Turkey’s Exports Unaffected Regarding Low Oil Prices

15Turkey’s exports have not been affected to the Oil Exporting Countries negatively regarding plunge of oil prices which have been in fluctuation since the second half last year.

Sharp plunge of oil prices did not affect Turkey’s exports negatively to the Oil Exporting Countries (OPEC). Last year in June surging up to 115,67 dollars a barrel, after that date the prices entered the plunge trend and lost value in the following 7 months. In that period, the developments such as lowered global growth expectations, Saudi Arabia making changes in oil prices, incentive decision of the Bank of Japan, not being changed of OPEC production, demand increase in dollar accelerated plunge in oil prices less than $50 a barrel that is regarded 6-year lowest

While setback in oil prices makes a positive atmosphere in the oil importer countries including Turkey, in respond the situation has also brought together anxieties that trade would be affected negative in oil exporting countries. Together with this Turkey’s exports to oil exporting countries were not affected negative, in this period after decreasing for one-two months then the exports have caught previous levels.

Turkey’s exports to 12 OPEC members became $26,5 million last year. While this figure accounting for 17.5 percent of the total exports, when the exports to Egypt, Russia and Norway which feature foremost oil producing countries are included, Turkey export figure raised $36,5 billion in 2014.

In H1, the exports to the OECD countries became $13,6 billion, in H2 the export figure $13 billion in 2014. Turkey’s exports to the OECD countries were $2 billion 415 million in May, in June $1 billion 983 million, in July $1 billion 721 million. Following these months the exports entered heightening trend and in December the exports raised $2 billion 725 million to the OECD countries.

In January 2015, the exports were $2 billion 92 million. Masood Ahmed, Director of Middle East and Central Asia Department of IMF, stated they did not foresee a big change in growth rates of the oil exporting countries. The IMF’s Ahmed said they would use the projections based on derivatives, the derivatives market indicates that oil prices would rise by $70 a barrel within 4-5 years.