According to a study by Central Bank experts, 11 provinces affected by the February 6 earthquakes lost USD 2.1 billion in exports between February-September 2023.
The Central Bank investigated how the earthquake on February 6, 2023 affected the exports of the provinces in the region. According to the research covering 11 provinces, exports could not reach the previous year’s level in the 8-month period covering February-September 2023.
The study, which measured the impact of the earthquake on the foreign trade of the provinces in the region, stated that exports in the period in question decreased by 6.1 percent compared to the previous year.
In the study, which stated that there was a gradual recovery after the first shock, it was emphasized that the decrease, which started with 40 percent, decreased to 6 percent.
39.7 percent contraction in the first month
The Central Bank study by Ufuk Can as part of Economy Notes noted that there was a widespread loss of exports in the region. A 39.7 percent contraction was observed in February 2023, the month of the earthquake. In March, the contraction in exports dropped by 18.3 percent and gradually decreased by 6.1 percent month by month, reaching 6.1 percent in September, and in cumulative terms, the total decline was 14.6 percent and the total loss in exports was calculated as USD 2.1 billion.
In the research, it was calculated that Gaziantep, which realized the highest exports in the region, lost USD 925.6 million, Hatay USD 750.9 million and Kahramanmaras USD 300.8 million.
In the 8-month period covering February-September 2023, exports did not reach the previous year’s level and despite the gradual decline in exports, which recovered after the initial shock, the proportional decline remained at 6.1 percent and the amount was USD 2.1 billion.
“Diyarbakir, Adana and Elazig recovered quickly”
“In Diyarbakir, Adana and Elazig, it is observed that the earthquake-induced limited decline in exports was quickly compensated and exports exceeded the pre-earthquake levels with the effect of demand shifts,” the study said. It was pointed out that the compensation in Adana was realized quickly, reaching a total export increase of 7 percent in 8 months.
Mersin, which is close to the earthquake, came to the fore due to the demand shift and its export volume increased by 23.6 percent in the 4 months following the earthquake, the study said, adding that exports totaled 809.6 million dollars in the February-September period. On the other hand, it was emphasized that the effect of the demand shift gradually disappeared.