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Turkish exporters target Latin American & African markets
25
Jul '09
Turkish exporters are now in search of new opportunities in the promising markets of Latin America and Africa, after witnessing a heavy contraction in the country's traditional markets due to current economic atmosphere.

It is expected that the exports of the country will fall down to $100 billion as compared to $132 billion in the previous year. Turkey is interested to sign a free trade deal with the Mercosur countries, which includes countries like Brazil, Argentina, Paraguay and Uruguay.

However, an expert said that the talks regarding the probable deal are not satisfactory for Turkey. A customs duty of 3.5 percent is imposed on the import from these countries due to a Customs Union Deal that Turkey signed, he added.

But, the Turkish exporters are loaded by 30 percent duty on the exports to these countries. The country could work in cooperation with Latin American countries on trades with Central Asia, which is an emerging market for global trade, said the expert.

He further added that the country intends to increase its trade volume with Brazil in coming three years to $5 billion from the current volume of $1.7 billion as Turkish companies export textiles, chemicals and spare parts particularly to Brazil in Latin America.

He said that the country has to enhance links with 'easy to reach and untouched' African markets as well as with Latin America. As Latin America has an overall population of 500 million, it provides a wide opportunity to foreign traders.

While the Caribbean and Central American markets are also promising as these countries have comparatively weak manufacturing industries, which import many goods. Establishing logistic centers in those countries and marketing from Turkey will minimize transportation expenditure, which could prove to be beneficial, informed an official.

Fibre2fashion News Desk - India

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