Turkey- Expert: Iraq overtake Germany as export destination

Manager Accenture: Tukish traders turning eastwards

20 March, 16:55

    (ANSAmed) - ANKARA, MARCH 20 - Turkish foreign trade is looking ever more eastwards and ''soon'' northern Iraq will become the country's main trading partner, overtaking Germany. This news and this forecast have come from a top manager at Accenture, the Dublin-based consulting company. The amount of Turkish exports headed for the German market, which has until now been their main outlet, has fallen from almost 14% in 2004 to 10.4% last year, as the English-language website of Turkish daily Hurriyet reports, where the Accenture manager's prediction also appears. On Turkey-s southern border Iraq became the second most important market for Turkish exports last year, with volumes of 8.27 billion dollars, which was up from the 9th position it occupied in 2004 (with 1.85 billion dollars of exports). The lion's share of the increase has been in exports to northern Iraq.

    Eight years ago, exports to Iraq represented just 2.9% of Turkey's trade. This increased to 6.1% by 2011.

    This acceleration of sales to Iraq grew was of 37% between 2000 and 2010, while the same period saw only a 9% increase in the rate of exports going to Germany.

    ''Northern Iraq will soon become Turkey's main trading partner, overtaking Germany,'' predicts Mark Spelman, Managing Director of ''Strategy Practice'' at Accenture. Mr Spelman quoted a 2010 report that showed the percentage of exports to countries undergoing rapid development has grown markedly since 2000. For comparison, Brazil's exports to emerging h reached 63% compared to the 48% of nearly 12 years ago. Mr Spelman predicts that Turkey will continue to increase its trading ties with other emerging economies, especially with the Gulf and countries of the Middle East. Trade with Europe will hit a ceiling and greater opportunities will be found in the Middle East, Africa and Asia. The rate of growth in Turkish exports to Saudi Arabia, for example, saw a jump of 38%, beating even those with Iraq, Hurriyet reveals, but without citing the period concerned. But there has been ''opposite developments'' in exports to the USA, which increased by a ''modest 9%'', and to Germany, (''just 16%''). The rate of exportation to the United Kingdom has frozen at 16%. (ANSAmed).

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