THE GAP

FOR­EIGN TRADE DEFICIT SHRINKS, FIGURES SHOW

Dünya Executive - - OVERVIEW -

Turkey’s for­eign trade deficit dropped sharply in June, the Turk­ish Sta­tis­ti­cal In­sti­tute (TurkS­tat) an­nounced on July 31. TurkS­tat said last month the fig­ure fell 42.5 per­cent to $3.17 bil­lion year-on-year, down from $5.5 bil­lion in June 2018.

The coun­try’s ex­ports ($11.08 bil­lion) and im­ports ($14.26 bil­lion) in June both dropped, by 14.3 per­cent and 22.7 per­cent, re­spec­tively, on a yearly ba­sis. The ex­ports-to-im­ports cov­er­age ra­tio rose to 84.9 per­cent last month, up from 66.8 per­cent the pre­vi­ous June.

Mean­while, the coun­try’s ex­ports in the first half of 2019 rose 1.2 per­cent to reach $83.7 bil­lion and im­ports dropped 19.8 per­cent to $98.56 bil­lion. The first half’s for­eign trade gap nar­rowed 63.6 per­cent to $14.85 bil­lion, down from a $40.8 bil­lion deficit in the same pe­riod last year.

July pre­lim­i­nary ex­ports figures in­di­cate 8.3 per­cent rise At the end of ev­ery month, TurkS­tat re­leases the fi­nal for­eign trade figures for that month, as the Trade Min­istry an­nounces pre­lim­i­nary gen­eral trade sys­tem data in the first week of ev­ery month. Turkey’s ex­ports surged 8.32 per­cent to reach $15.96 bil­lion in July, said Trade Min­is­ter Ruh­sar Pek­can on Au­gust 2. The fig­ure un­der the gen­eral trade sys­tem makes July 2019 the best-per­form­ing July in the coun­try’s ex­port his­tory, she said.

In the same month, Turkey’s im­ports amounted to $19.3 bil­lion, down nearly 8 per­cent on an an­nual ba­sis. “De­spite global de­vel­op­ments, Turkey con­tin­ues to raise ex­ports thanks to gov­ern­ment ac­tions and ex­porters’ ef­forts,” Pek­can stressed.

For cal­cu­lat­ing for­eign trade data, two dif­fer­ent meth­ods are used - the spe­cial trade sys­tem and the gen­eral trade sys­tem. Cal­cu­la­tions based on the spe­cial trade sys­tem do not in­clude free zones or cus­toms ware­houses. The gen­eral trade sys­tem is a wider con­cept, in­clud­ing cus­toms ware­houses, all types of free zones, free cir­cu­la­tion ar­eas, and premises for in­ward pro­cess­ing.

In July, the trade deficit dropped by 46.54 per­cent to $3.33 bil­lion, on an an­nual ba­sis, Pek­can said. She stressed the rate of ex­ports meet­ing im­ports reached 82.7 per­cent in July, up from 70.3 per­cent the pre­vi­ous July.

Ger­many, the UK and Iraq were main des­ti­na­tions for Turkey’s ex­ports, she noted. “In July, our ex­porters suc­ceeded in reach­ing 212 mar­kets,” the min­is­ter said.

The trade min­is­ter said that Turkey’s ex­ports also rose by 3.07 per­cent to $104.2 bil­lion in the first seven months of the year. The trade deficit in the first 7 months was $25.5 bil­lion, Pek­can said. The min­is­ter also said that us­ing the Turk­ish lira in in­ter­na­tional trade in­creased in July to TRY 11.8 bil­lion ($2.1 bil­lion).

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