Turkmenistan’s trade sector development reflects the successful solution of the import substitution

According to the results of 2016 in industries, providing services, the highest growth rate of gross value added has been recorded in trade � more than 14 percent.

In 2016, as before, the trade industry, having maintained sustainable growth rates, accomplished the main task to provide the population's needs in a wide range of goods and services, exerting a significant influence on the production development. In 2016, the share of trade in the structure of the gross domestic product amounted to more than 10 percent (in 2015 � about 8 percent).

In general, the country's consumer sector budgeted more than 1.2 billion manats, which is almost 7 times higher than the annual plan. Particularly, according to the Ministry of Trade and Foreign Economic Relations it is two times more.

According to the State Committee of Turkmenistan on statistics, last year's retail turnover growth in the public trade sector amounted to 10.6 percent, while in private one � 17.5 percent.

According to the Ministry of Foreign Trade and Economic Relations, in 2016, in comparison with 2015 the total trade turnover, including wholesale, increased by 10 percent.

As to the external trade, a significant increase of export turnover has been recorded in supply of electricity � 16.7 percent, mineral fertilizers � 2.1 times, cement � 8 times, wool � 36.6 percent.

In 2016, compared to 2015, carpets and rugs have been sold abroad (in natural units) 19 times more. In agricultural product exports, the first for growth is the delivery of wheat � 2.3 times, fruits � 68.3 percent, extract of glycyrrhiza � 44 percent, vegetables � 21.6 percent.

Turkmenistan's import for 2016, compared to 2015, has decreased by 6.2 percent. The development of domestic production of import-substituting goods allowed to reduce the volume of certain products imported. Thus, over the mentioned time, the import of consumer goods decreased by 9.2 percent. The food import decreased by 20.4 percent.

Also the volume of furniture imports decreased by 20 percent. In our country, furniture production is mainly an area of private enterprises � members of the Union of Industrialists and Entrepreneurs of Turkmenistan.

In 2016, Turkmenistan supported foreign trade relations with 119 countries of the world, the main partners among them are Turkey, China, Iran, UAE, Russia.

Source: Turkmenistan State News Agency-TDH