Export growth is often read through a single number: more foreign-currency revenue. The new FX conversion support scheme puts a different question at the center: How much of that revenue actually creates value domestically?
Starting October 1, the amount of foreign currency eligible for support will be limited by the value added generated by the company, calculated through operating profit and labor costs. Suppliers exporting through intermediaries will also be able to receive support directly within their own limits.
The real shift is this: the incentive is moving from volume to economic value.
For example, an exporter generating TRY 40 million in annual operating profit and TRY 80 million in labor costs would have a value-added limit of TRY 120 million. At the current 3% support rate, this could translate into up to TRY 3.6 million in FX conversion support, provided the other conditions are met.
We see this as the macro-level equivalent of looking at ROI instead of ROAS: revenue can grow, but the quality of growth is measured by the value it leaves behind.
The question is: Is your export strategy optimizing sales volume, or the value your business actually creates?