HOW DID TURKEY'S EU EXPORTS AFFECTED BY THE 2008 FINANCIAL CRISIS?

Authors : Yasin Kerem Gümüş

Pages : 39-60

Doi:10.18825/iremjournal.272583

View : 19 | Download : 12

Publication Date : 2017-03-13

Article Type : Research

Abstract :In this study it is aimed to examine the effects of financial crisis on Turkey’s exports to the EU at the time of financial crisis in 2008. For this purpose the financial crisis has been compared within the 5-year period before and after the crisis. The effects of the crisis on Turkey's trade volume is examined using econometric models. According to the results, before the financial crisis period (2003-2007) Turkey's exports increased in the motor vehicles sub-sectors; but sub sectors of meat and meat products, the textile and fertilizer wasn’t provided a sufficient level of development. On the other hand, after the financial crisis period (2008-2013) sub-sectors of meat and meat products, the printing industry showed improvement; but motor vehicles, iron and steel financial crisis experienced decline. In the analysis of the results, the period before the financial crisis experienced growth in both exports and imports of Turkey's foreign trade. The increase in the share of the EU's trade before the crisis made a positive effects on the relations between Turkey and the EU. The financial crisis affected Turkey’ exports to the EU in a negative way as a result of weakened the EU and axial dislocation in the trade relations.
Keywords : Customs Union, the 2008 Financial Crisis, Export, Turkey, EU