ITO President Avdagiç: We Need to Set Import Targets

Striking Statements from İTO to Reduce Imports

The President of the Istanbul Chamber of Commerce (İTO), Şekib Avdagiç, emphasized the necessity to reduce the foreign trade deficit, stating, "We must shrink the foreign trade deficit; we cannot afford to enlarge it. Additionally, we cannot paint a realistic picture by merely tracking import and export figures. As we move into 2026, we should set import targets for Turkey," he said.

Export Target: 85-90 Billion Dollars

Avdagiç highlighted that the gap in merchandise exports is expected to be around 85-90 billion dollars. "We have been unable to cover the foreign trade deficit for the last 150 years. This is the source of many problems we face. Our exports are 85 billion dollars below our imports. If we increase exports by 10% and imports by 7%, this situation clearly creates a cyclical effect," he added.

Strategy to Close the Foreign Trade Deficit

Avdagiç stated that despite some challenges, service exports have maintained a certain level this year, expressing confidence in achieving the targets set by the President. "We will reach the targets for merchandise and service exports set by our President on January 3. Unless there is an extraordinary situation, these targets are realistic," he said.

Credit Accessibility Issues

The İTO President noted that the business community has reached a consensus on reducing inflation, emphasizing the need to increase credit allocation for SMEs. "Access to credit is a more critical issue than the cost of credit. Banks are under pressure due to the requirement to keep 60% of their deposits in TL," he said.

Market Reactions Expected

Avdagiç expressed that banks should introduce more flexible rules to avoid increasing credit costs. "Strict rules are causing a contraction in the market. The way to overcome this is to increase credit allocations," he called to the banks.

Attention Exporters!

During a conversation with a legume exporter at the Anuga Food Fair held in Germany, it was noted that 80% of exports are conducted through products sourced from abroad. Turkey must maintain balances before it becomes expensive in foreign currency," he warned sector representatives.