TURKEY’S FOREIGN TRADE DEFICIT FALLS 93.8 PERCENT IN OCTOBER

Dünya Executive - - OVERVIEW -

Turkey’s foreign trade deficit in October fell 93.8 percent year-on-year, the Turkish Statistica­l Institute (TurkStat) announced on November

30. The country’s foreign trade deficit in October totaled $456 million, improving from $7.3 billion deficit a year ago.

Last month, Turkey’s exports hit $15.72 billion - up 13 percent on a yearly basis - while imports dropped to $16.17 billion, an annual decline of 23.8 percent. “In October 2018, exports’ coverage of imports was 97.2 percent, while it was 65.6 percent in October 2017,” TurkStat said.

Turkey’s top export destinatio­n partner was Germany at $1.46 billion last month followed by the UK ($1.07 billion), Italy ($877 million) and Iraq ($852 million). “In October 2018, the top country for Turkey’s imports was Russia at $1.86 billion followed by Germany at $1.56 billion, China at $1.37 billion and the U.S. at $883 million,” TurkStat said.

No change in imports in the 10-month period Turkey’s exports amounted to $138.7 billion in the 10-month period, marking an annual hike of 7.6 percent. Imports totaled $190.3 billion - almost no change compared with $190.2 billion in the January-October period last year. Consequent­ly, the country’s foreign trade balance showed a deficit of $51.6 billion in the 10-month period, falling 15.7 percent on a yearly basis.

The EU was the top trade partner of Turkey, with exports totaling $69.8 billion - 50.3 percent of all exports - and imports of $69.1 billion. Near and Middle Eastern countries, with some $27.3 billion, and African countries with around $11.6 billion were the other large export markets for Turkish products. On the imports side, the EU was followed by Asian countries with nearly $60.2 billion.

Over the past five years, the highest export-toimport ratio on a yearly basis was recorded in 2016 at 71.8 percent. Meanwhile, Turkey’s foreign trade deficit has fallen from $99.8 billion in 2013 to $76.8 billion in 2017.

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