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Jak Eskinazi: 2024 will be “A Year of Hope” for exporters and our country

Press release…

Aegean exporters, who brought Türkiye 42.6 billion dollars in foreign currency in 2023, described 2024 as “A Year of Hope”.

Speaking at the “2023 export performance evaluation and 2024 predictions meeting”, Jak Eskinazi Coordinator Chair of the Aegean Exporters’ Associations (EIB), said: “In 2024, our goal will be to maintain the current situation. However, maintaining the current level in 2024 will not be as easy as in 2023. The third and fourth quarters of 2024 will be a more hopeful period for exporters. 2024 will be ‘A Year of Hope’ for our exporters.”

Stating that they have different expectations in four quarters in 2024, Eskinazi explained, “The first quarter will be challenging due to local elections, high inflation, stagnation in the world economy and wars. In the first quarter, the pressure on exchange rates, the inability to open credit taps and the risk of not receiving foreign resources will continue. In the second 3 months, we expect a revival in these parameters. Movement in exchange rates and credit taps will begin. The increase in imports will also continue due to the pressure on exchange rates. We expect a relaxation in exchange rates and access to financing in the second quarter. The exporter will estimate the price with a hope and give a price accordingly. I see the third quarter of 2024 as a recovery period and in the fourth quarter, perhaps a period of slight profit making will begin.”

Chairmen of Aegean Exporters’ Associations

Pointing out that all this is the optimistic picture they have drawn for 2024, Eskinazi added, “I am not pessimistic. We saw from the beginning that 2023 would be such a year. As I have just stated, we see 2024 as a year of ‘hope’. We will both preserve the current situation and hope. There is no other choice. At the moment, everyone has a problem like protecting the current situation. In 2024, the exporter will relax a little. The year will start pessimistically, but there is relief at the end. If Turkey regains its lost exchange rate advantage, we can see our way forward more easily from 2025.”

“We anticipate that the export target of 302 billion dollars at the end of the medium-term plan will be easily realised. The economic picture may be bad. However, we do not lose hope,” Eskinazi concluded…

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