turkish Airlines (THY) plans to establish a new air cargo company that will be entirely a THY subsidiary.
The airliner informed the Public Disclosure Platform (KAP) about the establishment of the subsidiary earlier Friday. THY currently has an air cargo division, Turkish Cargo, which ramped up business during the pandemic period.
The statement by the company said that the THY Board of Directors decided on the establishment of the subsidiary in a bid to benefit from Turkish Cargo’s competitive advantage in the greatest possible way and thereby strengthen the company’s place among the strongest players of the sector while creating a separate platform for possible strategic partnerships abroad in the future.
Turkish Cargo currently operates in 127 countries worldwide.
Operating with a fleet of 365 aircraft – both cargo aircraft and passenger aircraft which were turned into cargo planes, especially after the pandemic halted global passenger transportation with border closures and flight suspensions – Turkish Cargo provides air cargo services to more than 320 destinations around the globe, 95 of which are direct cargo points.

Turkish Airlines to establish new air cargo company

Turkey’s flag carrier Turkish Airlines (THY) plans to establish a new air cargo company that will be entirely a THY subsidiary.The airliner informed...

www.dailysabah.com

 

[Glass🚬]

Turkey's exports up 5.6% to $17.33B in Oct​

Trade balance sees $2.37 billion deficit in Oct, export-import coverage ratio at 88%, official figures show​

Gokhan Ergocun |30.11.2020

File Photo - A drone photo shows an aerial view of Port Akdeniz, Antalya, in Antalya, Turkey on December 24, 2018.

​

ISTANBUL

Turkey's exports rose 5.6% to reach $17.33 billion in October, on a yearly basis, the country's statistical authority announced on Monday.
The country's imports also posted an increase of 8.4% to reach $19.7 billion in the same month versus October 2019.
Meanwhile, the foreign trade deficit was at $2.37 billion, up 34.4% annually.
The export-import coverage ratio was 88% in October, down from 90.3% in the same month in 2019.
Exports and imports -- excluding energy products and non-monetary gold -- were $16.43 billion (up 6.3%) and $15.6 billion (up 16.2%) in October.
"Foreign trade surplus, excluding energy products and non-monetary gold, was $829 million in October 2020," TurkStat said.
Among sectors, the manufacturing sector was the best performer with a share of 94.8% in overall exports in October.
Meanwhile, the ratio of intermediate goods was 69.6% in the month.
In October, Germany was the main partner of Turkey in foreign trade, with $1.6 billion exports and $2.26 billion imports.
The share of high-technology products was 3.5% in the country's overall exports in October, up from 3.4% on a yearly basis.
Foreign trade statistics are calculated using two different methods: the special and the general trade systems.
The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation areas, and premises for inward processing.
According to the special trade system, exports were $16.44 billion in October, and imports $18.7 billion.

10-month figures
Turkey's exports were $135.6 billion, down 9.1% year-on-year in the first 10 months, while imports totaled $175.9 billion, increasing 2.2%.
The trade balance posted a $40.72 billion deficit in January-October, up 76.2% on a yearly basis.
The export-import coverage ratio was 77.1% over the 10-month period, down from 86.7% in the same period last year.

Turkey's exports up 5.6% to $17.33B in Oct

Trade balance sees $2.37 billion deficit in Oct, export-import coverage ratio at 88%, official figures show - Anadolu Ajansı

www.aa.com.tr

 

[mulj]

Pleasant news to read, hope situation with lira will be further stable in order that this growth is fully utilized.

 

[Saithan]

Turkish banking watchdog continues normalization steps - Latest News

In its most recent move to contribute to the well-functioning of markets, Turkey's banking watchdog on Nov. 30 raised the ceiling ratio of domestic banks' Turkish-lira transactions with foreign financial institutions to 2.5% of their equity.

www.hurriyetdailynews.com

Good, build up buffers for TL.

 

[Sinan]

Pleasant news to read, hope situation with lira will be further stable in order that this growth is fully utilized.

Our CDS value is very high. One of the few countries in the world that gives record high interest rates. Huge trade defict, Huge budget deficit.

TUIK also said unemployment decreased although worker number decrease and population increased. Government institutes just manipulating datas. No one buying this stuff.

 

[Huelague]

Ford Otosan to establish battery factory in Turkey

Automotive firm's battery assembly factory to be completed in 2022 - Anadolu Ajansı

www.aa.com.tr

 

[mulj]

This is big, huge logistical advantage amd endless market oppprtunity.

https://twitter.com/i/web/status/1334885658683314176

 

[Test7]

@mavivatannet

 

[Deliorman]

Great but what can we even export to China that they are not already producing and selling to us anyway? We neither have huge international brands that the Chinese customers are hungry for, neither we produce cheaper than them, neither we have the resources that they need for their production.

What we have is a HUGE trade deficit with China so this small cargo train is nothing too important if you ask me. We should try to import from China as less as possible.

Much more important for us should be to try to enter Central Asia, Afghanistan and Pakistani markets. Markets where we can actually compete and win big.

 

[Anmdt]

Turkey definitely should boost cannabis production in mass scale, and establish factories to produce light narcotics for medications, and boost poppy production to again gain a hold on narcotics for medical uses.

Cannabis is also being legalized in Europe, would be much better for exports if it is legally cropped as narcotics but not for paper-making.

 

[Kartal1]

Turkey definitely should boost cannabis production in mass scale, and establish factories to produce light narcotics for medications, and boost poppy production to again gain a hold on narcotics for medical uses.

Cannabis is also being legalized in Europe, would be much better for exports if it is legally cropped as narcotics but not for paper-making.

Cannabis also can be used to make bags and its cloth like functions are great. With the rising trend on Turkey as high technological and more green oriented country I think such organic bags can slowly take the important place of plastic shopping bags etc. The effect on environment would be very positive and also it is possible to take even more countries on that "electric train"

 

[Zafer]

Great but what can we even export to China that they are not already producing and selling to us anyway? We neither have huge international brands that the Chinese customers are hungry for, neither we produce cheaper than them, neither we have the resources that they need for their production.

What we have is a HUGE trade deficit with China so this small cargo train is nothing too important if you ask me. We should try to import from China as less as possible.

Much more important for us should be to try to enter Central Asia, Afghanistan and Pakistani markets. Markets where we can actually compete and win big.

China needs food, fresh produce, fruits and stuff and construction materials like marble of the top of my head. When transportation is more efficient many more products can be added.

 

[Zafer]

Listen professor telling Türkiye is currently is 19th economy in the world ( barely- it could happen worse) however Turkeys economy was 12th in the 1960ies...

In 2002 total amount of world's GDP was 30 trillion usd, in 2018 app 70 trillion usd.

We can't keep up world's growth.

Nobody is buying.