Events between June 1 and August 1

During these two months, significant changes have occurred in the Turkish economy. Here are some important developments that closely affect our sector:

An Increase of 30% in the Dollar Exchange Rate 

The 30% increase in exchange rates had a direct impact on import and export costs. The rise in the dollar increased the cost of imported products, which in turn led to price increases in the domestic market. It also caused companies with foreign currency debt to face payment difficulties. As a result of these effects on foreign trade companies and industrial companies, imports are expected to decrease and the number of containers coming to Turkey is expected to fall. This may create a slight shortage of containers in the coming months. 

A 15% Increase in Ship Fuel (Bunker) Prices: 

The 15% increase in ship fuel prices used in maritime transportation costs caused BAF quantities in the container market to rise. Hence, it increased maritime transportation costs and affected companies in the transportation sector. This was reflected on consumer prices and inflation in the domestic market. In addition, a slight increase in sea freight rates is expected due to the damage caused by the typhoon in China.

88% Increase in Diesel Prices: 

This increase in diesel prices pushed the domestic transportation market up by 60%. The transportation sector was faced with these high costs and this cost increase was reflected in the final product prices. The increase in domestic transportation prices is also expected to affect exporters' bids when they are making export offers.

As a result of all these increases, the amount of containers handled in Turkey increased by 4% in June compared to the previous month, while in July there was a drop in demand and the market stagnated.

These changes have had a significant impact on the Turkish economy and the trade sector, increasing domestic market costs. The stagnation in the market is expected to continue in the coming quarter.