Turkmenistan diversifying exports

ASHGABAT (TCA) — In 2016, Turkmenistan has been increasing exports while satisfying the needs of the internal market by growing domestic production, Turkmenistan: The Golden Age state information website reported.

Turkmenistan’s export of energy increased by 17.4 percent, mineral fertilizers by 2.6 percent, and cement by 6.3 percent since the beginning of the year. The export of wool, carpets, fruits and vegetables, vegetable oil, wheat, and cotton fibre has also increased.

At the same time, the import of raw materials and goods reduced by 10 percent. The reduction of import volumes of raw materials, food and industrial goods has given an impulse to growing production of such items inside the country.

The private sector has increased the production as well. The enterprises of the Union of Industrialists and Entrepreneurs of Turkmenistan increased industrial production by 32.6 percent and agricultural and food production by 36.5 percent comparing with the same period of the last year.

The import substitution is becoming an efficient engine of the economy and its diversification, expanding the variety of goods in the internal market and export supplies.

In the meantime, an International Monetary Fund (IMF) mission which visited Ashgabat early in December said that Turkmenistan’s economic growth had slowed down as a result of external factors, although domestic non-hydrocarbon growth had been supported by credit and structural policies in support of diversification.

“The current account deficit is expected to widen significantly in 2016 as a result of lower energy revenues, and in spite of an active policy effort to substitute imports with domestic production, promote exports, and reduce public investment expenditures,” the IMF statement said.

Sergey Kwan

TCA

Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
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Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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