The country’s exports, which were around $30 billion in 2000, were $180.5 billion last year, İsmail Gülle noted during the opening ceremony of the 16th International Istanbul Furniture Fair (CNR IMOB).
Gülle said the furniture sector’s exports amounted to $3.5 billion in 2019 – an increase of 10.2 percent – while the country’s overall exports rose 2.04 percent year-on-year in 2019.
He stressed: “The furniture sector’s target is $10 billion for 2023, we are working for this target.”
The sector enjoys a competitive structure and high capacity in the global market, he added.
Gülle underlined that the Turkish government always supported exporters and provided for their needs.
Nurettin Nebati, the deputy Turkish treasury and finance minister, said the furniture sector was one of the rare net exporter sectors of the country.
Touching on economic issues in 2018 and 2019, he said Turkey’s recovered in such areas as its currency rate, CDS risk premiums, interest rates, confidence index, foreign trade and Borsa index.
He underlined: “Turkey increased its exports while the world narrowed last year.”
The six-day CNR IMOB kicked off on Jan. 20 and is expected to host 150,000 domestic and foreign visitors with over 750 participant companies.
The fair, organized by CNR Holding and Federation of Furniture Associations (MOSFED), is forecasted to generate $2 billion trade volume.
Cheaper loans to exporters
Meanwhile, Trade Minister Ruhsar Pekcan has announced that measures designed to lower costs on credits the country’s exporters are to take out have been taken.
“As part of those steps, Eximbank [Export Credit Bank of Turkey)] has slashed the interest rate on Turkish Lira loans extended to small and medium-sized companies and exporters, which manufacture high-tech products, to 7.95 percent,” Pekcan said in a statement yesterday.
She noted that the Eximbank’s interest rates on the Turkish Lira loans stood at 17.6 percent in July last year and said the rates’ decline to 7.95 percent will further bring down exporters’ financing costs, making a great contribution to exporting companies’ competitiveness.
Eximbank provided a financing support of $44.1 billion to exporters in 2019 and this support would continue increasingly in 2020, Pekcan said.