Turkey will support Turkish exporters with TL 3.1 billion ($570 million) in 2019, the nation’s trade minister announced on Friday.
“We designed all of our export support to develop fields which contribute to Turkey’s export potential,” Ruhsar Pekcan said in a press release.
She stressed the support would accelerate the country’s exports by encouraging value-added exports.
In 2018, despite global trade wars, an economic slowdown and increased geopolitical risks, Turkey hit $168.1 billion in exports, a historic high, she said.
Exports were up 7.1 percent year-on-year in 2018, supporting the decrease in the foreign trade deficit by 28.4 percent to $55 billion. Imports also decreased by 4.6 percent to $223.1 billion. Both export and import figures were also lower than the $170 billion export and $236 billion import goals set in the government’s New Economic Program (NEP), announced in late September by Treasury and Finance Minister Berat Albayrak.
Recent foreign trade deficit figures mark a significant improvement compared to the figures for 2017: $76.8 billion. The year-end foreign trade deficit expectation put forward in the NEP was $66 billion.