Export-Oriented Economy: Current Trends and Prospects

29 July 2022

The priorities of the economic strategy of any state are to enhance the export potential, to transform from an importer into an exporter of deeply processed products and to stably increase currency earnings. Turkmenistan is no exception. With the aim of fulfilling this task and ensuring state support in this sphere, the export promotion programme that is being implemented successfully has veen adopted.

Macroeconomic theory states that foreign trade is the major component of GDP. It is the excess of exports over imports that ensures the inflow of foreign currency in the economy and is the main factor contributing to sustainable economic growth. High economic growth is based on such factors as industrialisation, a favourable investment climate for local and foreign investors, access to sea routes and active support for exporters. In accordance with the Socioeconomic Development Programme, Turkmenistan is taking consistent efforts to transform itself into an industrial and export-oriented developed state.

Head at the Department, Directorate of the Study of Commodity Circulation in Internal and External Markets, Ministry of Trade and Foreign Economic Relations of Turkmenistan