Turkey: Foreign trade deficit decreases over 70 percent in January

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Turkey’s foreign trade deficit fell 72.5 percent to $2.5 billion in January over the same month of 2018, the state-run Anadolu news agency reported on Thursday based on official figures.

The country’s exports rose 5.9 percent year-on-year last month to reach $13.17 billion, according to the country’s statistics authority TurkStat.

Meanwhile, Turkish imports posted a significant decrease, down 27.2 percent to reach $15.67 billion in January, on an annual basis.

The exports-to-imports coverage ratio was 84 percent last month, up from 60.1 percent in January 2018.

In 2018, Turkey’s exports were $168 billion and imports $223 billion, creating a $55 billion foreign trade gap.

Turkey’s exports to the EU – making up over 50 percent of the country’s exports – rose 4 percent year-on-year to total $6.8 billion last month.

Exports to Asian and African countries were $3.2 billion and $1.2 billion, respectively, in January.

Meanwhile, Germany was Turkey’s top export market, with some $1.3 billion in exports.

It was followed by the UK with $937 million, Italy with $783 million and Iraq with $630 million.

Russia took the biggest share of imports to Turkey last month, with almost $1.7 billion.

China followed with $1.46 billion, Germany with $1.2 billion and the US with $696 million.

The manufacturing sector accounted for the lion’s share of total exports, at 93.4 percent, or $12.3 billion.

Agriculture and forestry exports (nearly $515 million) had a 3.9 percent share, while mining and quarrying exports’ share was 1.8 percent ($242 million).

The share of high technology products in manufacturing industry exports was 3 percent, while the export shares of medium-high and low technology products were 35.1 and 27.6 percent, respectively.

In August 2018, Turkey’s economy was hit by a currency crisis amid political tensions with the US, which led to a sharp depreciation of the lira to as much as 47 percent.

Since then, it has slightly rebounded from record lows, yet remains nearly 30 percent weaker than last year.

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1 COMMENT

  1. Simply put: if your money is half worth it whas 2 years ago, if economie is stagnating, work not available you have no money to import that much valuable goods and you must sell everything you have and this way the “trade deficit decreases” : you get poor. Forcing people to sell on prices that are not covering the costs only make maters worse= stopping production= less labor= lose of currency value= doing a Mao intelligenttrick: catching birds, insects, etc…. be forced to make your tools to scrap, spying your naibor, parents etc. Good luck Turkey

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