ECONOMY

Turkish exports in local currency on the rise: TurkStat

TURKISH EXPORTS IN LOCAL CURRENCY ON THE RISE: TURKSTAT

Turkey's exports in local currency terms increased by 113 percent between January and May compared to the same period in 2016, according to an official report released on Friday.

Turkish Statistical Institute (TurkStat) revealed that in the first five months of the year, the country's exports reached $64.3 billion, of which $6.13 billion was in Turkish lira terms.

The share of Turkish lira in the country's total exports increased to 9.54 percent from 4.9 percent or $2.87 billion, compared to the same period last year, TurkStat said.

The rise followed calls by President Recep Tayyip Erdogan and other officials during the past year to support Turkish lira against foreign currencies.

The U.S. dollar/Turkish lira exchange rate was 3.02 on average last year while one dollar was traded for 2.71 liras in 2015.

The lira witnessed harsh foreign exchange rate fluctuations after last year's failed coup attempt on July 15. Dollar/lira rate, which was at 3.52 at Thursday's close, saw a historic hike -- around 3.94 liras -- in mid-January.

LIRA-BASED IMPORTS ALSO ON THE RISE
During the first five months of the year, the country's imports in Turkish lira terms stood at $6.85 billion with a 24.31-percent hike, up from $5.51 billion compared to the same period in 2016.

The share of Turkish lira in Jan-May imports of $89.1 billion was 7.69 percent, an increase of 0.81 percentage point on the same period last year.

Turkish lira's share in the country's total foreign trade was also up during the same period, going up to 8.46 percent from 6.04 percent year-on-year.

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