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Two powerful earthquakes struck Turkey and Syria within 12 hours on Monday, killing at least 4,000 people, with the death toll expected to rise. The magnitude-7.8 quake, which hit in the darkness of a winter morning, was followed by a second, 7.5 quake in the middle of the day on Monday, as rescuers in both countries were still attempting to search for survivors.
What is the impact of this earthquake?
Port of Iskenderun
The Port of Iskenderun is located in Turkey’s Hatay region, adjacent to the Mediterranean Sea. The port is a major hub for trade and commerce in the region, with the port serving as an important gateway for goods and services from Europe, the Middle East, and North Africa. Iskenderun is a major transit point for oil, gas, and other commodities, and is also a key destination for crude oil exports. The port is home to numerous industrial facilities, including power plants, shipyards, and other infrastructure. In addition, the Port of Iskenderun also provides a range of services, such as ship repairs, storage, and logistics. Iskenderun is also an important fishing centre, with the port’s fishing fleet catching a wide variety of species each year. Iskenderun is one of the largest ports in the region, and is an important asset to both the Turkish economy and the global economy.
Operations at the Port of Iskenderun have ground to a halt following the deadly earthquake that rocked Turkey and Syria on February 6, 2023. Turkey’s maritime authority said on Monday that the Iskenderun port located in the southern Turkish province of Hatay was damaged due to the quake. The port is currently closed until further notice as authorities assess the damage and make necessary repairs. Industry majors such as Maersk are rerouting its ships to nearby hubs within operational feasibility or holding them at transhipment ports – including Port of Mersin and Port Said.
Gaziantep
Gaziantep is a region located in the south-eastern part of Turkey, and is known for its rich cultural heritage, delicious cuisine, and dynamic economy. It is a major producer of agricultural products, with cereals, olives, cotton, fruits, vegetables, and grain crops all produced in abundance. The region also produces significant amounts of livestock, such as sheep, goats, cows, and poultry.
Gaziantep is an important manufacturing center, particularly in the automotive and food-processing industries. It is home to numerous factories that produce auto parts, leather goods, electronics, furniture, textiles, and home appliances. The food-processing industry produces a variety of items such as cheeses, olives, tomato paste, canned goods, jams, and pastries.
The region is also home to a vibrant wine-making industry, producing the renowned Öküzgözü and Boğazkere wines. These wines are increasingly exported to other regions of the world, and have become a cornerstone of the local economy. Gaziantep also exports minerals such as marble, granite, and gypsum, which are used in the construction industry.
The energy production sector is also important in the region, with several energy companies operating in Gaziantep. These companies produce electricity and natural gas, which is then distributed to the local population.
Malatya
Malatya Region is located in the eastern part of Turkey and is renowned for its agricultural products, such as fruits, vegetables, grains, and nuts. The warm climate of the region makes it an ideal place for cultivating various crops. Not only does the Malatya region produce agricultural goods, it is also well-known for its production of leather, textiles, and furniture.
In addition to its agricultural products, livestock is an important industry in Malatya Region. Sheep, cattle, and poultry are the primary sources of meat in the region. The region is also home to a number of mineral deposits, including lead, zinc, chrome, and boron. As a result, the region has a large mining industry, producing high-quality raw materials for the global market.
Malatya region is a great place to visit for its plethora of sights and activities. Tourists can experience the region’s rich culture and hospitality as well as its beautiful landscapes. Adventure-seekers can take part in outdoor activities, such as mountain biking, hiking, and horseback riding. For a more relaxing experience, visitors can explore the region’s many historical sites, including the ancient city of Malatya.
The region’s economic activity is largely dependent on the agricultural and mineral industries. The region’s farmers and miners are essential to the economy and provide essential jobs to the local population. The region’s government is currently working to diversify its economy by promoting tourism and creating new opportunities for businesses.
Adana
The Adana region of Turkey is a thriving hub of economic activity, boasting a range of industries that contribute to the development and growth of the region. Agriculture is the most prominent industry in the area, with a range of crops being cultivated and livestock farmed. In addition, the manufacturing industry is well-developed, with motor vehicles, building materials, textiles, and metal products all produced in the region. Lastly, the food and beverage industry is also significant, with a number of food-processing and beverage companies operating in the region.
Agriculture is the main economic activity in the Adana region, with the cultivation of grain, cotton, rice, olives, and grapes being particularly common. This agricultural production provides much of the region’s food and raw materials, with farmers and landowners often relying heavily on the sale of their produce. Furthermore, livestock is also a significant contributor to the economy, with the raising of goats, sheep, and cattle providing both food and raw materials for the region.
The manufacturing industry is also well-developed in the Adana region, with a range of products being produced. Motor vehicles, building materials, textiles, and metal products are all manufactured in the area, allowing the region to contribute significantly to the country’s exports. In addition to this, the area is home to a number of food-processing and beverage companies, making it a hub of activity for the food and beverage industry.
Overall, the Adana region is a thriving area in terms of economic activity, with agriculture, manufacturing, and the food and beverage industry all contributing significantly to the area’s economic growth. By relying on the production of crops and livestock, as well as the manufacturing of products and the processing and distribution of food and beverages, the Adana region has become a key player in the Turkish economy.
With this information, we hope to support our fellow Türkiye business owners in recovering their business.
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3 replies on “Economic Impact of Türkiye Earthquake”
[…] estimated 8.5% of Turkish exports and 6.7% of Turkish imports come from the earthquake-stricken southeast area. Economists, however, suggest that the earthquakes will likely have little effect on Türkiye’s […]
[…] Turkey adopted policies that favoured economic development and inexpensive credit at the cost of the currency and price stability, and as a result, inflation this year hit its highest level since President Recep Tayyip Erdogan assumed office almost 20 years ago. The rapid price hikes have been attributed by officials to rising commodity prices, which are partially due to Russia’s invasion of Ukraine, as well as other outside causes. Not to mention the recent Turkey earthquake. […]
[…] estimated 8.5% of Turkish exports and 6.7% of Turkish imports come from the earthquake-stricken southeast area. Economists, however, suggest that the earthquakes will likely have little effect on Turkey’s […]