Published On: Fri, Nov 30th, 2018

Turkey’s foreign trade deficit decreases by 94 percent in October 2018




Turkey’s foreign trade deficit decreases by 94 percent in October 2018

It is reported that Turkey’s foreign trade deficit decreased by 94 percent in October 2018 due to an increase in exports by 13 percent and a decrease in imports by 23.8 percent. Based on data provided by the Ministry of Commerce in cooperation with Turkey Statistical Institute, in October 2018, exports increased by 13 percent compared to the same month of the previous year and amounted to 15 billion 719 million dollars and imports decreased by 23.8 percent to 16 billion 176 million dollars.

Thus, foreign trade deficit decreased to US$ 456 million by 93.8 percent, in October 2018. On the other hand, the ratio of exports to imports increased from 65.6 percent in October 2017 to 97.2 percent in October 2018.

Exports to the European Union (EU-28) increased by 13.8 percent compared to the same month of 2017 and amounted to US$ 7 billion 825 million. The share of the EU in exports was 49.4 percent in October 2017 and it was 49.8 percent in October 2018.

Exports to Germany amounted to US$ 1 billion 457 million in October 2018, followed by the United Kingdom with US$ 1 billion 68 million dollars, Italy with US$ 877 million dollars and Iraq with US$ 852 million dollars.

As for imports Russia took the first place with US$ 1 billion 865 million in October 2018. This country was followed by Germany with US$ 1 billion 559 million, China with US$ 1 billion 366 million dollars and USA with US$ 883 million.

According to data provided the share of manufacturing industry products in total exports was 93.7 percent. The share of high-tech products in the exports of manufacturing industry products was 3.5 percent, while the share of medium-high-tech products was 36 percent.

The share of manufacturing industry products in total imports was 75.5 percent. In October, the share of high-tech products in imports of manufacturing industry products was 13.3 percent, while the share of medium-high-technology products was 42.8 percent.





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