Market Diversification.. A Remedy for Turkey to Meet Export Targets

Turkey has made great progress in terms of export volume and is certainly among the fastest developing countries in the world in this regard.

Turkey’s harbors have been working at full capacity despite the fact that the last global crisis and the coming one (as many predict) have been a great obstacle on the way to its export targets by 2023.

At this point, the critical issue is that the majority of Turkish export revenues come from countries such as Germany which have been going through major economic difficulties.

In fact, these countries use Turkish goods in the production of their goods to be exported to the USA which is a giant consumption market for the whole world.

Considering the USA has been in one of the worst crisis ever, countries such as Germany face the threat of not being able to realize their targeted exports to said country, which in return will certainly hit Turkey as well.

Turkey has enough resources and energy to meet its exports target this year even if a second global financial crisis results in a contraction of its export markets.

In order to overcome some negativities such as above and also major political problems in its neighboring countries, where dictators clash with pro-democracy opposition groups, Turkey has to choose the option of diversifying its export markets to meet its targets.

Turkey needs to weaken its dependence on the western world and turn its face to new export markets, thus increasing the amount of products it sells to other parts of the world.

In 2010 Turkey achieved an export volume of US$ 114 billion with a 10 percent increase as compared to 2010 which was not considered to be good enough as the country had already earned a revenue of 132 billion dollars in 2008 – which was a record.

Considering the export performance the country has shown so far , Turkey is likely to surpass said record this year. In time Turkish companies and exporters (as well as businessmen) have managed to establish contacts to larger communities all over the world which has been leading to serious growth in amount of national exports.

As Turkish exporters and their products have become known to a larger community, national exports now exhibit a growth performance beyond expectations. Still there are many unexplored export markets (for Turkey) that would contribute to already recorded export figures.

As Turkish companies carry on with their practices in this direction there will be many additional gains in referred new markets to make up for the loss incurred by the global crisis (including the coming one).

Editor
BUSINESS TURKEY TODAY