The shrinkage in exports and foreign trade deficit gradually continue, in relation with the upsurge in currency in Turkey.
According to the provisional data, released by Turkstat in cooperation with the Ministry of Customs and Trade, imports dropped 18.2 percent to 15.95 billion dollars, while exports declined by 2.8 percent to 11.07 billion dollars, in August. Thus, the shrinkage in foreign trade deficit hit 40 percent level with 39.8 percent. In the same period, the foreign trade deficit fell from 8.11 billion dollars to 4.89 billion dollars.
Overall exports drops by 8.7 pct.
Accordingly, exports coverage imports which was at 58.4 percent in August 2014 rose to 69.4 percent in August 2015.
While Turkey’s overall exports dropped by 8.7 percent, the shrinkage in imports in the same period reached 11.5 percent and in foreign trade reached 16.9 percent.
Overall exports declined from 104.8 billion dollars to 95.67 billion dollars, and imports declined from 159.22 billion dollars to 140.92 billion dollars. Meanwhile, foreing trade deficit dropped from 54.43 billion dollars to 45.24 billion dollars.
According to Turkstat data, seasonally and calendar adjusted exports rose by 1.6 percent in August against previous month, while imports dropped by 9.5 percent. In the same period, calendar adjusted exports fell by 3.0 percent and imports fell by 18.3 percent compared to August 2014.
Furthermore, exports to the European Union fell by 3.4 percent to 4.87 billion dollars, despite the positive developments. The proportion of the EU countries was 44 percent in August 2015, while it was 44.3 percent in August 2014.
Main exports partner: Germany
The main partner country for exports was Germany with 1 billion 47 million dollars, followed by the United Kingdom with 825 million dollars, Iraq with 720 million dollars and the USA with 518 million dollars.
Top country for imports: China
The top country for Turkey’s imports was China with 1 billion 962 million dollars, followed by Germany with 1 billion 843 million dollars, Russia with 1 billion 554 million dollars and Italy with 828 million dollars.