Turkey to set up trade centres to boost exports

Turkey plans to set up ‘logistics centres’ around the globe in order to promote exports of its products, according to state-run news agency Anadolu on Sunday.

"We are aiming to deliver Turkish products to global markets in the fastest and most cost-effective way," Trade Minister Ruhsar Pekcan said in a statement.

The Trade Ministry wants to create “necessary infrastructure facilities” which it is hoped will increase “strategic pricing and customer satisfaction in e-commerce”, according to Anadolu Agency.

Pekan also said that the logistics centres would receive government support for five years, with the most successful centres having support extended for a further five years.

The Turkish government would help with “license and permit costs, customs clearance, inventory management, promotion and marketing activities”, Anadolu reported.

Turkey is currently suffering from a severe balance of payments problem, with imports exceeding exports. The COVID-19 pandemic has worsened the crisis, with exports falling in line with global demand. 

In September, U.S. credit rating agency Moody’s cut Turkey’s sovereign credit rating to B2, “five levels below investment grade and on par with Egypt, Jamaica and Rwanda”, according to Bloomberg.

However, Turkey says its exports have hit an all time high this year, with September export figures reaching $16.01 billion. However, imports in the same month reached $20.89 billion.