Saturday, 21 October 2017 03:51 GMT
img

Turkey's export volume to Qatar jumps 84%

(MENAFN - The Peninsula) By Satish Kanady / The Peninsula

Satish Kanady: With Turkey emerging as one of the top trading partners of Qatar after the quartet countries' blockade, Turkey's export volume to Qatar surged by 84 percent during the June-August period, compared to the same period in 2016. The combined value of Turkish exports to Qatar for the three months stood at $165m. The value of Turkish exports to Qatar rose by 75 percent year-on-year and touched $65m, in August.
Food and meat products; electric and electronic products; building materials and furniture make up the major share of Turkish exports to Qatar during the period, Lusail daily reported citing data revealed by Turkish Exporters Assembly (TIM).
Separate official data suggest Turkey recorded a huge surge in its exports volume to Qatar, after the four countries imposed blockade on Qatar. Turkey's exports to Qatar jumped to $52.4m in June, from $36.2m recorded in the pre-blockade month of May 2017.
In August, Qatar and Turkey signed 15 new trade and cooperation agreements in the food and construction sectors and the pharmaceutical industry. The bilateral trade volume between the countries reached $600m in the first half of this year.
Turkish exports to Qatar four years ago were worth $250m, before rising by the end of 2016 to $440m. Meanwhile, Qatar's exports to Turkey increased from $525m four years ago to $835m by the end of 2015.
Director General of Qatar Chamber Saleh Hamad Al Sharqi said the trade deals which were agreed in principle in early August have officially been sealed. In addition to trade deals involving food and construction sectors, agreements in transport, logistics and the plastics industry were also signed in August.
Meanwhile, the TIM announced Turkey's global exports increased by 31.2 percent to $11.4bn in July. Exports in the first seven months was $88.9bn with an increase of 10.7 percent compared to the same period of last year while exports in the last 12 months amounted to $150.22bn with an increase of 7.5 percent compared to the previous year.
In July, the best performing sector was automotive with an increase of 41.1 percent compared to the same month the previous year. Automotive sector was followed by apparel sector with $1.48bn and chemical materials sector with $1.19bn.
Germany has been in the top of Turkey's exports for many years. In July, the exports to Germany increased by 28.2 percent.
The highest increase in exports among the top 20 countries with the highest export value was in Russia with 95.7 percent. Exports to the EU rose 29.1 percent in July compared to the same period last year. The EU's share in total exports was 51.1 percent.

MENAFN0609201700630000ID1095827644


Turkey's export volume to Qatar jumps 84%