Participation Instituions Contribute To Exports
Exports in Turkey have had a tremendous development in recent years. Looking at the latest data, we broke a newv record in the history of the Turkish Republic record with 207.5 billion dollars in 12-month exports. Undoubtedly, SMEs and participation finance institutions that support these enterprises have an important contribution in achieving this growth.
In 2020, 67% of the exports made in our country was in return for goods. As Kuveyt Türk, we respond to our customers' pre-shipment and post-shipment financing needs with our Advance and Final Export Financing product, which we launched earlier this year for our exporting customers.
In addition, I would like to underline that we are the first participation finance institution from Turkey to be accepted as a member of FCI, the umbrella organization of financial institutions providing guarantee and collection services for export receivables against goods. Thanks to the new product we offer under the name International Supply Chain Financing, we not only provide financing services to our customers who make export against goods, but we also provide guarantee to their receivables and offer collection services. As a matter of fact, according to the statistics published by TURKSTAT, at the end of 2020, SMEs realized 36.6% of total exports in 2019. We can state that the products and services offered by participation finance to its customers have a significant share in the export performance of SMEs.
At Kuveyt Türk, we prepare flexible and special packages that contain the services they require instead of standard packages, based on the different business practices and needs of each SME. In this context, we offer many products and services to commercial enterprises, from goods and services-based business finance to Eximbank's Short-Term Receivables Insurance, from Online Finance to Supplier Finance, from Leasing to Flexible Business Finance.
Executive Vice President of SMEs at Kuveyt Türk