Turkey's Exports Drop 8.7 Percent İn 2015: Association

Turkey's exports decreased by around 8.7 percent to $143.7 billion in 2015 compared to 2014 due to fluctuations in parity, a plunge in commodity prices and escalating geopolitical risks, according to data from the Exporters' Assembly of Turkey (TİM).

According to data from the Turkish Statistics Institute (TÜİK), Turkey conducted around $157.6 billion in exports in 2014. But according to temporary data from the Customs and Trade Ministry, the country's exports fell 8.5 percent to $143.9 billion in 2015.

Turkey's exports to Russia decreased by $2.4 billion, to Iraq by $2.3 billion and by $620 million to both Ukraine and Libya, according to TİM data.

Turkey's exports to Russia decreased to $280 million between Nov. 24 and Dec. 31, 2015, after Russia began to impose sanctions against Turkish products, adding that the drop in exports were much steeper in the first days of the crisis.

The European Union was again the largest market for Turkey with an approximately 46.4 percent share in total exports totaling $62 billion in value, although the exports to the bloc saw a decrease of roughly 8.3 percent in 2015 compared to 2014 due to parity.

The EU was followed by the Middle East with a 19.5 percent share at $26.1 billion. Exports to this market, however, dropped by 10.4 percent in 2015 compared to 2014 due to sharp losses in the Iraqi market.

Turkey's exports to the Commonwealth of Independent States (CIS) also declined by 31.6 percent in 2015 compared to the previous year, according to TİM data.

The automotive sector was the biggest exporter market in 2015 with around $21.3 billion in exports despite a 4.8 percent drop compared to 2014. The second largest exporting sector, clothing, also witnessed a roughly 9.3 percent decline in exports in 2015 compared to the previous year, closing 2015 at around $17 billion.