Foreign Trade News from Turkey

International Chamber of Commerce (ICC) releases Incoterms® 2020 10/09/2019

ICC has launched Incoterms® 2020, the newest edition of the renowned trade terms for the sale of goods, providing certainty and clarity to business and traders everywhere.

The Incoterms® rules were first introduced by ICC in 1936 to establish commonly accepted definitions and rules related to the delivery of goods between trading parners worldwide. Since then, ICC has periodically revised the Incoterms® rules to reflect changes in the international trade system. The 2020 edition launches during the organisation’s Centenary year.

More accessible and easier to use, Incoterms® 2020 includes more detailed explanatory notes with enhanced graphics to illustrate the responsibilities of importers and exporters for each Incoterms® rule. The introduction to Incoterms® 2020 also includes a more detailed explanation on how to choose the most appropriate Incoterms® rule for a given transaction, or how a sales contract interacts with ancillary contracts.

Incoterms® 2020 provides for demonstrated market need in relation to bills of lading (BL) with an on-board notation and the Free Carrier (FCA) Incoterms® rule. Incoterms® 2020 aligns different levels of insurance coverage in Cost Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP). Incoterms® 2020 includes arrangements for carriage with own means of transport in FCA, Delivery at Place (DAP), Delivery at Place Unloaded (DPU), and Delivered Duty Paid (DDP). There is a change in the three-letter name for Delivered at Terminal (DAT) to DPU. Incoterms® 2020 includes security-related requirements within carriage obligations and costs. On the release of Incoterms® 2020, ICC Secretary General John W.H. Denton AO said:

“Incoterms® 2020 rules make business work for everyone by facilitating trillions of dollars in global trade annually. Because they help importers and exporters around the world to understand their responsibilities and avoid costly misunderstandings, the rules form the language of international sales transactions, and help build confidence in our valuable global trading system.”

In line with ICC’s commitment to make technology work for all, access to essential information of the rules will be made easier than ever via a dedicated Incoterms® 2020 mobile application, which includes a wide variety of informative features, including latest news updates, event information and training opportunities.

ICC dedicated training sessions help ensure that the Incoterms® rules are appropriately applied. The ICC Academy, ICC’s dedicated e-learning platform, is offering Incoterms® 2020 training courses, as well as the Incoterms® 2020 Certificate. The online training includes interactive case studies that allow trainees to apply their understanding of the Incoterms® rules by simulating real-life work scenarios. The course content was written by leading experts to ensure consistency with ICC’s standards of excellence.

Incoterms® 2020 is available for purchase through ICC’s e-commerce platform: https://2go.iccwbo.org/. The 2020 edition is available in no fewer than 29 languages — from Estonian to Pashto with ICC’s worldwide network of offices offering translated versions, as well as training sessions and events, to benefit the understanding of users around the world.

Source:ICC Website

Foreign trade gap narrows 76.5% in May

28 Haziran 2019 

ANKARA-Anadolu Agency

Foreign trade gap narrows 76.5% in May Turkey's foreign trade deficit decreased significantly in May, according to the Turkish Statistical Institute (TÜİK) on June 28.

The figure fell 76.5% year-on-year to hit $1.84 billion last month, TÜİK said in a statement.

Turkey's exports went up 12.1% on a yearly basis to nearly $16 billion in May, while imports saw an annual decline of 19.3% to hit $17.8 billion.

The exports-to-imports coverage ratio rose to 89.7% last month, up from 64.6% in May 2018.

Germany was Turkey's top export market by country, receiving some $1.5 billion worth of Turkish goods, or a 9.2% share of total exports.

It was followed by Italy ($857,215), Britain ($853,008), and the U.S. ($784,188).

Russia had the biggest share of exports to Turkey last month, with almost $1.9 billion.

China followed with $1.6 billion, Germany with $1.6 billion, and the U.S. with $1 billion.

Figures in January-May

In the first five months of this year, Turkey's foreign trade balance had a deficit of some $11.6 billion, an annual decrease of 67%.

Turkish exports in January-May rose 4.9% compared to the same period last year to reach $72.7 billion.

Imports totaled $84.3 billion, down 19.3% during the same period.

Turkey's exports to the EU -- making up nearly half of the country's exports -- amounted to $35.7 billion from January to May.

Exports to Asian and African countries, the next-largest export markets for Turkish products, were $18.8 billion and $6.8 billion, respectively.

TÜİK data showed that manufacturing accounted for the lion's share of total exports, at 94.5% or $68.7 billion.

Agriculture and forestry exports ($2.1 billion) got a 2.9% share.

 

Confidence climbs in Turkey's economy

ANKARA-Anadolu Agency

Confidence in Turkey's economy improved on a monthly basis in June, the Turkish Statistical Institute (TÜİK) said on June 27.

The country's economic confidence index reached 83.4 this month, rising 7.6% from May, TÜİK said in a statement.

The rise stemmed from improvements in the consumer, services, retail trade, construction, real sector and real sector manufacturing industry confidence indexes.

"Consumer, real sector, services, retail trade and construction confidence indices increased to 57.6, 99.6, 85.4, 93.2 and 50.4 respectively in June," TÜİK said.

The services confidence index posted the highest rise among other sub-indexes, rising 7.5% month-on-month in June.

This was followed by the real sector and consumer confidence indices with 5.2% and 4.3%, respectively.

During the same period, the retail trade confidence index increased 3.7% and the construction confidence went up 1.3%.

"The economic confidence index is a composite index that encapsulates consumers' and producers' evaluations, expectations, and tendencies about the general economic situation," said the TÜİK statement.

The institute underlined that a total of 20 sub-indices are used in the calculation, with data collected in the first two weeks of each month.

A value above 100 shows an optimistic outlook for the general economic situation, while a value below 100, a pessimistic outlook.

Nearly 6,700 new companies launched in April

ANKARA-Anadolu Agency

Nearly 6,700 new companies launched in April In Turkey, some 6,693 companies were established in April, the top trade union of the country reported on May 17.

The Turkish Union of Chambers and Commodity Exchanges (TOBB) said the number of new company launches last month fell 20.85% year-on-year.

Official figures revealed that 1,098 companies with foreign partners were established in April.

"592 of these companies had Turkish partners, 73 had Iranian partners and 72 had Syrian partners," TOBB said.

The trade union also noted that 726 companies were closed in April, marking a 25.61% annual hike.

In the January-April period, the country saw 28,722 new company launches while 3,918 companies shut down.

Last year, more than 85,000 new companies were established -- up 17% from 2017 -- while some 12,500 companies went out of business.

On June 21, TOBB will release related figures for May.