(MENAFN- Trend News Agency)
The exports Türkiye conducted using the Turkish lira more than
doubled in November from a year ago, according to official data,
adding to Ankara's drive to expand the share of the national
currency in foreign trade, trend reports citing daily sabah .
Türkiye has long sought to expand non-dollar international trade
and has been promoting greater use of national currencies in mutual
settlements, particularly with its major partners, including China,
Russia, Iran and Gulf countries.
Outbound shipments made using the lira leaped by 114%
year-over-year in November to TL 15.68 billion ($841 million),
according to the Trade Ministry data, maintaining a trend that has
gained momentum this year.
Imports rose at an even faster pace, surging to TL 35.63 billion
last month. The total volume of lira used in the November foreign
trade reached TL 51.31 billion.
The January-November exports using the national currency jumped
94% year-over-year to TL 113.7 billion, the data showed, while
imports rose to TL 234.8 billion, pushing the total trade volume to
TL 348.5 billion.
The drive gradually expanded throughout this year and gained
further momentum as of August. Exports and imports made with lira
in January stood at TL 7 billion and TL 12.1 billion, respectively,
according to the data.
They reached TL 10.36 billion and TL 23.82 billion in August and
jumped to TL 16 billion and TL 28 billion a month later,
respectively. The volume of lira in foreign trade rose from TL
19.15 billion at the beginning of 2022 to TL 34.19 billion in
August, before leaping to TL 44 billion in September.
Some 7,182 companies opted for the national currency in exports
to about 162 countries in November, according to the official data.
The number of firms stood at 6,894 in October.
One of the main drivers of Türkiye's economic growth this year,
exports hit record-high volumes throughout the first 11 months of
this year. Yet, a global slowdown has put a drag on foreign demand,
notably among Türkiye's largest trade partners, spearheaded by
Outbound shipments rose 1.9% year-over-year to $21.9 billion in
November, while imports jumped 14% from a year earlier to $30.7
billion, driven mainly by steep rises in energy and commodity
prices after Russia's invasion of Ukraine. Foreign trade volume
rose 8.6% from a year ago to $52.51 billion.
Exports from January through November jumped 14% from a year ago
to $231 billion, while imports were up 36.6% to nearly $331.1
billion, the data showed. Foreign trade volume was up 26.3% to
Meanwhile, some of Türkiye's major trade partners that are
members of the Shanghai Cooperation Organisation (SCO) agreed in
September to take steps to increase the use of national currencies
in trade between their countries.
The group comprising China, India, Russia and Pakistan alongside
four Central Asian states said“interested SCO member states” had
agreed on a“roadmap for the gradual increase in the share of
national currencies in mutual settlements,” and called for an
expansion of the practice.
Türkiye last month confirmed it had started paying for some of
its natural gas from Russia in rubles. Energy and Natural Resource
Minister Fatih Donmez said that the share of local currency
payments in energy trade with Russia would increase in the coming