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Turkey: Foreign trade deficit drops on European boost PDF Print E-mail
Written by TACCI Admin   
Friday, 30 January 2015 17:32

Turkey: Foreign trade deficit narrows on European boost

Exports to Europe increase, with Germany main trade partner

Turkey's foreign trade deficit narrowed in 2014, the Turkish Statistical Institute said Friday.

Exports rose 3.9 percent in December 2014 from the same month in the previous year, while imports decreased 5.6 percent for the same period. 

Total exports for 2014 increased to $157.7 billion from $151,7 billion in the previous year

Imports declined to 242.2 billion from 251.6 billion in 2013, a 3.7 percent decrease in 2014.

The foreign trade deficit narrowed 15.4 percent to 84.5 billion from $99.8 billion for the year. The deficit was largely in line with the forecasts of analysts polled by The Anadolu Agency on Jan. 26. The panel's prediction was a foreign trade deficit of about  $84.1 billion.

Exports to the European Union increased 1.8 percent in December 2014 year-on-year. The main partner country for exports was Germany with $1.165 billion, followed by Iraq with $1.111 billion, the United Kingdom with $763 million and the U.S. with $722 million.

In December 2014, the top country for Turkey’s imports was China with $2.318 billion.



Last Updated ( Friday, 30 January 2015 17:40 )
Turkish company has announced its purchase of Amsterdam-based fashion brand PDF Print E-mail
Written by TACCI Admin   
Thursday, 29 January 2015 15:01

Turkish company acquires Amsterdam-based fashion brand

Turkey’s Eroğlu Holding, which owns the brands Loft and Colin’s, has announced its purchase of the Netherlands-based fashion brand Mexx. 

The group did not disclose the financial details of the acquisition in a written statement on Jan. 28, but said the annual revenue of Mexx is at around 1.2 billion euros. 

The Turkish Clothing Manufacturers’ Association (TGSD) warned in December 2014 that a number of local companies have faced difficulties due to the bankruptcy of Mexx, which has over 300 stores worldwide. 
Turkish companies lost around 10 million euros after Mexx was unable to make payments, and around 25 Turkish exporters asked for support from the TGSD, it added. 

Eroğlu Holding told Reuters that the acquisition deal does not cover these debts. 

“The brand is acquired with the exception of its receivables and debts. The deal includes the acquisition of the building, storages, brand name, logistics, management and headquarters,” said the company. 

Eroğlu Holding plans to open 100 stores and reach 1 billion liras in revenue with the Mexx acquisition over the next five years, said the head of the company, Nurettin Eroğlu. 

Mexx has activities in 500 stores and 5,000 sales points in 56 countries, it said.


Last Updated ( Thursday, 29 January 2015 15:02 )
Mining Regulations Changing in Turkey PDF Print E-mail
Written by TACCI Admin   
Wednesday, 28 January 2015 15:48

Mining regulations changing in Turkey after deadly accidents

A new draft mining law has been passed by Turkey’s Parliamentary Commission on Industry, Trade, Energy, Natural Resources and Information Technology, in response to a series of deadly accidents that hit headlines last year.

The new regulations will result in changes to the transfer of mining licenses, establishing a permanent supervision system and prompting the greater consideration of environmental concerns, said Energy Minister Taner Yıldız. 

The draft law will be finalized after negotiations in parliament’s general assembly, Yıldız said on Jan. 23 in a press meeting in 
Ankara to announce the details of the draft law. 

After deadly accidents in the mines of Soma and Ermenek last year, many have called for an increase in safety conditions in mines across Turkey, he added. 

Yıldız said the changes to the existing Mining Law had submitted to the Prime Ministry before the Soma accident, but more ambitious measures have become a must and more checks have been conducted since the accidents. 

According to the new legal proposal, a permanent supervision system will come online to increase safety standards in mines, he vowed. 

“The existing technical monitors will be replaced by permanent monitors in all mines. We have seen that many technical monitors visit mines in very short spaces of time, not inspecting safety conditions properly. We will replace them with permanent monitors, who will be chosen from among mining engineers,” Yıldız said. 

Some 301 miners died at a mine in Soma last May in the worst ever industrial accident in Turkish history. Only six months after the disaster, 18 miners died at a facility in the Central Anatolian district of Ermenek after an underground flood, drawing the country’s focus back to the perilous safety conditions of mine workers. 

Under the proposed law, mining license owners will be prohibited from making royalty contracts with third parties in their mining fields, with the exception of governmental departments, Yıldız also said. 


Last Updated ( Wednesday, 28 January 2015 15:48 )
Istanbuls First Official Digital Promotional Platform "" Opens PDF Print E-mail
Written by TACCI Admin   
Wednesday, 28 January 2015 15:14

Istanbul’s official website opens

A new website, Istanbul’s first official digital promotional platform, has gone online, created as a result of the Istanbul Governor’s Office’s “Digital Platform Project.” 

According to the website’s management, the Istanbul Convention and Visitors Bureau, “” has been is designed to bring together all services available in the city under one roof. 

The website aims to increase the number of foreign visitors to the city and promote the city on international platforms. 

Removing the "information pollution" surrounding Istanbul, it bids to provide details on a wide variety of fields, from historical structures to a live event calendar and from ticket purchases to address descriptions. 

The website welcomes its guests with a panoramic view of Istanbul and offers categories such as “Istanbul Guide,” “Things to Do,” “Istanbul Essentials,” “Book Istanbul,” “Social Istanbul” and “Taste Istanbul.” 

The sub-sections offer more specific information about the modern and historical city. For example, visitors are able to buy flight tickets on the website and learn details about the Museum Card and the Istanbulkart, which makes city life easier. 

The website is presented in both Turkish and English and can also be reached through social websites 
Facebook and Twitter.

Last Updated ( Wednesday, 28 January 2015 15:17 )
Written by TACCI Admin   
Tuesday, 27 January 2015 15:55


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