Trade Ministry

More and more small and medium-sized enterprises (SMEs) and other businesses are turning to e-export after the government granted tax breaks of up to 50 percent to micro exporters last year.

The government aims to strengthen trade with public and private sector investments, Trade Minister Mehmet Muş has said, noting that Türkiye has been constantly increasing its share of the global exports.

According to the provisional data, produced with the cooperation of the Turkish Statistical Institute (TÜİK) and the Trade Ministry, Türkiye's exports in July were $18.5 billion with a 13.4 percent increase and imports were $29.2 billion with a 41.4 percent increase compared to July 2021.

Türkiye will release some key data this week, including GDP growth, foreign trade and the economic confidence index.

The Turkish Statistical Institute (TÜİK) will announce the growth figures for the second quarter on Aug. 31. The Turkish economy expanded 7.3 percent in January-March this year.

A regulation imposing restrictions on the sale of second-hand cars to rein in a surge in vehicle prices has been published in the Official Gazette.

According to the new rules, those who engage in the trade of second-hand cars will not be able to sell their vehicle for six months from the first date of registration of the vehicle or until the car covers at least 6,000 kilometers.

Turkish contractors were awarded a total of 156 projects worth $5.94 billion in foreign countries from January to July this year, data from the Trade Ministry have shown.

The average size of the projects awarded to Turkish companies abroad in the first seven months of the year was $38 million, according to the ministry.

Investments of $1.3 billion aimed at energy efficiency helped Türkiye save $372 million in 2021, according to data from the Energy and Natural Resources Ministry.

Türkiye launched its National Energy Efficiency Action Plan in 2018, which targets to increase efficiency in buildings, industry, transport, agriculture and other sectors.

Türkiye increased its exports by 13.4 percent on an annual basis to $18.6 billion in July, preliminary data from the Trade Ministry showed on Aug. 3.

Imports grew nearly 41 percent to $29.1 billion. Consequently, the country's foreign trade deficit widened by 145 percent year-on-year last month to $10.6 billion.

Türkiye is a big growth boom waiting to happen, said Robin Brooks, chief economist at the Institute of International Finance (IIF).

With a decline in commodity prices hurting profits, companies operating in the metal industry are looking at the markets in Latin America, seeking free trade agreements (FTA) with the countries in this continent.