ECONOMY

Turkish exports increased 28 percent year-on-year in April, say exporters

ISTANBUL (Reuters) – Turkish exports rose 28.11 percent year-on-year to $8.213 billion in April, the Turkish Exporters Association (TIM) said yesterday. The association, which gives its figures about a month ahead of official figures, had said March exports rose 19.3 percent year-on-year to $8.935 billion. Fast-growing Turkey is trying to increase its exports to narrow a gaping current account deficit. The trade gap, which is a major component of the current account deficit, narrowed 2.8 percent year-on-year in March to $4.076 billion, official data showed on Monday. It showed exports in the first four months of 2007 rose 25.79 percent year-on-year to $31.34 billion. «Economic recovery in the eurozone, appreciation of the euro against the dollar and the successful production performance in electrical machinery and motor vehicles supported exports in the first four months of 2007,» Raymond James Securities Chief Economist Ozgur Altug said. Exports in the last 12 months rose 22.99 percent to $92.199 billion, TIM said. The government is targeting $100 billion exports for 2007.