Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Turkey Targets $13 Billion in e-Commerce in 2018

Turkey Targets $13 Billion in e-Commerce in 2018

Monday, 26 February, 2018 - 13:30
Turkey aims to increase the volume of its e-commerce to $13.2 billion by the end of 2018. (AFP)
Ankara - Saeed Abdul Razek
Turkey aims to increase the volume of its e-commerce to $13.2 billion by the end of this year.

The country's e-commerce volume reached about $10.2 billion in 2016, according to the Informatics Industry Association (TUBISAD), which increased to $10.95 billion in 2017.

Market research company, eMarketer, stated that worldwide retail e-commerce sales reached nearly $2 trillion in 2016 and were estimated at $2.35 trillion for 2017, which is expected to reach $2.86 trillion in 2018.

The firm also indicated that global e-commerce rose 23.7 percent in 2016 and 22.9 percent in 2017.

Speaking to Anadolu Agency, Chairman of the Association of E-commerce Operators (ETID) Emre Ekmekci expected an increase of 30-35 percent in the sector this year. He said online shopping in Turkey has seen constant growth and will become an inseparable part of consumer life.

"Several retail trade firms had a digital transformation in Turkey. The digitization of retail trade will contribute to its growth and the development of the e-commerce culture in the country," he stressed.

E-commerce's share of the total trade sector in Turkey is 3.5 percent, he said, indicating that although e-commerce in Turkey is moving upward, this rate is below the world average.

Ekmekci told Anadolu that e-commerce sector workers will reach nearly 200,000 in areas such as digital marketing, information technology and logistics. He highlighted that electronics is the most favored category.

In other news, global ratings agency Standard & Poor's affirmed Turkey's sovereign rating at “BB” with a negative outlook.

The agency said any changes in external financial conditions could restrict Turkey's financial and corporate sectors’ ability to roll over large external debt.

"In addition, we could downgrade Turkey should monetary policy prove inadequate to curb inflation and currency pressures," the agency said in a statement.

S&P expects Turkey’s economy to grow by 4 percent this year and 3.2 percent next year.

Meanwhile, Turkey aims to regain its position in investment and execute several projects in Libya.

Speaking at the Libya-Turkey Investment and Development Conference in Istanbul, Turkey's Minister of Economy Nihat Zeybekci said Libya was one of the first few overseas destinations for the Turkish construction sector, which is now ranked second in the world.

He indicated that Turkey and Libya will work closely to finalize the projects carried out by the Turkish companies and to discuss implementing new ones.

“We are aware of all difficult circumstances in Libya and the victimization of Turkish contractors,” he indicated, adding that Turkish officials “will discuss with the Libyan government how to solve these problems and what can be done immediately.”

“The Libyan government should determine its priorities in these issues and then, we will do whatever we can,” he added.

Economic sectors in Libya have been suffering since the 2011 uprising, with most foreign investments leaving the country. Several investments suffered from losses, including Turkish ones.

Editor Picks

Multimedia