Turkish Foreign Trade at a Glance

Turkish Foreign Trade at a Glance

At the end of 2007 Turkish imports reached 170 Billion USD and exports reached 107 Billion USD.Foreign trade volume of Turkey has been increased almost 4 times since the beginning of year 2000.

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How far can this financial crisis be deeper ?

The world economic climate index fell for the sixth consecutive quarter, dropping 10 percentage points to reach its historically lowest level since the introduction of the World Economic Survey in 1981, according to the ICC and the Ifo Institute for Economic Research, who conduct the survey. The index, based on a survey of 1,035 economic experts in 92 countries, fell to 50.1 points compared with 60.0 points in the fourth quarter of last year. “Overall, the data confirm a global recession,” the survey concluded. ( Source : http://www.iccwbo.org/iccchdia/index.html )

How far can this crisis be deepen ?

May be this is the most frequently asked question around the world these days. As financial crisis has turned into a full scale economic crisis and its devastating impact spread throughout the world, almost everyone wants a clear cut answer to this question. But how likely to reply this answer with a meaningful and correct way as it seems that this crisis has unique characteristics which makes it harder to compare with historical ones.

Since 1970s we have been experienced more than 560 financial crisis at the different parts of the world but none of them could have found a chance to extend its effects as wide as this current crisis for several reasons. May be the most convenient reason among all is that previous crisis have occurred wide way back from the financial centers of the world. This time on the contrary it was started just right at the biggest financial center of the world-USA- and spread to other strong economies via securitization-EU-. So this makes it harder to compare current financial crisis with the ones have occurred for the last 40 years in order to determine its effects and duration.

Also , many economist argue that the closetest crisis to the current one both size and impact considerations is the Great Depression. But the world has been changed dramatically since then. We do not live in the world of radio, mass production and import substitution policy for industrialization but internet, globalization and export oriented policies for development. So comparing this financial crisis to the Great Depression is also almost impossible.

What has been experienced so far? We have been hearing every couple months time a wave of "financial bad news" which generate "black clouds" that cover all the media around the world and a bail-out package with hundreds of billion dollars and a comment from a politician or a very imported person that crisis has hit its "maximum deep" and it will be starting to ease soon or something with smiliar meaning. Instead of any relief signal another cycle is triggered by "worse financial news" and everything is starting just from the beginning again despite all efforts.

What I am trying to say is that we are experiencing a unique financial crisis comparing to previous ones and it is not easy to foreseen its impacts and duration.

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Welcome to Export Import Consulting services - Business relations with Turkey , its neighbouring countries and the EU.