Turkiye's president has announced a $225.4 billion export record for 2021, as the country's annual inflation rate reached 36.08 percent.

The largest rise was seen in exports to the US, said President Erdogan, adding that exports to the EU rose by 33 percent to $93.1 billion.
The largest rise was seen in exports to the US, said President Erdogan, adding that exports to the EU rose by 33 percent to $93.1 billion. (AA)

Turkiye's exports have hit an all-time high of $225.4 billion in 2021, with a 32.9 percent surge year-on-year. 

"Turkiye's foreign trade gap in 2021 narrowed by 7.8 percent from the previous year to $45.9 billion," President Recep Tayyip Erdogan said on Monday in a news conference in Istanbul.

The exports-to-imports coverage ratio climbed 5.8 points to 83.1 percent during the same period, the president stated.

The largest rise was seen in exports to the US, he said, adding that exports to the EU rose by 33 percent to $93.1 billion.

Turkiye has revised its 2022 export target to $250 billion, Erdogan also said.

"The economic data of the last two years clearly proves Turkiye's success," he stressed.

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Industrial production on record level

Citing the World Trade Organisation data, Erdogan said the volume of global trade in goods contracted by 5.3 percent in 2020.

"While all these were happening in the world, Turkiye was one of the two countries that closed the year 2020 with growth," he said.

Turkiye's industrial production index reached a record level of 143.6 with an 8.5 percent annual rise in October, Erdogan said.

"The manufacturing industry capacity utilisation rate, on the other hand, exceeded the pre-pandemic level and reached 78.7 percent as of December," said Erdogan.

Annual inflation

Turkiye posted a 36.08 percent annual hike in consumer prices in 2021, the highest in 19 years, the country’s statistical authority said.

In November, consumer prices posted an annual increase of 21.31 percent, according to TurkStat.

On a monthly basis, the inflation increased by 13.58 percent in December, up 3.51 percent from the November figure.

A group of 21 economists projected an average annual rise of 30.05 percent in consumer prices in December 2021, an Anadolu News Agency survey found last week. 

The economists had forecast monthly inflation for December to average at 8.54 percent, the survey revealed.  

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Source: AA