TURKEY BREAKS EXPORTS RECORD IN H1: TRADE MINISTER
Turkey’s exports hit a record high at $88.2 billion in the first half of 2019, the nation’s trade minister said on July 2.
“Despite the downward revisions in the global economy, especially in growth prospects of the most important Eurozone export market, Turkish exports rose 2.18 percent to $88.2 billion in the first six months of this year and set a record for the Turkish Republic,” Ruhsar Pekcan said in a statement.
Turkish imports fell by 20.3 percent on a yearly basis to reach $102.2 billion in the January-June period [based on the general trade system], according to data by the Trade Ministry.
Pekcan said Turkey’s foreign trade gap narrowed to $13.96 billion in the first half of this year. She also said the country’s foreign trade volume fell by 11.3 percent to $190.4 billion from January to June.
“The exports coverage ratio to imports reached 86.3 percent in the January-June period, up from 67.3 percent in the same period last year,” she noted.
Mentioning the slowdown in the global economy, trade wars, rising protectionism and possible no-deal Brexit, Ruhsar said: “Despite all these challenges, we expect Turkey to maintain its positive performance in exports throughout 2019.”
15 percent drop in June
In June, Turkish exports dropped nearly 15 percent year-on-year to $11.6 billion based on the general trade system, the ministry data revealed. The decrease stemmed from the nine-day Muslim holiday, Eid al-Fitr, Pekcan stated.
The country’s imports in June posted an annual decline of nearly 23 percent to $15 billion. Thus, the exports-to-imports coverage ratio was at 76.9 percent in June. Foreign trade deficit decreased 41.1 percent to $3.5 billion in the same period.