Turkey fears $3bn Exports Loss

By John Lee.

Turkey’s Economy Minister, Nihat Zeybekçi, has said the ongoing crisis in Iraq could result in a $3 billion decline in Turkish exports to Iraq by the end of the year.

After the Islamic State of Iraq and the Levant (ISIS, ISIL )seized Mosul in June, exports from Turkey began to decline dramatically.

According to Today’s Zaman, The Turkish Exporters Assembly (TİM) announced on Friday that exports to Iraq plummeted by 46 percent in July on a year-to-year basis, following a 21 percent year-on-year decrease in June. Prior to June, Iraq was Turkey’s second-largest export partner, but it dropped to third in June and further down to fifth place in July.

On June 10, the ISIS stormed the Turkish Consulate in Mosul and took 49 hostages.

While 2,000 trucks typically entered Iraq through the Habur border gate prior to the IS crisis, only 500 to 600 are currently making the crossing. Most trucks were loaded with goods headed to the south of the country, but key routes for southern-bound trucks have been shut down due to IS, which also held more than 30 Turkish truck drivers hostage in June.

(Source: Today’s Zaman)

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