UPDATE - Turkey's exports rise in January

UPDATE WITH MORE REMARKS FROM MINISTER AND HEAD OF TURKISH EXPORTERS' ASSEMBLY

By Tuba Sahin

ANKARA (AA) - Turkey's exports in January increased on a yearly basis, while imports went down, the trade minister said on Monday.

"The Trade Ministry will reveal foreign trade figures based on both special trade system and general trade system throughout 2019," Ruhsar Pekcan said at a news conference in the capital Ankara.

The ministry formerly announced figures based on the special trade system.

The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation area and premises for inward processing.

Pekcan said Turkish exports based on the special trade system reached some $13.2 billion in January, up nearly 6 percent compared to the same month last year.

Turkey's exports last month formed on general trade system totaled $13.9 billion, Pekcan said. The figure was up 6.3 percent year-on-year.

"Our imports in January based on the special trade system were $15.7 billion [down 27 percent on a yearly basis] and based on general trade system were $16.2 billion [down $26.9 percent annually]," Pekcan said.

Thus, foreign trade gap in January narrowed over 70 percent to $2.5 billion based on special trade system and to $2.3 billion on the basis of general trade system.

Pekcan added that the exports-to-imports coverage ratio based upon special trade system advanced to 83.85 percent last month, up from 57.8 percent in January 2018.

The figure was 85.7 percent based on general trade system, she said.

The chairman of the Turkish Exporters' Assembly Ismail Gulle said the country set an export record in the month based on special trade system.

Stating that exports from free trade zones reached a considerable amount, Gulle said figures calculated on the basis of general trade system will show Turkey's exports performance more inclusively.

Gulle said that automotive industry continue to be the leading sector with exports worth $2.3 billion last month, followed by both chemical products, and ready-made garments and apparel with $1.4 billion.

He said the most remarkable increase among industrial products was seen in ship and yacht sector exports which enjoyed 116 percent rise, in jewellery sector with 94 percent, and aerospace and defense with 64 percent.

The top export market for Turkish products were Germany, U.K., Italy, Iraq and Spain.