TURKEY’S FOREIGN TRADE DEFICIT FALLS 93.8 PERCENT IN OCTOBER
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.