EİB Reports $1.664 Billion in Exports for November
Foreks - The Aegean Exporters’ Associations increased their exports in November by 9%, from 1.528 billion dollars to 1.664 billion dollars. In November, Turkey's overall exports decreased by 3.1%, falling from 23 billion dollars to 22.3 billion dollars. After achieving export growth above the Turkish average for four consecutive months in August, September, October, and now November, EIB has managed to continue this trend.
The Aegean Exporters’ Associations reached an export volume of 16.888 billion dollars in the 11-month period of 2024, marking a 1.3% increase. Furthermore, over the last year, EIB increased its exports by 1%, bringing in 18.469 billion dollars in foreign currency to Turkey.
Of the 12 exporter unions under EIB, nine increased their exports in November, while three did not reach the export levels of November 2023.
The industrial, agricultural, and mining sectors all demonstrated growth. In November, the industrial sectors contributed 844 million dollars to EIB's total exports of 1.664 billion dollars, marking a 9% increase, while the agricultural sector's exports rose by 6% to reach 712 million dollars. Ege miners, who have been breaking export records every month in 2024, increased their exports by 31% in November, achieving a new record of 107.4 million dollars.
Iron and non-ferrous metals maintained their top positions. The Union of Aegean Iron and Non-Ferrous Metals Exporters increased its exports from 191 million dollars to 203 million dollars in November, maintaining its leading position under EIB and becoming the only sector to surpass the 200 million dollar threshold.
The star performers in export growth were olives and olive oil. The Aegean Olive and Olive Oil Exporters’ Union entered the 2024/25 season with an olive oil yield of 475 thousand tons and table olives of 750 thousand tons, increasing its exports by 92% from 31 million dollars to 59.7 million dollars in November, becoming the record holder for export growth under EIB.
Seafood and animal products exports reached 172 million dollars. Leading the sector in Turkey, the Aegean Seafood and Animal Products Exporters’ Union increased its exports by 28% from 134 million dollars to 172 million dollars in November, achieving an annual export level of 1.715 billion dollars.
Fresh fruit, vegetables, and their products faced a decline. Despite a 13% drop in exports, the Aegean Fresh Fruit and Vegetable Exporters’ Union managed to generate 127 million dollars for Turkey. Their 11-month export volume was 1.192 billion dollars, with the last year’s exports remaining flat at 1.331 billion dollars.
The trend of increasing dried fruit exports continued. The Aegean Dried Fruits and Products Exporters’ Union, which exports to over 100 countries with seedless raisins, dried apricots, and dried figs, reported a 5% increase in exports, totaling 117 million dollars in November.
Ready-made clothing exports have been on the rise for five months. Despite decreased demand in its largest export market, Europe, and the impact of exchange rate hikes lagging inflation figures, the Aegean Ready-Made Clothing and Apparel Exporters’ Union continued its recovery, with exports jumping 19% from 93.7 million dollars to 111.6 million dollars in November.
Mining exports increased by 31%. The Aegean Mining Exporters’ Union, which has been breaking new export records each month in 2024, raised its exports from 82 million dollars to 107 million dollars in November. Over an 11-month period, EMIB's exports surged by 24%, rising from 969 million dollars to 1.198 billion dollars.
The Aegean Grain Pulses Oil Seeds and Products Exporters’ Union struggled with the blockage in the Indian market for poppy seeds, maintaining its exports at 83.7 million dollars in November.
The Aegean Tobacco Exporters’ Union increased its exports by 17%, growing from 66 million dollars to 77.5 million dollars in November, while the export volume in the January-November 2024 period increased by 67%, from 813 million dollars to 840 million dollars.
The Aegean Furniture, Paper, and Forest Products Exporters’ Union recorded an export success of 71.7 million dollars, achieving a 4% growth in exports.
The Aegean Textile and Raw Materials Exporters’ Union saw a 12% decline in exports over 11 months, decreasing from 461 million dollars to 406 million dollars, but recorded a 12% increase in November, marking 57.7 million dollars in exports, putting an end to its negative trend.
The Aegean Leather and Leather Products Exporters’ Union continued to experience a decline in exports, with a 7% decrease in November, dropping from 11 million dollars to 10.2 million dollars.
The total exports of the Aegean Region reached 2.695 billion dollars in November, marking a 1% increase from 2.669 billion dollars in November 2023.
Izmir continued to dominate the exports of the Aegean Region with 1.426 billion dollars, with two free zones in Izmir contributing 259 million dollars in exports in November. However, Izmir's exports showed a decrease of 4% in November.
Manisa's exports decreased by 2%, from 481 million dollars to 471 million dollars, while Denizli's exports rose by 19%, increasing from 324 million dollars to 385 million dollars.
Muğla became the record holder for export growth in the Aegean Region, increasing its exports from 82.5 million dollars to 115 million dollars in November, reflecting a 40% rise. Balıkesir's exports grew by 8%, reaching 104 million dollars, while Aydın's exports were recorded at 101 million dollars.
In November, Kütahya increased its exports by 10%, from 31 million dollars to 34.5 million dollars, while Afyon achieved 29.3 million dollars and Uşak recorded 28 million dollars in exports.
In November, the United States topped the charts. Ranking first among the countries receiving exports from the Aegean Exporters’ Associations, the U.S. registered demand of 144.8 million dollars. Exports to the U.S. rose from 112 million dollars in November 2023 to a 29% increase in November 2024.
Germany, which has been the largest export market for Aegean exporters for many years, secured the second spot in November with an export volume of 141 million dollars. Italy maintained its position in third place with 89 million dollars in exports. In November, EIB exported to 203 countries and customs territories, with export increases recorded in 101 of them.
Eskinazi stated, “The growth in the industrial, agricultural, and mining sectors is encouraging.” Noting that exports from the Aegean Region have increased above the Turkish average for four consecutive months, Aegean Exporters’ Associations Coordinator Chairman Jak Eskinazi highlighted the positive developments in the agricultural, industrial, and mining sectors in November.
Reminding that they entered 2024 with the aim of maintaining the current level, Eskinazi remarked, “With our 11-month performance, we have not only maintained our current level but also achieved an export growth rate of 1.3%. If the increase in the exchange rate had been consistent with inflation, our exports could have risen by 10%, allowing us to export approximately 1.5 billion dollars more. The latest data have shown that exports are the driving force behind Turkey's growth. To meet its growth target, which has been revised downward to 3.5, Turkey needs to provide its exporters with financing at favorable interest rates. The domestic market in the economy will continue to be cooled in the fight against inflation through 2025. Our way out is through exports.”