UPDATE - Turkey's 11-month exports reach over $142B

UPDATES WITH STATEMENT FROM TIM CHAIRMAN

By Muhammed Ali Gurtas

ANKARA (AA) - Turkey's exports from January to November reached $142.7 billion, marking a 10.7 percent hike over the same period last year, Turkish Exporters' Assembly (TIM) announced Friday.

In November, the country's exports rose by 14.2 percent, year-on-year, and recorded $13.6 billion, TIM said. Turkey's exports were $13.9 billion in October, according to the Turkish Statistical Institute (TurkStat).

TIM figures also showed exports in the last 12 months showed a 10.5 percent yearly increase to reach $155.4 billion. The year-end export target is $156.5 billion, according to the country's Medium-Term Economic Program.

According to TurkStat, Turkey's exports volume hit an all-time high in 2014 with $157.6 billion while the figures were $143.8 billion in 2015 and $142.5 billion last year.

"We have exceeded last year's total export volume in the first 11 months this year," TIM Chairman Mehmet Buyukeksi said in its statement.

"Turkey's export has been increasing since November 2016, while seven of these increases were above 10 percent," he said.

Buyukeksi said exporters were not happy with the increase in USD/TRY exchange rate, and said: "On the contrary, a foreseeable exchange rate is more valuable."

"We don't have an aim to increase exports with the help of rising exchange rate," he said.

"We want to raise exports permanently by focusing on high-value added export."

The U.S. dollar/Turkish lira exchange rate climbed to its historic high at around 3.97 last week. The average dollar/lira rate in the period of Jan.-Nov. this year was 3.64 while the exchange rate was 3.03 on average last year and 2.72 on average in 2015.

Buyukeksi pointed out that the automotive industry became the top sector in November with a $2.6 billion monthly export -- nearly $26.5 billion 11-month export -- and was followed by ready-made textiles sector with $1.44 billion exports, and the chemical materials and products sector with $1.39 billion.

In November, exports to 161 countries increased while the European Union was the leading market for Turkish products with a share of 50.2 percent of all monthly exports, according to TIM chairman.