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1.29 million tonnes mark: Turkish scrap imports decline by nearly 32% in 2014


ANKARA: Turkish Statistical Institute (TUIK) said the total scrap imports by Turkey during the month of December 2014 declined sharply by nearly 32% from the previous month. The scrap imports during the month were also down by 15.6% when compared with Dec’13. The country’s scrap imports during Dec ‘14 totaled 1.29 million tons. Turkey had imported 1.53 million tons of ... Read More »

Turkey imports more olive oil to meet local demand


ANKARA: Turkish olive oil companies are importing olive oil from abroad to make up for shortages in the domestic market. The Turkish brand Komili, which produces different types of oil for the Turkish consumer market, including extra virgin olive oil, is one company which is importing olive oil from other countries, mainly Tunisia. The price of Turkish olive oil has ... Read More »

Russia increases natural gas price for Turkey despite cheaper oil


ANKARA: Russian state owned company Gazprom has increased natural gas prices for Turkish private distributors to a level that fails to account for the recent near-50 percent drop in global oil prices. Gazprom, which supplies 10 billion cubic meters of natural gas to private Turkish companies a year, has increased the price of gas per cubic meter by $68 to ... Read More »

Turkey inclusion in TTIP will bolster exports


ANKARA: Turkey exports to the US have been constantly increasing for the last five years. Turkey’s market share in the U.S. at least increased 12 percent and broke through the $6 billion barrier for the first time. İbrahim Uyar, Executive Director of a D.C.-based business association, MUSIAD USA, said that the inclusion of Turkey in the Transatlantic Trade and Investment ... Read More »

Turkey to open Istanbul’s 3rd airport in 2017: Ahmet Davutoğlu


ANKARA: Prime Minister Ahmet Davutoğlu announced that Istanbul’s third airport will be opened on October 29, 2017. Davutoğlu underlined the importance of the third airport currently being constructed in Istanbul claiming it will turn Istanbul into an important hub of international aviation as well as being the biggest airport in the world. He visited the construction site, took a briefing ... Read More »

Turkey’s current account deficit declines to $45.84 billion in 2014

Turkey attract $7.9b of income from unexplained sources during first eight months of 2014

ANKARA: Turkey’s current account deficit lowered to $45.84 billion, declining by $18.82 billion from 2013, data from the Central Bank showed. The current account deficit shrank by $18.82 billion in 2014, from 64.66 billion dollars in 2013, due to the oil slump and lira depreciation of around 30 percent over the same period. These two factors hit imports and pushed the ... Read More »

Turkey drafting new law to tax Twitter via ‘electronic office’


ANKARA: Turkey would make Twitter open an “electronic office” to make it tax liable in the country. According to Turkish media, the Finance Ministry is working on a new draft law which would force Twitter to open an “electronic office” in Turkey. Speaking about the issue, Finance Minister Mehmet Şimşek said that according to the current law, Twitter is not ... Read More »

$1.4 billion mark: Trade volume between Turkey, Colombia to touch $5b by 2023

china foreign trade

ANKARA: Turkey’s President Recep Tayyip Erdogan said that trade volume between with Colombia would surge to $5 billion by 2023. At an event, which is part of the Turkish president’s official visit to Colombia,  Erdogan said that Colombia was one of Turkey’s most important trade partners in Latin America and the Caribbean, adding that the current $1.4 billion trade volume was ... Read More »

Turkish lira lowers to all-time low of 2.4734 against US dollar

australian dollar

ISTANBUL: The Turkish lira weakened to an all-time low of 2.4734 against the US dollar in line with other emerging currencies on Friday after US employment data opened the door to mid-year rate hikes by the Federal Reserve (Fed). US job growth rose solidly in January and wages rebounded strongly, a show of underlying strength in the economy that puts ... Read More »

Turkey to face $5 billion annually if not participated in TTIP: EU

turkey TTIP

ANKARA: European Union Affairs Minister Volkan Bozkır said Turkey would face an annual loss of roughly $5 billion on not participating in Transatlantic Trade and Investment Partnership (TTIP) free trade agreement between the EU and the US. Addressing an audience at the Washington-based think tank the German Marshall Fund on Thursday, Bozkır said negotiations between the EU and the US ... Read More »

Turkish shipping company Kaptanoglu to deploy Infinity Plus technology on its ships

Turkish shipping company Kaptanoglu

ANKARA: Turkish shipping company Kaptanoglu is to deploy its Infinity Plus communications management technology on its ships, following a three month trial of the system. Kaptanoglu operates a fleet of 11 bulkers and tankers, with the initial order calling for eight of Kaptanoglu’s vessels to be equipped with the Infinity Plus system. Deployment will begin this month and is scheduled ... Read More »

Turkey’s gold imports plunge to 2.26 tonnes, 80% lower than Dec figures


ANKARA: The gold imports by Turkey during the initial month of the New Year plunged sharply in comparison with the previous month. According to data published by the Istanbul Gold Exchange, the country’s gold imports totaled meager 2.26 tonnes, 80% lower than the total gold imports by the country during December 2014. Turkey had imported 11.79 tonnes of gold in ... Read More »

18-month investigation: Turkey’s sole oil refiner Tupras faces tax demand, fines totalling $69 million

Turkey Turpas

ISTANBUL: Turkey’s sole oil refiner Tupras said it faces a tax demand and related fines totalling 160 million lira ($69 million) following an 18-month investigation by authorities. The demand for 65.6 million lira and fines of 94.4 million lira date from 2009 to 2013, the company said in a filing with the stock exchange. “We plan to utilise all of ... Read More »

Turkey, Iran stress promotion of economic, customs related ties

denmark customs house

ANKARA: Turkish Minister of Customs and Trade Nurettin Canikli stressed expansion of economic and customs relations with Iran and evaluated bilateral relations as important. Canikli made the remark in a meeting with Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia on Tuesday. The Iranian minister pointed to deep-rooted economic ties and cultural commonalities between the two countries and said, ... Read More »

Turkish gold imports down by 2.26 tonnes in 2015


ANKARA: Turkey imported 2.26 tonnes of gold in January, a drop of more than 80 percent from 11.79 tonnes in December, according to data from the Borsa Istanbul. Last month’s import figure was also down 60 percent from six tonnes in January last year.Silver imports last month more than trebled year-on-year to 32.522 tonnes from 9.301 tonnes but were down ... Read More »

Turkey’s overall export volume drops by 9.8% YoY from $11.97b to $10.8b


ANKARA: Exports declined in almost all major export markets in January due to economic and geopolitical crises. Turkey’s exports declined in the first month of the year as the country started to feel the bite of slowing economic activity in its major export markets, official data revealed on Monday. In January, Turkey’s overall export volume dropped by 9.8 percent year-on-year, ... Read More »

Turkey’s top business group develops project to decrease income gap between east, west regions

turkey top business

ANKARA: Turkey top business group project will close the income gap between the country’s southern and southeast region, which have a per capita income of around $4,000 annually, and western regions, with a per capita income around $16,000, said vice chairman Sedat Şükrü Ünlütürk, who runs the project to maintain economic support for the peace process. “The national per capita ... Read More »

Turkish scrap import prices decline sharply by $14 WoW to $297 tonne


ANKARA: Turkish scrap import prices declined sharply by $14 a tonne week-on-week to $297 a tonne in the week ended January 30, as per the latest figures released by the Steel Index. According to TSI, daily benchmark index for deep-sea Turkish imports of HMS #1&2 80:20 finished the week $26 a ton lower from last Friday at $282 a ton ... Read More »

Turkish manufacturing sector slows down in early 2015

car manufacturing

ANKARA: The manufacturing sector stagnated in Turkey in January as outputs, new orders, exports and purchases of inputs all declined despite a dramatic increase in employment, says the latest PMI data. Turkey’s manufacturing sector slowed down to start 2015, according to HSBC’s Turkey Manufacturing Purchasing Manager Index (PMI), which was released by Markit on Feb. 2. Output, new orders, exports ... Read More »

Production price of Turkish olive oil reaches $5/kg, industrialists eye import from Tunisia


ANKARA: The production price of Turkish olive oil has reached 12 Turkish Liras ($5) per kilogram, but there remains a shortage in the sector. Industrialists who cannot find enough olive and olive oil products in the domestic market plan to import product, with Turkey’s Komili being the first to import olive oil from abroad, while many industrialists are planning to ... Read More »