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Turkey earns $66M from export of bottled spring water

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ANKARA: Turkey earned $66.8 million by exporting bottled spring water to a total of 100 countries in 2017. According to data collected by Anadolu Agency from Uludag Exporters’ Association, most of the water resources were treated in Marmara region of the northwestern Bursa and Sakarya provinces. The bottled spring water exports increased by five percent in tonnage terms and by ... Read More »

Turkish lira slides on current account deficit alarm

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ANKARA: Turkey’s lira slid against the dollar and euro after the current account deficit more than doubled in January, increasing concern about the government’s economic policies. The lira dropped 0.7 percent to 3.84 to the dollar at 4:31 p.m. in Istanbul. The currency declined 0.6 percent to 4.72 per euro. Turkey’s current account deficit climbed to $7.1 billion in January from $2.7 ... Read More »

Turkey sent $18.4B development aid in last 3 years

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ANKARA: Turkish government provided development assistance worth nearly $18.4 billion to foreign countries over the past three years, Prime Minister Binali Yildirim said on Sunday. “Turkey’s development aid to other countries amounted to around $3.9 billion in 2015, which rose by 65 percent to reach nearly $6.5 billion in 2016,” Yildirim said in a statement. “According to the preliminary figures ... Read More »

Turkish products displayed at food fair in Japan

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ANKARA: Turkey’s food companies attended the 43rd Foodex Japan to display Turkish food, the Aegean Exporters Association (EIB) said on Friday. Around 3,400 food companies  including 48 Turkish firms from 83 different countries participated in the event, the statement by the EIB said. Japan is one of the target markets for Turkey’s food companies, said Nurettin Tarakcioglu, deputy coordinator of ... Read More »

Turkey’s economy minister seeks Japan trade pact this year

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ANKARA — Turkey aims to achieve a framework this year for a delayed economic partnership agreement with Japan, according to the economy minister, who also warned that Ankara is prepared to take action to counter planned U.S. tariffs. Read More »

Turkey’s dangerous game with growth

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ANKARA: The repercussions of U.S. President Donald Trump’s unexpected announcement that he plans to impose 25 percent tariffs on steel imports is stirring global debate. Global economic imbalances created by the now famous currency wars over the past two decades are at risk of being ramped up again as Trump is now pulling the trigger for global trade wars. Alongside ... Read More »

Turkey asks Germany to arrest and extradite former PYD co chair Salih Muslim

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ANKARA: Turkey has officially demanded the temporary arrest and extradition of former Syrian Kurdish Democratic Union Party (PYD) co-chair Salih Muslim from Germany, state-run Anadolu Agency reported on March 5. Turkey issued request to the German authorities for the arrest and extradition of Muslim on March 2 but Germany has so far “failed to meet the expectations of judicial practices” ... Read More »

Turkey’s foreign trade deficit widens 54% in February

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ANKARA: Turkey’s foreign trade shortfall increased by 54% y/y to $5.75bn in February Exports were up 9% y/y to $13.2bn but imports rose at the faster pace of 20% y/y to $18.9bn.On the back of the February data, the foreign trade deficit widened 83% y/y to $14.8bn in January-February.Exports increased by 10% y/y to $25.6bn and imports were up 29% y/y to $40.5bn.The latest data from the ... Read More »

Nichols pulls complete soft drinks stable below UK sugar tax line

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ANKARA: Vimto owner Nichols has moved its entire owned portfolio below the UK’s impending sugar tax threshold. The company said yesterday that 100% of its brands are exempt from the Soft Drinks Industry Levy, which comes into force in the country next month. Drinks containing less than 5g of sugar per 10cl will pay no tax, while those with higher levels will ... Read More »

Turkish trade deficit widens 54% in February

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ISTANBUL: Turkey’s trade deficit grew 54 percent year-on-year in February to $5.75 billion, data from the Customs and Trade Ministry showed on Friday. Exports increased 9.0 percent to $13.18 billion and imports jumped 19.6 percent to $18.94 billion, the data showed. Read More »

Turkish exports up 10.7 percent in January

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ANKARA: Turkey’s exports in January totaled around $12.5 billion, a 10.7 percent rise compared with the same month in 2017, the Turkish Statistical Institute (TurkStat) announced Wednesday. Turkish imports climbed 38 percent to over $21.5 billion, amounting to a foreign trade deficit of nearly $9.7 billion over the same period, increasing by 108.8 percent compared to same month last year, ... Read More »

Turkey’s foreign trade deficit soars 108.8% in January on annual basis

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ISTANBUL: Turkey’s foreign trade deficit soared 108.8 percent in January compared to the same month of 2017, reaching $9.06 billion, according to data from the Turkish Statistics Institute (TÜİK). According to provisional data produced with the cooperation of TÜİK and the Customs and Trade Ministry in January, exports were $12.5 billion with a 10.7 percent increase and imports were $21.5 ... Read More »

Turkey, Algeria sign several agreements

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ISTANBUL: Turkey and Algeria signed a number of agreements late Monday in the Algerian capital in presence of Turkey’s president and Algeria’s prime minister. Recep Tayyip Erdogan received Ahmed Ouyahia at a hotel in Algiers and a ceremony was held afterwards for signing several agreements between the two countries. Turkey and Algeria’s foreign ministers signed a memorandum of understanding on ... Read More »

Turkey’s Zorlu signs US$4.5b battery deal with GSR Capital

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ISTANBUL: Turkey’s Zorlu Holding has signed an agreement with Chinese investment firm GSR Capital for investments in battery production totaling US$4.5 billion until 2023, Reuters reports, citing Zorlu’s chief executive. In a statement released on Sunday, Zorlu Holding CEO Omer Yungul said Vestel, owned by Zorlu, and GSR Capital would work together to each build 50 percent of a “mega ... Read More »

Turkey: Over 300 kg heroin seized

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ANKARA:More than 300 kilograms of heroin were seized during anti-narcotics operations across eastern and southeastern Turkey, a ministry statement and a police source said Friday. Turkish Ministry of Customs and Trade said in a written statement that custom guards launched an operation on a tip-off at Habur border gate between southeastern Turkey and northern Iraq. The guards confiscated more than ... Read More »

Turkey mulls ‘national’ bitcoin

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ISTANBUL: The alliance between Turkey’s ruling Justice and Development Party (AKP) and its de facto partner, the Nationalist Movement Party (MHP), has extended to an unlikely realm: the idea to develop Turkey’s own bitcoin. Amid bitcoin’s meteoric rise last year, the Turkish government had taken an unwelcoming stance toward the cryptocurrency. Ministers likened it to a pyramid scheme and warned citizens to stay ... Read More »

Turkey threatens retaliation as U.S. mulls steel tax

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ANKARA: Turkey is considering retaliatory measures against the United States should Washington impose taxes on its steel exports, Economy Minister Nihat Zeybekçi said, raising the prospect of further political tensions between the two NATO allies. “If they (Turkish producers) complain about U.S. measures, then we will look at the situation and are more likely to take retaliatory measures,” Zeybekçi said late on Tuesday, according ... Read More »

Turkish ruling party in $400b construction frenzy ahead of polls

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ANKARA: In government for 15 years and controlling the Istanbul and Ankara municipalities for 24, Turkey’s Justice and Development Party (AKP) has decided to roll out a construction campaign worth $15 billion annually and $400 billion in total. Turning Turkey into a construction zone, especially Istanbul, will be an important lifeline for the AKP as it enters its 16th year ... Read More »

Turkish defense giant eyes Asian countries for aviation exports

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ANKARA: Turkish Aerospace Industries Inc. (TAI) is in intensive contact with Asian countries for the export of air platforms that it has developed. TAI participated in the Singapore Airshow on Feb. 6-11 to showcase the products of the Turkish defense industry, such as the T129 ATAK Attack and Tactical Reconnaissance Helicopter, the unmanned aerial vehicle (UAV) ANKA and the T625 ... Read More »

IMF raises Turkey growth forecast for 2018

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ISTANBUL: The International Monetary Fund (IMF) on Friday raised Turkey’s growth forecast for 2018 by 0.5 percentage points to 4 percent. The IMF also said it expects Turkey’s economy to expand by 7 percent in 2017, which is “well above potential.” “In 2017, a sizable credit impulse — driven by state loan guarantees — and fiscal policy supported the economy, ... Read More »