At a meeting evaluating export data for the first half of the year, TİM President Mustafa Gültepe announced the exporter's expectations for the dollar exchange rate. Gültepe stated, "The USD/TRY exchange rate should currently be 37 TL."
Mr. Mustafa Gültepe highlighted that Türkiye, particularly in labor-intensive sectors, has lost its competitiveness in exports. He stated, "In the past year, production costs have increased by over 100%, while the rise in the dollar exchange rate has remained at 25%. Therefore, we cannot meet price targets in many sectors."
Gültepe explained that during this period of shrinking demand, exports are caught in a vice of high costs and a low exchange rate. "Reaching our forecasted target of $267 billion for 2024 seems difficult. This year, we expect exports to remain between $264-267 billion. In the last quarter, we hope to achieve double-digit growth in exports with monetary policies that prioritize our competitiveness, combined with the psychology of lowering inflation," he said.
Gültepe emphasized the following points in his speech:
Removing Obstacles for Exporters: It is crucial to remove obstacles for exporters as soon as possible. Exporting is the most effective way to combat inflation without cooling the economy.
Strengthening Competitiveness: We expect the removal of barriers that weaken our competitiveness, slow us down, and take us out of the game.
Aligning Exchange Rates with Inflation: The exchange rate should move in parallel with inflation, with the gap between inflation and the exchange rate not exceeding 5 points.
Reducing Tax Burden on Raw Materials and Intermediate Goods: The tax burden on raw materials and intermediate goods that are not produced domestically or do not meet domestic demand should be reduced.
High Financing Costs: Access to finance has normalized in the last 1-2 months in terms of quantity, but financing costs are still very high.
Decreased Profit Margins: Profit margins have decreased, and some sectors are making sales at a loss to retain customers, leading to reduced working capital for companies. There has been a significant increase in the number of firms declaring bankruptcy.
