TURKEY’S FOREIGN TRADE DEFICIT FALLS 77.1 PERCENT IN SEPTEMBER
Turkey’s foreign trade deficit saw an annual fall of
77.1 percent in September, the country’s statistical authority announced on October 31. Last month, Turkey’s exports went up 22.4 percent year-on-year to $14.45 billion, while imports decreased by 18.3 percent to $16.3 billion.
In September, the country’s foreign trade deficit amounted to $1.87 billion, down from $8.17 billion in the same month last year. “In September 2018, exports coverage imports was 88.5 percent while in September 2017 it was 59.1 percent,” TurkStat said.
Official data showed that Germany was the top market for Turkish exports last month at $1.42 billion. “The country was followed by the U.K. at $1.05 billion, Italy at $816 million and Iraq at $719 million,” TurkStat said. The top country for Turkey’s imports was Russia at $1.7 billion in September followed by China ($1.5 billion), Germany ($1.4 billion) and the U.S. at $1.1 billion.
In the nine-month period, exports totaled $123.04 billion, an annual hike of 7 percent while imports were $174.16 billion, up 3.1 percent over the same period. As a result, Turkey’s foreign trade balance in JanuarySeptember posted a deficit of $51.1 billion - down 5.2 percent – compared to $53.9 billion over the same period last year.
Exports to Turkey’s major trade partner, the EU, totaled $61.9 billion, accounting for 50.4 percent of all exports, while the country’s imports from the bloc were $63.4 billion. The Near and Middle Eastern region was the second largest export market for Turkish products with some $21.5 billion followed by African countries with nearly $10.3 billion.
On the imports side, the EU was followed by Asian countries which sent products and services totaling $55.2 billion to Turkey.
In 2014, Turkey’s exports hit an all-time high of $157.6 billion, slightly higher than last year. Over the past five years, the highest export-to-import ratio on a yearly basis was recorded in 2016 at 71.8 percent while Turkey’s foreign trade deficit has fallen from $99.8 billion in 2013 to $76.8 billion in 2017.