Export

The Istanbul Chamber of Commerce's (İSO) export climate index increased for a second month in a row in February.

The index measures the business conditions in key export markets of the Turkish manufacturing sector with any figure above the 50 no-change mark signaling an improvement in the export climate.

Greece exported in 2023 to the American Samoa "footwear with outer soles made of rubber, plastic material, natural or reconstructed leather and the upper part of textile materials" and "transmission shafts (including camshafts and crankshafts) and cranks," the Hellenic Statistical Authority (ELSTAT) informs us.

The Istanbul Chamber of Industry (İSO) Türkiye Manufacturing Export Climate Index posted above the 50 no-change mark for the first time in six months in January.

At 50.6, the index was up from 49.7 in December, but signaled only a modest improvement in demand conditions overall, the chamber said in a statement.

Companies in the European Union and the Balkan countries have been turning to suppliers in Türkiye over the past weeks as troubles in the Red Sea increase freight costs and disrupt deliveries, business daily Dünya has reported.

Deputy Foreign Minister Kostas Fragogiannis stressed Friday that Greece and Turkey aim to double their trade.

"Today [bilateral] trade is in the range of €5.4 billion and our target is to reach €10 billion," he told state broadcaster ERT after his two-day visit to Istanbul, as part of the contacts of the 2024 positive agenda cycle for Greek-Turkish exchanges.

The Foreign Economic Relations Board (DEİK) will be lobbying for the modernization of the customs union between Türkiye and the European Union, says Nail Olpak, the president of DEİK.

The upcoming elections for EU Parliament pose a risk as the elections may slow down the process, Olpak told a group of journalists in Istanbul.

The recent attacks by the Houthi rebels on ships in the Red Sea have already started to significantly affect trading activities, especially in the container segment, while creating an opportunity for Turkish manufacturers.

Turkish exporters will focus more on large economies, such as the U.S, China and India, this year, as they aim to boost goods and service export revenues to a total of $402 billion, says Mustafa Gültepe, the head of the Turkish Exporters' Assembly (TİM).

"We are shifting our focus to the alternative markets with large import potential," he told reporters.

Turkish growers shipped 284,141 tons of hazelnut to 121 countries, generating $1.87 billion in export revenues last year.

In terms of value, exports declined by 9 percent compared with 2022, while the increase in volume was 7 percent.

Europe was once again the largest export market for the Turkish hazelnut.

A high-level business delegation from the Federation of Indian Chambers of Commerce and Industry (FICCI) is on a visit to Türkiye to hold talks in Istanbul and İzmir on Dec. 18-20.

The delegation comprises representatives of sectors such as health care, ICT, food, electric vehicles, defense, drones and engineering, the Consulate General of India said in a statement.