WORLD ECONOMY IN 1995
Basic indicators of The basic indicators of world economy in 1995 gave
world economy gave positive signals in many aspects. The rate of inflation in
positive signals in the industrialized countries registered the lowest rates
1995. since the beginning of the 1960s and the economic growth
progressed as well. The inflationary pressure experienced
in most developed countries has decreased as a result of
the tight monetary policies applied in 1994. The intensive
efforts in the direction of low inflation and the reduction
of the budget deficits have been the cause of a decline in
the long-term interest rates that had increased in the
previous year; coordinated interventions in foreign
exchange markets and the lowering of interest rates have
secured compatibility between the movements of the exchange
rates of major currencies and the basic indicators.
Stability and reform Growth has been recorded at significant levels as a result
policies applied in of the stability and reform policies applied in developing
developing countries countries. After the financial crisis experienced in 1994
have produced positive in Mexico, an environment of confidence has once again
results. been established in most countries and a flow of capital
in large proportions has been ensured.
Adaptation policies in East European countries and former Soviet Union Republics
East European countries previously governed through centralized planning started to
and former Soviet Union obtain the results of their adaptation policies with
Republics started to increases in their production quantities. The application
produce results. of tight stability measures has been the basis of
expectations of economic improvement also in countries
which are still in the early stages of transition.
In 1995 the world In general, the increase in world production is expected
production volume grew to reach the level of 3.7%. World trade maintained its
by 3.7% and the trade importance in world economy, and in the past 35 years, its
volume rose by 9.2%. increase doubled the growth of world production. The world
trade volume in 1995 continued its rapid increase and it is
expected that the rates of increase according to the data
of the OECD will be realized at 9.2% and according to the
data of the IMF at 7.9%. With the new multilateral
agreements aiming at the liberalization of trade and of
direct foreign investment it is expected that trade will
play a key role in increasing the growth of the countries.
However, as opposed to the multilateral trade system,
unilateral and regional agreements may lead to trade
diversion.
The rate of The crises experienced in world economy in the mid-1970s
unemployment in the and early 1980s are taken into consideration, the increase
OECD countries was 8%. in production after the crisis at the beginning of 1990 has
been slower in the older cases. This was displayed in a low
increase in employment. The rate of increase in employment
in the OECD countries was around 1% in 1995. The rate of
unemployment was slightly below 8%, showing a very small
drop. The increasing trend in labour productivity also
slowed down in 1995.
Inflation was 1.8% in A slowdown was observed in the growth rates of the
OECD countries industrialized countries in 1995. It is expected that the
excluding Turkey and increase in real production in the OECD countries will
Mexico. remain below 2.5%. However, the basic economic indicators
followed a good course. The rate of inflation and the
interest rates decreased in most countries. The rate of
inflation in the OECD countries was 4.1%. When Turkey is
excluded this rate is 2.9% and when Turkey and Mexico are
not included it declines to 1.8%. The uncertainty in the
labor market prevented the formation of wage inflation and
ensured the increase in profit rates. Another factor that
assisted economic growth was the recourse to financial
policies rather than monetary policies for decreasing
budget deficits and debt ratios. It was also observed that
this had a positive influence on decreasing the interest
rates.
The growth rate of the The decrease in the growth rate of the US economy was
US economy is around 3% necessary for preventing the pressure that arises from
and inflation is 2.3%. excessive increases in demand, and the tight monetary
policy applied in response to the increases recorded in the
long-term interest rates in 1994 and the Mexico crisis were
influential in this slowdown. However, the data show that
the US economy will still continue to grow in 1996. The
growth rate of the US economy in 1995 is estimated by the
IMF to be 2.9% and by the OECD to be 3.3%. On the other
hand, in a statement made by the US Department of Labor, it
was determined that the consumer prices in 1995 had
increased at a rate of 2.5%. This figure represents as the
lowest rate of inflation after the increase of 1.1%
recorded in 1986.
The fluctuations in The European economy, after the recession in 1991-1992,
exchange rates at the started to show an improvement in 1993 and the most recent
beginning of 1995 economic indicators for 1995 give different signals. The
increased the interest high interest rates in 1994 and the appreciation of the
rates and decreased German mark and of the currencies connected to it, were
expenditures in Europe. influential in the realization of a low growth rate in
The rate of Europe. The fluctuations in exchange rates experienced in
unemployment was Europe at the beginning of 1995 were the cause of the
around 11%. formation of high exchange rates in Germany and some of the
countries participating in the Exchange Rate Mechanism of
the European Union, and this negatively influenced work
confidence in the countries concerned. During this crisis,
countries which recorded a depreciation of their currency
were forced to protect its value and to apply high interest
rates so that they would not be left outside the Exchange
Rate Mechanism. The expenditures also progressed slowly
because of a weak confidence by consumer so it does not
seem possible to find a solution to the problem of
unemployment that has reached to a critical level with the
low growth rate in Europe. In fact, the rate of
unemployment which was 11.6% in the European Union in
1994, is expected to drop to 11% at the end of 1995.
Growth rate in Japan The rate of increase in Japan's GDP in 1995 is estimated
was slight due to the at 0.5%. The rapid increase in the value of the Japanese
appreciation of yen and the Kobe earthquake displayed a negative effect on
Japanese yen and the the growth of the Japanese economy. The exchange rate that
Kobe earthquake. reached the parity of 1 dollar = 85 yen in the middle of
1995 encouraged imports and weakened exports and, by
negatively affecting work and consumer confidence, limited
domestic demand. In addition, the decrease in public
expenditures and housing investments slowed down economic
activity. The enforcement of a tight monetary policy was
further relaxed with the economic package announced in
Japan in September 1995, and with the lowering of the
interest and discount rates, it was aimed to depreciate the
yen.
The growth rates of The growth rate of the developing countries in 1995 and
the developing even 1996 are expected to be around 6%.
countries in 1995 and
1996 are around 6%.
It is estimated that for the fourth time the average
The average growth rate growth rate of the developing countries in Asia will be
in the developing Asian over 8% in 1995. The growth rate in China is still
countries is 8%. progressing at high levels in spite of a decrease. The rate
of increase in China's GDP is expected to fall to a single
digit figure in 1996. In India, thanks to the two- digit
rates of increase in exports and the sound private sector
investments, it is expected that the increase in production
in 1995 will be realized at 5.5%. The growth rate in Korea
is estimated at 9.75% and, as a result of the appreciation
of the yen, the increased export potential of Korean
products has an important share in this progress.
.
Non-petroleum producing While non-petroleum producing Middle East countries have
Middle East countries recorded progress, the countries producing petroleum
have recorded progress displayed growth at low rates due to low petroleum prices
while the growth rates and macroeconomic imbalances. In the region, it is
of petroleum exporters necessary to strengthen the financial structures of the
have remained countries to increase domestic savings and investments, and
inadequate due to to decrease the trade deficit. It is necessary to realize
macroeconomic structural reforms, such as liberalization of trade and
imbalances and low reforms of the public enterprises in the majority of the
petroleum prices. countries in the region, in a more extensive and rapid
manner with the objective of strengthening growth and
diversifying exports.
Growth has remained Countries in transition show differences in their economic
insufficient in the performances according to the development recorded in their
CIS, while East process of economic stability and restructuring. The rates
European countries of production in the Russian Federation, Belarus, Ukraine
recorded a high rate. and the majority of the countries in Caucasia and the
Central Asian Turkic Republics continued to drop in 1994
and in the first half of 1995. Growth rates were recorded
at high levels in the countries at advanced levels in the
process of transition to market economies such as Poland,
the Czech and Slovak Republics, Hungary, Slovenia, Albania,
the Baltic Countries and Mongolia.
A GENERAL OVERVIEW OF THE TURKISH
ECONOMY IN 1995
The rate of development A Stabilization Program was put into practice on 5 April
contracted by 6.1% as a 1994 with the objective of overcoming the negative
result of the policies situation caused by the economic crisis experienced in the
applied with the April country, to restore the stability in the markets and to
5th 1994 measures to abolish the imbalances in the economy. The same year the
decrease demand Turkish economy shrank at the rate of 6.1% under the
influence of the economic crisis and of the tight monetary
and financial policies covered by this program.
The growth rate in 1995 In contrast to all the developments observed in 1994,
was 8.1%. forecast for 1995 according to which the economic activity
would increase proved to be right and the growth rate (real
rate of increase in GNP) was 8.1%. The per capita income in
1995 increased at a rate of 22.9% and reached 2,685 US
dollars.
Inflation lowered to In 1995, positive developments were observed in the
70%. economy. The general economic policies in 1995 were
formulated within the framework of structural measures
maintaining tight monetary and financial policies, which
were in conformity with the Stand-by agreement signed with
the IMF. The rate of inflation which fell to approximately
70% was much lower than in 1994.
The ratio of Public It was attempted to remove the imbalances experienced in
Sector Borrowing the economy with increasing budget and balance of payments
Requirement to GNP deficit, and domestic and foreign debt stocks. In 1994, the
decreased to 6.1%. ratio of Public Sector Borrowing Requirement (PSBR) to the
GNP was 8% and it is projected that this rate will drop to
6.1% in 1995.
The ratio of the Likewise, the ratio of the domestic debt stock to the GNP
domestic debt stock to was 20% in 1994 and was reduced to 17.8% in 1995. In 1994,
GNP decreased to 17.8%. with the tight monetary policies put into practice with the
April 5th Decisions, the international credibility of
Turkey increased and the domestic borrowings that were
obstructed in the crisis environment started along with
restored stability in the financial markets in 1995 to be
made again under desired condition ( long terms and lowest
possible interest rates).
MAIN ECONOMIC INDICATORS
(continued)
THE REAL ECONOMY
The production of the The production of the agricultural sector that had
agricultural sector decreased by 1% in 1993, was only reduced by 0.6% in 1994.
increased by 2.6%. Within the agricultural sector, while a decrease was
observed in the value added in the production of the
farming, animal husbandry and forestry sectors, the value
added in the production of fishery products recorded a
growth, just as it had done in the previous years. The
production of the agricultural sector grew by 2.6% in 1995.
The share of agricultural production within the real GNP,
did not change much and attained 14.1% in 1993, 15% in 1994
and 14.9% in 1995.
The production of the Significant increases were recorded in 1995 in the added
manufacturing industry value of the industrial production. When we examine the
increased by 13.9%. production of the industrial sector by sub-items in 1995,
the sub-sector producing the best results appears to be the
manufacturing sector with an increase of 13.9%.
In 1995, the capacity utilization rates in the
manufacturing industry were realized at the average annual
level of 77.6%. This situation arose from the increase in
domestic and foreign demand that paved the way for an
increase in production.
The production of The production of the energy sector grew by 9.6% in 1995.
the energy sector
grew by 9.6% in The production of the construction sector which was
1995. influenced by the negative circumstances in 1994 showed a
decrease of 4.7% in 1995.
The service sector grew The service sector grew by 7.6% in 1995 as a result of the
by 7.6% rapid increase in economic activities.
in 1995.
Private final consumption expenditures which increased by
8.4% in 1993, decreased at a rate of 5.4% in 1994 and
increased by 7.6% in 1995.
While the public sector consumption expenditures increased
by 5.4% in 1993, they decreased by 3.5% in 1994 and rose
by 6.7% in 1995.
Gross fixed capital The gross fixed capital investments decreased in 1994
expenditures are under the influence of the negative developments in the
expected to increase by financial sector. However, they are expected to increase at
6.1%. a rate of 6.1% in the annual program of 1995.
The Wholesale Price The Wholesale Price Index was reduced to 64.9% in 1995, a
Index became 64.9% in lower level than the targets of the 1995 program.
1995.
The Consumer Prices The Consumer Prices Index increased by 78.9% in 1995 as
Index increased by compared with the end of 1994. As the Consumer Prices Index
78.9% in 1995. grew by 106.3% on a twelve- month average, this rate
decreased in 1995 and fell to 93.6%.
Civilian labour increased by 1.2% in April 1995 as
compared with April 1994 and reached 22.4 million.
The rate of unemployment was recorded at 7.2% in April
1995 and a higher rate of unemployment was observed in the
cities than in rural areas.
PUBLIC FINANCE
Public sector In 1995, the public expenditures increased by 91%, as
expenditures were compared with the previous year and reached TL 1,721
TL 1,721 trillion. trillion. The ratio of public expenditures to GNP was 23%
and the shares of the current investment and transfer
expenditures within the total public expenditures were 38%,
6% and 23%, respectively.
In Turkey, it is of great importance to monitor the course
of the Public Sector Borrowing Requirement, which is one of
the most significant indicators used in monitoring the
public sector developments and the deficits that are
arising to a great extent from the consolidated budget and
the State Economic Enterprises (SEEs).
While the increases in interest payments and personnel
expenditures as of 1991 were gradually increasing the share
of the consolidated budget within the Public Sector
Borrowing Requirement, the latter increased rapidly and was
one of the most important factors that led to the crisis
in the Turkish economy in 1994.
The ratio of the Public The ratio of the Public Sector Borrowing Requirement to
Sector Borrowing GNP decreased particularly with the decrease in the
Requirement to GNP consolidated budget and SEE financing requirements as a
decreased to 6.1%. result of the April 5th 1994 Stabilization Measures which
aimed to reduce the public sector deficits after the 1994
economic crisis. The most important factors in the
reduction of the consolidated budget deficit were the
cutbacks made in personnel expenditures, investment and the
increases in income obtained by means of additional taxes.
The Turkish public finance entered 1995 with such an aspect
and the consolidated budget deficit continued in 1995,
remaining the most important item of the Public Sector
Borrowing Requirement. The importance of the shares of the
deficits of SEEs, social security organizations and local
administrations within the Public Sector Borrowing
Requirement did not change. In 1995, as a result of GNP
increasing more rapidly than the Public Sector Borrowing
Requirement, it is expected to record a ratio of 6.1% of
the GNP.
The consolidated budget The consolidated budget deficit in 1994, due to the
deficit was cutbacks made in personnel and investment expenditures and
TL 152 trillion in the income obtained from additional taxes, was kept low at
1994. TL 152 trillion. The ratio of the consolidated budget
deficit to GNP in 1995 was 4.1%.
The consolidated budget The target consolidated budget deficit anticipated to be
deficit was TL 198 trillion for 1995 was raised to TL 306 trillion
TL 317 trillion in through a supplementary budget in order to cover public
1995. expenditures for the general elections in the fourth
quarter of the year, the collective labour contracts
creating social reconciliation which had not been signed
for a while, and the improvements in public salaries and
wages. At the end of 1995 the budget deficit reached TL 317
trillion.
The Consolidated Budget The Consolidated Budget Revenues were of TL 1,404
Revenues were TL 1,404 trillion in 1995 increasing by 88% over the previous year
trillion and the and the Consolidated Budget Expenditures reached TL 1,721
Expenditures were TL trillion with an increase of 92%. After these developments
1,721 trillion. in the Consolidated Budget Revenues and Expenditures, the
ratio of the Consolidated Budget Deficit to GNP increased
from 3.9% in 1994 to 4.1% in 1995.
The domestic debt stock As to the situation of the domestic debt stock at the end
reached of 1995, it can be observed that it rose to TL 1,361
TL 1,361 trillion. trillion with an increase of 75% as compared with the
previous year. The share of the state bonds within the
total domestic debt stock was 37%, the share of Treasury
Bills 46% and the share of Short-Term Advances at the end
of the year was 14%.
The fund system played a significant role in increasing
public sector deficits since 1989. As a result, the ratio
of fund deficit to GNP which was 0.5% in 1993 rose to
0.7% in 1994.
The number of funds within the scope of the budget fell to
58 in 1995 after the abolishment of the Value Added Tax
Fund. Due to privatization revenues and the cutbacks in
expenditures, the ratio of the borrowing requirement in the
fund system to the GNP gave an excess of 0.5% and its share
within the public sector borrowing requirements, that was
9% in 1994, is estimated to be 12% in 1995.
One of the most important reasons for the public sector
deficit is the deficit of the SEEs. The ratio of the SEEs
borrowing requirement to GNP decreased in 1994 and fell to
1.9%. This rate is expected to fall again to 0.9% in 1995.
The ratio of the SEE financing requirements to the GNP was
2.8% in 1994 and it was determined to be 2.0% according to
provisional data of 1995.
The ratio of transfers to the SEEs from the consolidated
budget to GNP was 1.7% in 1993 and it dropped to 0.6% in
1995.
The SEE losses that were of TL 109 trillion in 1994 are
expected to decline to TL 86 trillion in 1995.
MONETARY DEVELOPMENTS
Instability was The goods, services and money markets that were kept under
observed in the money control through the impacts of the April 5th Decisions
markets in the last taken in 1994, once again entered into deterioration due
months of 1995. especially to the instability and the increase in public
expenditures in the last months of 1995. These developments
also influenced the money markets.
The reserve money in 1995 reached TL 343,484 billion,
showing an increase of 85% as compared with the previous
year. The Central Bank credits showed an increase of 28.5%
over the previous year and reached TL 206,126 billion.
The money in The amount of money in circulation (M1) increased by 65.7%
circulation was in 1995 and attained TL 396.047 billion.
TL 396 trillion.
The foreign exchange Due to the environment of instability and economic crisis
deposit accounts in 1994, the dollar based foreign exchange deposit
reached 22 million US accounts displayed a decrease of 1.9% as compared with 1993
dollars. and they increased by 35.6% in 1995 over the previous
crisis year, reaching the record level of 22,195 million US
dollars.
The volume of credits which was TL 714,497 billion at the
end of 1994, increased by 119.4% at the end of 1995 and
amounted to TL 1,567,991 billion.
The Turkish Lira deposits recorded a nominal increase of
100.9% in 1995 and an increase of 36% in real terms,
reaching TL. 1,119,755 billion.
The interest rates In general, the interest rates during the summer months in
increased. 1995 were at the levels of 90-100%. The compound interest
rate at the end of the year rose to 240% and the Treasury
average bidding interest rate in December rose to 180%.
The maturity of The interest rates on domestic borrowing increased in the
domestic borrowing first quarter of the year and along with this, success was
decreased at the end of gained in extending the maturity of domestic borrowing.
the year. Although it had been possible at the beginning of 1995, to
get domestic borrowing in terms longer than three months,
in August the terms were shortened and in December the
average bidding terms fell to 85 days.
In the first nine months of 1995, the Treasury's running
into a high volume of domestic borrowing and using less
resources of the Central Bank hindered a significant
increase in domestic assets and thus it remained within
limits. In the meantime, the Central Bank checked the level
of liquidity by means of open market operations.
Taxes started to be The Central Bank of the Republic of Turkey, in an
collected from environment of monetary expansion in the last months of the
foreign loans. year, took new measures such as suspending the foreign
exchange purchasing transactions and taxing the foreign
loans of the private sector.
The forward foreign The political uncertainty in the final months of the year
exchange market was caused a rapid increase in the demand for foreign
established. currencies and paved the way for a high rate of increase in
the exchange rates. The foreign exchange reserves started
to decrease rapidly starting in November (14.7 billion US
dollars) and the Central Bank established the forward
foreign exchange market at the end of November to restrain
the demand for foreign currencies.
The ISE index exceeded The Istanbul Stock Exchange (ISE) composite index, that
40 thousand points. was at the level of 25,229 points at the end of January
1995, had a year end volume of transactions of TL 2,374,055
billion and the composite index reached 40,025 points.
The ISE average price / rate of gain (according to the 12
months cumulative profits) declined to 7.7% at the end of
October 1995 from the level of 11.8 at the end of October
1994. However, the total market values of the companies
realizing transactions on the ISE increased.
The Gold Exchange was In addition to the positive developments observed in the
opened. capital markets in 1995, the opening of the Gold Exchange
gave a fresh impetus to the capital markets. The aim of the
Exchange at the first stage is to channel a 15-20% portion
of the gold stocks into the economy.
The current account The current account balance, that revealed a surplus of
balance showed a 2.6 billion US dollars, displayed a deficit of 2.3 billion
deficit of 2.3 billion US dollars in 1995. The main reason for the deficit in
US dollars and the current account was the trade deficit that increased to a
balance of foreign large extent in response to the significant increases in
trade revealed a the balances of unrequited transfers and services. The
deficit of 14.1 billion trade deficit increased to 14.1 billion US dollars from 5.2
US dollars. billion US dollars in 1994.
The revenues of The revenues obtained from invisible services and
invisible items were unrequited transfers in 1995 rose to 20.6 billion US
20.6 billion US dollars dollars and the expenditures were of 9.7 billion US
and the expenditures dollars. Tourism revenues, that have a significant place
were 9.7 billion US within the invisible item revenues amounted to 5 billion US
dollars. dollars, increasing by 14% as compared with 1994. The
workers' remittances under the unrequited transfer revenues
rose to 3.3 billion US dollars in 1995.
Tourism expenditures were of 911 million US dollars in
1995, increasing by 45 million US dollars over the previous
year. The interest expenditures increased by 9.7% and rose
to 4.3 billion US dollars in 1995. The net unrequited
transfers, that were 383 million US dollars in 1994, were
of 1 billion US dollars in 1995.
Capital Account
The net capital inflow
was 4.7 billion US The total capital account in 1994 showed a deficit of 4.2
dollars. billion US dollars and in 1995, it had a surplus of 4.7
billion US dollars.
The Medium and Long-Term Capital Account. The net direct
investments (private foreign capital) that were 559 million
US dollars in 1994, reached 772 million US dollars,
increasing by 38% in 1995.
The use of medium and long-term credits attained 3.3
billion US dollars in 1994. In 1995, according to the first
eleven months data, it reached 3.4 billion US dollars. This
subject figure was 2.9 billion US dollars for the same
period in 1994.
The Short-Term Capital Account showed a deficit of 4.7
billion US dollars in 1994. In 1995, due to the
appreciation of the Turkish Lira in real terms and to the
relative increase in interest rates, the short-term capital
inflows into Turkey reached 2.3 billion US dollars.
Net International Net International Reserves, that were 16.5 billion US
Reserves rose to 23.9 dollars in 1994, rose to 23.9 billion US dollars with an
billion US dollars. increase of around 7 billion US dollars in 1995.
Foreign Debt Stock and Service. The foreign debt stock
that was 65.6 billion US dollars in 1994, reached 73.2
billion US dollars in 1995. The short-term debt stock rose
from 11.3 billion US dollars in 1994 to 15.7 billion US
dollars in 1995. The medium and long-term foreign debt
stock increased from 54.3 billion US dollars in 1994 to
57.6 billion US dollars in 1995. It is observed that the
public sector played a significant role in medium and
long-term debts. When the short-term debts are examined,
the debts of the commercial banks and the private sector
are in the forefront.
In 1995, a total of 9.9 In 1994, foreign debts of 9.3 billion US dollars were
billion US dollars repaid. Of that sum, 5.4 billion US dollars were used for
foreign debt payments principal and 3.9 billion US dollar for interest payments.
were realized with 5.7 In 1995, a total of 9.9 billion US dollars foreign debt
billion US dollars for payments were realized. Similarly, 5.7 billion US dollars
principal and 4.3 were used for principal and 4.3 billion US dollars for
billion US dollars for interest payments.
interest payments.
The reserve account had The Reserve Account had a surplus of 206 million US
a surplus of 4.7 dollars in 1994.
billion US dollars.
In spite of the deficit in the trade balance in 1995, the
reserve account had a surplus of 4.7 billion US dollars as
a result of the considerable amount of capital inflow into
the country.
TURKEY'S FOREIGN TRADE IN 1995
GENERAL
Exports rose to 21.6 In 1995, our exports recorded an increase of 19.5% as
billion US dollars compared with the previous year and reached 21,6 billion US
and imports reached dollars. Our imports, with an annual increase of 53.4%,
35.7 billion US amounted to 35,7 billion US dollars.
dollars.
These increases observed in exports and imports brought
with them an increase of 38.6% in our volume of foreign
trade which attained 57,3 billion US dollars.
The ratio of The ratio of exports to imports was of 60.6% at the end
exports to imports of 1995.
was 60.6%.
BALANCE OF FOREIGN TRADE($
Thousand)
1994 1995 Change %
Exports 18.105.175 21.636.474 19,5
Imports 23.270.018 35.707.516 53,5
Balance -5.164.843 -14.071.042 172,4
Ex./Im (%) 77.8 60.6
The balance of foreign trade at the end of 1995 is given
cumulatively by months in the table below.
MONTHLY CUMULATIVE BALANCE OF
FOREIGN TRADE($ Million)
Months 1994 1995 Change %
January -841 -547 -35,0
February -1.400 -1.280 -8,6
March -2.061 -2.098 1,8
April -2.553 -3.222 26,2
May -2.781 -4.303 54,7
June -3.183 -5.514 73,2
July -3.211 -6.600 105,5
August -3.584 -8.044 124,4
September -3.785 -9.360 147,3
October -4.174 -10.636 154,8
November -4.764 -12.151 155,0
December -5.164 -14.073 172,5
In the last two months of 1995, general elections
scheduled early and short-term expectations in the money
and commodity markets, created an increase of 20.8% in
imports in the last month of the year over the previous
month. After the Customs Union, the imports in December, as
opposed to the course observed in the other months of the
year, displayed an increase at a significant rate.
EXPORTS
The increase in Exports increased by 19.5% from 1994 to 1995 and went up
exports was 19.5%. from 18.1 billion US dollars to 21.6 billion US dollars.
1994-1995 EXPORTS - MONTHLY AND
CUMULATIVE ($ Million)
MONTHLY CUMULATIVE
MONTHS 1994 1995 Change % 1994 1995 Change %
I 1,313 1,550 18,1 1,313 1,550 18,1
II 1,194 1,551 29,9 2,506 3,100 23,7
III 1,320 1,656 25,4 3,826 4,756 24,3
IV 1,233 1,861 50,9 5,059 6,617 30,8
V 1,220 1,504 23,3 6,278 8,121 29,3
VI 1,378 1,835 33,1 7,657 9,956 30,0
VII 1,578 1,790 13,4 9,235 11,746 27,2
VIII 1,517 1,748 15,2 10,752 13,494 25,5
IX 1,720 1,750 1,7 12,472 15,244 22,2
X 1,670 1,937 16,0 14,143 17,180 21,5
XI 1,658 2,059 24,2 15,801 19,239 21,8
XII 2,305 2,396 4,0 18,106 21,636 19,5
When 1995 exports are compared with the same months in
1994, the highest increases in exports are observed in
April with 50.9% and in June with 33.1%. Cumulatively, they
show an increase of 19.5% in 1995 over the previous year.
EXPORTS BY MAIN SECTORS ($
Thousand)
1994 Dist.% 1995 Dist% Change%
Agriculture 2.456.695 13,6 2.306.770 10,7 -6,1
Vegetable Products 2.142.845 11,8 2.084.642 9,6 -2,7
Animal Products 244.823 1,4 155.308 0,7 -36,6
Fishery Products 52.663 0,3 53.604 0,3 1,8
Forestry Products 16.365 0,1 13.216 0,1 -19,2
Mining and Quarrying 272.235 1,5 405.720 1,9 49,0
Products
Industry 15.376.244 84,9 18.923.984 87,5 23,1
Processed 1.765.071 9,8 2.214.078 10,2 25,4
Agricultural Products
Processed Petroleum 235.310 1,3 276.983 1,3 17,7
Products
Industrial Products 13.375.863 73,9 16.432.923 75,9 22,9
TOTAL 18.105.175 100,0 21.636.474 100,0 19,5
EXPORTS BY MAIN COMMODITY GROUPS ($
Million)
Exports of agricultural When the distribution of exports in 1995 is examined by
products decreased by sectors, the exports of agricultural products show a
6.1%. decrease of 6.1% as compared with 1994 and their share in
total exports declines to 10.7%.
Exports of mining and In the exports of mining and quarrying products, an
quarrying products increase of 49% was observed over 1994 and their share in
increased by 49%. total exports increased from 1.5% to 1.9%.
Exports of industrial The exports of industrial products that constitute 87.5%
products increased by of the total exports, depending on the relief from the
23.1%. economic crisis experienced in 1994 and the increase in the
total capacity utilization rates in the manufacturing
industry, benefited of the growth in production which was
reflected as an increase of 23.1%, amounting to 18.9
billion US dollars in 1995.
In the exports of the sub-sectors in the Agricultural
Sector, the exports of vegetable products which showed a
decrease of 2.7% reached approximately 2.1 billion US
dollars and their share in total exports was reduced from
11.8% to 9.6%. The exports of cereals within vegetable
products, recorded decreases reaching around 41% and the
greatest decrease was experienced for wheat at 74.4%. The
exports of pulses revealed an increase of 19.1% as compared
with 1994. The exports of beans within pulses showed an
increase and the exports of lentils recorded a decrease,
declining by 26.4%.
Exports of industrial The exports of industrial plants decreased by 30.5% in
plants decreased by 1995 and declined to 244.5 million US dollars. Significant
31%. decreases were experienced in the exports of tobacco
occupying an important place within this group. The exports
of cotton also showed a decrease of 86.6% and declined from
30.3 million US dollars to 4.0 million US dollars.
Fruit exports increased The fruit exports increased by 11.8% as compared with
by 12%. 1994 and reached 1.2 billion US dollars, raising their
share in total exports to 5.7%. Different levels of
increase were observed in the exports of products within
this group. The exports of hazelnuts, one of the
traditional export products, recorded an increase of 18.1%
as compared with 1994 and reached 586 million US dollars.
Exports of vegetables Partial increases were recorded in the exports of
increased by 3%. vegetables and their total exports reached 179.7 million
US dollars.
Increases exceeding 100% were recorded in the exports of
seeds and significant growth was obtained in the exports of
wild- vetch within this group.
Exports of live animals The exports of live animals displayed a decrease of 40.8%
and animal husbandry as compared with 1994 and attained 131.9 million US
products decreased by dollars. Increases in exports were experienced for untanned
37%. hides within the exports of hide and skin that is a
sub-group of the animal husbandry sector.
An increase of 1.7% was observed in the exports of fishery
products. Small increases were observed in the exports of
forestry products in the agriculture group.
Exports of non-metallic The exports of non-metallic quarrying products that form a
quarrying products sub-item of the exports of mining and quarrying products,
increased by 16%. recorded an increase of 15.8% and rose to 249.1 million US
dollars. The exports of magnetite displayed an increase of
around 10% and became 44.1 million US dollars. Increases of
10.7% were also recorded in the exports of unprocessed
borate.
Exports of mineral ores The exports of mineral ores amounted to 249.1 million US
increased by 188%. dollars, showing an increase of 187.5%. Significant
increases were recorded especially in the exports of chrome
and zinc ores.
Exports of processed The exports of the industrial sector constitutes 87.5% of
agricultural products total exports and is composed of three sub-groups. The
increased by 25%. share of processed agricultural products in total exports
rose to 10.2% and attained 2.2 billion US dollars. The
exports of processed petroleum products showed an increase
of 17.7% and amounted to 276.9 million US dollars.
Exports of industrial The exports of industrial products constituting 76% of the
products increased by total exports recorded an increase of 23% and reached 16.4
23%. billion US dollars.
Exports of food The exports of food products showed an increase of 19.5%
products increased by in 1995 and their share in total exports was 9%. The
20%. exports of canned meat and fish within this group displayed
an increase over 50% and attained 42.8 million US dollars.
Again, the exports of olive oil were of 120.6 million US
dollars, increasing 6-fold. The exports of milling products
within this group showed an increase of 50% over 1994 and
attained 380.4 million US dollars.
Exports of processed In the exports of processed tobacco products, 4-fold
tobacco products increases were obtained over 1994 and the exports of
increased 4-fold. cigarettes rose from 12.5 million US dollars to 37.4
million US dollars.
Exports of processed The exports of processed forestry products displayed a
forestry products decrease of 24.9% as compared with the previous year and
decreased by 25%. were the only group of products within the industrial
sector showing a fall. A decrease occurred in the exports
of sawn wood. Significant increases occurred in the
exports of processed textile fibers and the exports of
synthetic and artificial fibers reached the level of 103.6
million US dollars, rising by 28%. Growth was also
observed in the exports of processed petroleum products.
The exports of kerosene, diesel oil and fuel oil within
this group increased.
Exports of cement The exports of cement in 1995 declined by 3% and remained
decreased by 3%. at the level of 141.2 million US dollars. Portland cement,
that is one of the sub-products of this group, preserved
its feature of being in increase.
Exports of chemical The exports of chemical industry products also recorded an
industry products increase of 23.7% and rose to the level of 712.3 million US
increased by 24%. dollars. The exports of boric acid, exceptionally showed a
decrease of 6.5% as compared with 1994. An increase of 1%
was obtained in the exports of carbonate.
In the exports of medicine, a decrease of 31.3% was
observed in comparison with 1994. Decreases approaching 50%
were experienced in the exports of fertilizers as well.
Exports of rubber and The exports of rubber and plastic industry products showed
plastic industry an increase of 23.2% over 1994 and had a 2.5% share in the
products increased by total exports.
23%.
The exports of car tires showed an increase of 17.3% and
reached 209.7 million US dollars.
Exports of In spite of the serious problems experienced in the
hide and skin products sector, exports of hide and skin products increased by
increased by 7%. 6.7%. However, the exports of leather clothing items, which
form a significant portion of the sector, dropped partly.
Exports of forestry In spite of the fact that the exports of forestry products
products increased by increased by around 43%, their share in total exports
43%. remained low.
.
Exports of textile The exports of textile products, one of the important
products increased by sub-sectors of the industrial sector, recorded an increase
30%. of 29.8% over 1994 and attained 8.2 billion US dollars,
raising their share in total exports to 37.7%.
The exports of yarns from synthetic and artificial fibers
attained 340.4 million US dollars in 1995. The exports of
cotton yarns declined to 137.8 million US dollars with a
decrease of approximately 45% in comparison with 1994. An
increase of 75.5% was recorded for the exports of synthetic
and artificial textiles. It is thought that this fall
experienced in the exports of cotton yarns is arising from
the fluctuations in the prices of cotton which is the main
raw material of the textile sector.
The exports of knitted goods in 1995, that formed 16.9% of
total exports, showed an increase of 30% over the previous
year and reached 3.6 billion US dollars. The exports of
textile garments showed an increase of 44% and obtained a
10.2% share in total exports. Orienting towards trade mark
products in this sector will increase the chance of
exports.
Exports of glass and The exports of glass and ceramic products displayed an
ceramic products increase of 26.2% over 1994. Glassware as well as brick
increased by 26%. and tile exports are among the items showing an increase
within this group.
The greatest problem experienced in the exports of
products in the mining sector is the insufficient capacity
of the loading harbors and the very slow loading process.
If these problems are examined and solved within the
framework of regional policies, then this sector, having a
great market potential, will experience significant
increases in exports.
Exports of iron and The exports of iron and steel industry products which are
steel products among important export items displayed a small decrease in
decreased by 5%. 1995. The most important reason for this was arising from
the domestic consumption of bars and rods of iron and
steel, which form a large portion of the exports of the
sector. The exports of tubes (hollow profiles) of cast iron
showed an increase over 1994. Furthermore, among Turkey's
export markets Taiwan has preferred cheaper products of CIS
origin and China has pursued restrictive import policies
since the middle of 1993, and exporters have had
difficulties in unloading services at Chinese ports.
Exports of machinery The exports of machinery industry products amounted to
industry products 183.6 million US dollars in 1995, showing an increase of
increased by 30%. 30%. The exports of internal combustion engines and
refrigerators showed an increase of 34.5% and 53.5%
respectively.
Exports of The exports of electrical and electronic machinery and
electrical and equipment attained 914 million US dollars in 1995 with an
electronic machinery increase of 34%. The most important sub-products of this
and equipment group are radios and TV sets which registered an increase
increased by 34%. of 27.6%.
Exports of motor The exports of motor vehicles had a share of 3.8% in total
vehicles and exports with an increase of 62.3%. The exports of motor
equipment increased vehicles showed the greatest increase within this group.
by 62%.
EXPORTS BY SELECTED FOREIGN
CURRENCIES
Equivalent Foreign Equivalent $US
Currency (million) (million)
Foreign 1994 1995 Change % 1994 1995 Change%
Currencies
$US 10.785,8 12.047,9 11,70 10.785,8 12.047,9 11,70
DM 7.750,7 12.508,7 61,39 4.805,9 6.308,5 31,27
FF. 3.443,2 4.721,9 37,14 624,4 800,6 28,22
YEN 944,1 917,4 -2,83 9,3 9,9 6,45
FS 214,3 249,5 16,43 158,9 160,7 1,13
LIT 757.600,0 998.793,9 31,85 471,8 615,8 30,52
STROLL 440,7 565.9 28,41 677,3 889,8 31,37
List Total 17.533,4 20.833,2 18,82
In 1994, the US dollar equivalent of exports utilizing
seven foreign currencies had a share of 96.8% in total
exports. In 1995, the share of the exports with the dollar
equivalent of the same foreign currencies declined to 96.3%
in total exports. This situation showed the increase in
diversification towards other denominations of foreign
currency. However, the increase in exports recorded in US
dollars as an equivalent of selected foreign currencies
increased by 18.8% over the previous year.
EXPORTS BY COUNTRY GROUPS($ 000)
1994 1995 95/94
Country Groups Value Distributio Value Distributio Change%
n% n%
A.OECD Countries 10.757.843 59,4 13.223.104 61,1 22,9
1.EU Countries 8.635.306 47,7 11.077.941 51,2 28,3
2.EFTA Countries 276.890 1,5 293.754 1,4 6,1
3.Other OECD 1.845.647 10,2 1.851.429 8,6 0,3
Countries
B. Non-OECD Countries 7.348.029 40,6 8.412.777 38,9 14,0
1.European Countries 2.437.010 13,5 3.566.833 16,5 46,4
2.African Countries 842.668 4,7 1.065.492 4,9 26,4
3.North & South 116.709 0,6 136.186 0,6 16,7
America 2.050.305 11,3 2.050.395 9,5 0,0
4. Middle East Count. 1.504.574 8,3 1.154.438 5,3 -23,3
5. Other Asian Count. 396.763 2,2 439.433 2,0 10,8
6. Other Countries
Black Sea 1.636.527 9,0 2.425.439 11,2 48,2
Econ.Cooperat.
Economic Cooperation 752.067 4,2 910.992 4,2 21,1
Organization
Commonwealth of 1.412.196 7,8 2.065.924 9,5 46,3
Independent States
Turkic Republics 429.596 2,4 545.106 2,5 26,9
Organization of the 3.176.413 17,5 3.520.739 16,3 10,8
Islamic Conference
A total of 51.2% of our Constituting 61.1% of Turkey's total exports, exports to
exports was destined the OECD countries reached 14.1 billion US dollars,
for the EU countries. increasing by 22.9% in 1995. Similarly, exports to the EU
countries, having a share of 83.8% in Turkey's exports to
the OECD rose by 28.3% in 1995 as compared with the
previous year. On the other hand, in exports non- OECD
countries, the greatest increase (46.4%) was towards
European countries which had a share of 16.5% in the total.
In 1994, total exports to the Middle East countries rose by
11.3% and their share in total exports declined to 9.5% in
1995. Asian countries were the only country group that
displayed a 23.3% decrease in our exports in 1995.
The greatest The greatest export increase by selected country groups in
increase in exports 1995 was observed in exports to the Black Sea Economic
in 1995, by Cooperation countries and the Commonwealth of Independent
selected country States at 48.2% and 46.3% respectively.
groups, was to the
Commonwealth of
Independent States.
EXPORTS BY CONTINENTS ($ Billion)
CONTINENTS 1994 1995 Change%
Grand Total 18.1 21.6 19,5
Europe 10.8 14.3 32,1
Asia 4.6 4.4 -4,3
America 1.7 1.8 1,2
Africa 0.8 1.1 26,9
Oceania 0.04 0.05 29,2
A total of 66.2% of the From continents standpoint, the European continent
exports was to the received a 66.2% share of the total exports with 14.3
European continent. billion US dollars in 1995. Exports to this continent
displayed an increase of 32.1% in 1995. This figure is
above the 1995 total rate of increase in exports which was
19.5%. Europe was followed by increases in exports at very
low quantity to Africa (26.9%) and Oceania (29.2%).
EXPORTS BY SPECIAL COUNTRY GROUPS
($ Billion)
SPECIAL COUNTRY GROUPS 1994 1995 Change%
Arab Countries 2.43 2.54 4,7
Non EU Countries 2.84 2.99 5,3
Commonwealth of Independent States 1.42 2.10 47,8
Persian Gulf Countries 1.35 1.21 -10,0
Islamic Countries 3.05 3.26 7,1
North African Countries 0.72 0.90 24,2
OPEC Countries 1.82 1.76 -3,1
GATT Countries 12.92 15.85 22,6
Exports to former Exports to former Soviet Union Republics reached 1.99
Soviet Union Republics billion US dollars with an increase of 47.8%. In addition,
was 2 billion US exports to African countries went up to 900 million US
dollars. dollars, showing an increase of. 24.2%. A decrease of 10%
was recorded in the exports to the Persian Gulf countries
in 1995.
Exports By CountriesTOP TEN
COUNTRIES IN TURKEY'S EXPORTS ($ Million)
COUNTRIES 1994 Distribution 1995 Distribution Change
(%) (%) (%)
Germany 3934 21.7 5036 23.3 28.0
USA 1520 8.4 1514 7.0 -0.4
Italy 1034 5.7 1457 6.7 40.9
The Russian 820 4.5 1238 5.7 51.0
Federation
United Kingdom 889 4.9 1136 5.3 27.8
France 851 4.7 1033 4.8 21.4
The Netherlands 621 3.4 737 3.4 18.7
Saudi Arabia 609 3.4 470 2.2 -22.8
Belgium-Luxemburg 371 2.0 452 2.1 21.8
Spain 232 1.3 354 1.6 52.6
LIST TOTAL 10649 13073 22.8
GRAND TOTAL 18106 100 21636 100 19.5
LIST TOTAL / GRAND 59 60
TOTAL %
TOP TEN COUNTRIES IN TURKEY'S
EXPORTS (Distribution %)
A total of 23.3% of Germany maintained its position as the first destination
exports was destined for Turkey's exports in 1995 and, comprising 23.3% of the
for Germany. total exports, exports to Germany reached 5 billion US
dollars with a 28% increase over 1994. Although our exports
to the USA displayed a fall, they maintained their position
in the second place and had a value of 1.5 billion US
dollars. Exports to the Russian Federation recorded an
increase over 50% as compared with the previous year and
their share in total exports rose from 4.5% to 5.7%. The
exports made to France and the Netherlands, both in top ten
country group, increased by 21.4% and 18.7% respectively,
over the previous year and the largest decrease in the
exports to this group was observed in the case of Saudi
Arabia with 22.8%.
IMPORTS
Imports increased by Increasing by 53.5%, imports rose from 23.7 billion US
53.5%. dollars to 35.7 billion US dollars in 1995.
1994-1995 IMPORTS - MONTHLY AND
CUMULATIVE ($ Million)
MONTHLY CUMULATIVE
Months 1994 1995 Change% 1994 1995 Change%
I 2,154 2,097 -2,6 2,154 2,097 -2,6
II 1,752 2,283 30,3 3,905 4,380 12,1
III 1,981 2,474 24,9 5,887 6,854 16,4
IV 1,725 2,985 73,1 7,612 9,839 29,3
V 1,448 2,584 78,4 9,060 12,423 37,1
VI 1,781 3,046 71,1 10,841 15,469 42,7
VII 1,606 2,876 79,1 12,447 18,345 47,4
VIII 1,890 3,192 68,9 14,337 21,537 50,2
IX 1,920 3,066 59,7 16,257 24,604 51,3
X 2,059 3,212 56,0 18,317 27,816 51,9
XI 2,248 3,574 59,0 20,565 31,390 52,6
XII 2,705 4,318 59,7 23,270 35,708 53,5
IMPORTS BY MAIN COMMODITY GROUPS($
Thousand)
1994 Dist.% 1995 Dist.% Change%
Investment Goods 6.894.558 29,6 10.488.054 29,4 52,1
Consumption Goods 2.779.738 11,9 4.414.247 12,4 58,8
Raw Materials 13.595.723 58,4 20.806.710 58,3 53,0
TOTAL 23.270.019 100,0 35.709.011 100,0 53,5
Imports of investment According to data for 1995 by main commodity groups, the
goods increased by 52% share of investment goods in total imports increased by
and those of raw 29.4%, showing an increase of 52.1% over 1994, and reached
materials rose by 53%. 10.5 billion US dollars. The imports of raw materials
attained 20,8 billion US dollars with an increase of 53% as
compared with the previous year, and their share within our
total imports fell to 58.3%.
Imports of An increase of 58.8% was recorded in the imports of
consumption goods consumption goods at the end of 1995, and their share in
increased by 59%. total imports rose from 11.9% to 12.4%. With this increase,
the imports of consumption goods which reached 4,4 billion
US dollars, were the import group that showed the greatest
increase over the previous year.
IMPORTS BY MAIN COMMODITY GROUPS
(%)IMPORTS BY MAIN SECTORS ($ Thousand)
1994 % 1995 % Ch%
Agriculture 1.208.794 5,2 2.443.528 6,8 102,1
Mining&Quarrying Pr. 2.969.102 12,8 3.477.265 9,7 17,1
Industry 19.092.122 82,1 29.786.723 83,4 56,0
TOTAL 23.270.018 100,0 35.707.516 100,0 53,4
Imports of agricultural The greatest increase in imports by sectors in agriculture
products increased by with 102.1% in 1995. In spite of the fact that the imports
102%. of mining and quarrying products increased at a rate of
17.1% in 1995 over 1994, their share in total imports fell
from 12.8% to 9.7%.
Imports of industrial The imports of industrial products, which constitute 83.4%
products increased by of total imports, recorded an increase of 56% and rose to
56%. 29.7 billion US dollars.
Imports of vegetable The imports of vegetable products recorded an increase of
products increased by 101.7% and their share in total imports rose to 3.8%. The
102%. imports of cereals within vegetable products showed an
increase of 193.5%. This increase affected mostly the
imports of wheat, rice and tobacco. While the imports of
pulses showed an increase approaching 235%, their share in
total imports remained very low. Yet, significant increases
were observed in the imports of oil seeds. The imports of
industrial plants had a significant place in total imports
of agricultural products with 1.7%. The imports of animal
husbandry products showed an increase of 158.6% and the
imports of live animals increased to a significant extent.
Imports of hides and The imports of hides and skins revealed an increas in
skins increased by 65%. 1995. The decline in the animal husbandry sector in our
country is also negatively influencing the other industries
dependent on this sector. Nevertheless, these products
showed an increase in imports as a result of the measures
taken with the objective of protecting the dependent
industries and of directing the production to exports.
Products with added value were able to find export
opportunities.
Imports of forestry There were no similar developments for forestry products
products decreased by in the agricultural sector, since imports declined, while
19%. an increase in exports was recorded.
The imports of forestry products fell at a rate of 18.9%
as compared with 1994 and attained 121.7 million US
dollars.
Imports of Among products in the mining and quarrying group, the
non-metallic imports of non-metallic quarrying products which were of
quarrying products 77.5 million US dollars in 1994, reached the level of 112.8
increased by 46%. million US dollars, increasing by 46% in 1995 and their
share in total imports was 0.32%.
The imports of natural phosphates amounted to 21.5 million
US dollars just as they did in the previous year. The
imports of magnesite rose from 6.1 million US dollars to
15.4 million US dollars with an increase of 150.8%.
Similarly, the imports of asbestos rose from 9.2 million US
dollars to 12.3 million US dollars and showed an increase
of 33.3%.
Imports of mineral The imports of mineral ores went up from 54.8 million US
ores increased by dollars in 1994 to 121.1 million US dollars, with an
121%. increase of 120.9% and their share in total imports, as
compared with the previous year, rose from 0.24% to 0.34%.
The imports of iron ore reached 107.5 million US dollars,
increasing by 130.5% over the previous year. The imports of
other mineral ores attained 11.6 million US dollars,
increasing by 52.7%.
Imports of fuels The imports of fuels rose from 2.8 billion US dollars in
increased by 15%. 1994 to 3.2 billion US dollars in 1995 with an increase of
14.3% and their share in total imports mounted to 9%. In
the sub-groups of the fuels group, while a decrease of
31.6% was recorded in the imports of coal, the imports of
coke and crude oil experienced increases of 38.5% and
19.9% respectively.
Imports of processed In the industrial group, the imports of processed
agricultural products agricultural products increased by 75.4% over the previous
increased by 75%. year and rose from 1.03 billion US dollars to 1.8 billion
US dollars, and their share in total imports was 6.1%.
Imports of food industry products had an increase of 85.9%
going from 573 million US dollars to 1.1 billion US
dollars, and while their share in total imports was 2.5% in
1994, it became 3% in 1995.
Meat imports increased Among food industry products, the imports of meat increased
7.5 fold. at a rate of 686.3% and rose from 9.7 million US dollars to
76.5 million US dollars. The imports of fish increased from
157,000 US dollars to 901,000 US dollars, growing by
473.9%; the imports of milk rose from 9.8 million US
dollars to 15.2 million US dollars, increasing at a rate of
55.3%; the imports of butter went up from 5.2 million US
dollars to 6.9 million US dollars, increasing at a rate of
34.7%, and the imports of cheese rose from 3.1 million US
dollars to 5.6 million US dollars, rising by 79.2%.
The imports of animal and vegetable oil and fats ( other
than those derived of milk), which were of 344.3 million US
dollars in 1994, attained 477.7 million US dollars in
1995, increasing at a rate of 38.7%. The imports of sugar
which were of 208,000 US dollars, attained 188 million US
dollars, growing by 907.6%; the imports of sugar based
products that were of 10.1 million US dollars reached 11.4
million US dollars rising by 12.7%; the imports of fruit
juices that were of 3.7 million US dollars went up to 7.5
million US dollars, increasing at a rate of 103.2%; the
imports of canned fruit, that were of 548,000 US dollars
attained 1.5 million US dollars, rising by 167.7%; the
imports of suet, that were of 37.5 million US dollars
reached 71.9 million US dollars, increasing by 91.3% and
the imports of soybean oil, that were of 75.4 million US
dollars, increased at a rate of 14.1% and attained 86
million US dollars.
Imports of food In the imports of food industry by-products, an increase
industry by-products was recorded at a rate of 18.8% as compared with the
increased by 19%. previous year and their value which was of 85 million US
dollars in 1995, amounted to 101 million US dollars in
1995.
The imports of oil cake in this group, which were of 56.6
million US dollars, reached 60.6 million US dollars,
increasing by 7%. The imports of processed tobacco
products dropped from 53.4 million US dollars to 25.6
million US dollars, decreasing at a rate of 52.1% and the
imports of cigarettes were reduced from 32.7 million US
dollars to 2.4 million US dollars, decreasing by 92.6% in
1995.
Imports of processed The imports of forestry products went up from 117 million
forestry products US dollars to 276 million US dollars, rising by 135.6%.
increased by 136%. The imports of paper pulp in this group rose from 94.5
million US dollars to 225.4 million US dollars, growing by
138.1%.
Imports of fibers The imports of processed textile fibers rose from 200.3
increased by 68%. million US dollars to 336.9 million US dollars, increasing
at a rate of 68.2% in 1995.
Imports of processed The imports of processed petroleum products increased by
petroleum products 41% and rose from 974.3 million US dollars to 1.4 billion
increased by 41%. US dollars, and their share in total imports was 3.8%.
The imports of gasoline went up from 49.9 million US
dollars to 59.6 million US dollars, increasing by 19.6%;
the imports of jet fuel and similar products rose from 47.9
million US dollars to 69.7 million US dollars, growing by
45.3%; the imports of diesel oil went down from 98.1
million US dollars to 86.7 million US dollars, decreasing
by 11.7%; the imports of fuel oil, that decreased at a rate
of 4.6%, were reduced from 55.6 million US dollars to 53
million US dollars; the imports of lubricating oil, that
declined by 6.7%, decreased from 23.9 million US dollars to
22.3 million US dollars. The imports of petroleum gases
rose from 371.6 million US dollars to 522.4 million US
dollars, increasing by 40.6%.
Imports of industrial The imports of industrial products which were of 17.1
products increased by billion US dollars in 1994 rose to 26.6 billion US dollars,
56%. increasing by 55.7% in 1995 and their share in total
imports was 74.5%. The imports of the cement increased by
13.4% as compared with the previous year and rose from 11.7
million US dollars to 13.2 million US dollars. The imports
of clinker went from 1.5 million US dollars to 8.8 million
US dollars, rising by 492.5% and the imports of Portland
cement fell from 7.3 million US dollars to 1.5 million US
dollars, decreasing by 79.2%.
Imports of chemical The imports of chemical industry products increased by 62%
industry products and went up from 2.6 billion US dollars to 4.3 billion US
increased by 62%. dollars and their share in total imports was 12%. In
details, the imports of carbon black rose from 17.9 million
US dollars to 26.1 million US dollars, growing by 48%; the
imports of halogenized derivatives of hydrocarbons rose
from 43.5 million US dollars to 76.7 million US dollars,
increasing by 76.3%; the imports of monoacid and
derivatives increased from 101.8 million US dollars to
176.8 million US dollars, rising by 73.6%; the imports of
polyacids and derivatives went up from 49.5 million US
dollars to 116.3 million US dollars, growing by 134.8% and
the imports of amide-functioned compounds rose from 45.1
million US dollars to 87.6 million US dollars, increasing
by 94.2%.
Imports of rubber and While the imports of rubber and plastics industry products
plastic industry were of 1 billion US dollars in 1994, they rose to 1.78
products increased by billion US dollars, showing an increase of 77.4% in 1995
77%. and having a share of 5% in total imports.
The imports of artificial plastics went up from 762
million US dollars to 1.4 billion US dollars, increasing by
around 80% and the imports of natural rubber rose from 69
million US dollars to 135.5 million US dollars, recording
an increase of 97%.
Imports of hide and The imports of hide and skin products showed an increase
skin products of 32%. This increase affected mostly the imports of
increased by 32%. untanned leather and hides. The difficult situation in
animal husbandry negatively influenced this sub-product
sector.
Imports of forestry In spite of their getting a very small share in total
products increased imports, the imports of forestry products recorded an
by 60%. increase of 60%.
The imports of textile items, that constitute 5.2% of our
total imports, recorded an increase of 63% over 1994. In
addition to yarns from synthetic and artificial fibers and
cotton yarns, the increase in the imports of raw synthetic
and artificial textile cloth were influential in this
growth. The imports of glass, ceramic, brick and clay
roofing tile industry products recorded an increase of 60%
and reached 300 million US dollars.
Imports of iron and The imports of iron and steel industry products recorded
steel industry an increase of 47% over 1994 and reached the level of 3.5
products increased billion US dollars, and their share in total imports rose
by 47%. to 10%. Imports of high quality steel and flat products,
which have an important import share in this sector, were
encouraged by high domestic demand.
Imports of machinery The imports of machinery products represented
industry products approximately 16% of the total imports and obtained an
increased by 52%. increase of 52%. The imports of internal combustion engines
recorded an increase of 78% and their share in total
imports reached 1.1%. Again, the imports of textile weaving
machines showed an increase of 117% and reached 1.2 billion
US dollars.
Imports of The imports of electrical and electronic items showed an
electrical and increase of 21% and reached 2.1 billion US dollars, and
electronic equipment their share in total imports was 6%. This was influenced by
increased by 21%. the increase observed in the imports of radio and TV sets,
electric circuit breakers, communication equipment and
electrical cables.
Imports of motor The imports of motor vehicles and their parts recorded an
vehicles and their increase of around 68%. This surge was stimulated by
parts increased by uncertainties in the sector as to the exact impact of the
68%. Customs Union with EU.
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