Turkey’s foreign trade deficit increases by 54.2 percent to USD 5.7 billion in February

Based on provisional data gathered by Turkey Statistical Institute in cooperation with the Ministry of Customs and Trade, Turkey’s exports increased by 9 percent to USD 13 billion 176 million, and imports increased by 19.7 percent to USD 18 billion 936 million in February 2017 as compared to the same month of 2017. Thus Turkey faced an increase of 54.2 percent to USD5 billion 761 million dollars, in said month. The import coverage rate of exports dropped down to 69.6 percent in February 2018 whereas it was 76.4 percent in February 2017.

On the other hand exports to the European Union increased by 23.8 percent compared to the same month of the previous year and reached USD 6 billion 844 million. The share of the EU in exports became 51.9 percent in February 2018 as compared to 45.7 percent in same period last year.

Exports to Germany totaled up to USD 1.359 billion in February 2018, followed by Italy with USD 864 million and the UK with $ 840 million. Turkey’s exports to the USA were recorded as USD 666 million, in same period.

As for imports on the other hand, China ranked number one with USD 1 billion 863 million in February 2018. It was followed by Russia with USD 1 billion 812 million, Germany with USD 1 billion 663 million and France with USD 875 million dollars, in same period.

In the mentioned period, the share of industrial products in total exports was 93.7 percent.