Turkey likely to miss year-end export targets, exporters assembly chief says
ISTANBUL, July 11 (Reuters) -Turkey will likely fall short of its year-end export target of $267 billion due to the "clamp" of high costs and low exchange rates, Turkish Exporters Assembly (TIM) Chairman Mustafa Gultepe said on Thursday.
Official data showed the trade deficit widened in June with both exports and imports declining. The government, as part of its medium-term programme, had set an exports target of $267 billion for 2024.
Speaking at TIM's mid-year event, Gultepe said Turkey had "largely lost" its competitiveness with exports, especially in labour-intensive sectors. The discrepancy between high costs and the foreign exchange rate hurt many areas, he said.
"There is an over 100% increase in costs over the past year, while the increase in the dollar exchange rate remained at 25%," Gultepe said. "Therefore, we can't set prices in many fields".
"In this period when demand is also narrowing, our exports have gotten trapped in the clamp of high costs and low exchange rates," Gultepe added. "It seems difficult for us to even reach the $267 billion target we envisaged for 2024."
He said he expected exports to be between $264-267 billion in 2024, and added he hoped an expected disinflation period in the final quarter of the year would lead to monetary policy that prioritises competitiveness and paves the way for a double-digit growth in exports.
As part of the economic programme, Turkey introduced measures to cap strong domestic demand - one of the main reasons for higher imports - and to boost investments and exports to improve the current account balance.
"It is vital for obstacles to exports to be lifted as soon as possible," Gultepe said. "Exports are the most effective way of combating inflation without cooling the economy".
Gultepe also said the lira's exchange rate should be parallel to inflation, with the gap between them not exceeding 5 points, adding that the current lira to the U.S. dollar rate of about 33 was lower than what it should be.
Reporting by Ceyda Caglayan; Writing by Tuvan Gumrukcu; Editing by Jonathan Spicer
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