Growth in exports brings Turkey out of doldrums

Turkish exports registered 5% growth in the first quarter of 2002 and 18% in March year-on-year, according to the Turkish Exporters Association. Haluk Akdogan, an analyst at SchroderSalomonSmithBarney (SSSB), says exports have become more important as domestic demand continues to struggle. In this light, the first-quarter growth in exports is all the more impressive. He says: 'The growth is off a low base, however following last year's banking and economic crisis, March 2001 was a poor month for exports, and manufacturing exports did not react positively to devaluation until May 2001. ...