World Economy

Turkey Exports, Imports Sink Deeper

Turkey Exports, Imports Sink DeeperTurkey Exports, Imports Sink Deeper

According to data released by the Turkish Statistical Institute (TUIK) on Tuesday, Turkey’s exports decreased by 18.8% to $11.11 billion and its imports fell by 14.4% to 17.86 billion in May 2015 compared with the same month of the previous year.

Despite the foreign trade deficit decreasing by 6.1% in May from $7.19 billion to $6.75 billion when compared on annual basis, this number was still the highest figure of foreign trade deficit in 2015, NewsNow reported.

Compared with the previous month, exports decreased by 13.6% while imports remain the same. In comparison with May 2014, exports decreased by 16.4% while imports decreased by 11.4%.

Exports to the 28 countries of the European Union decreased by 21.3% on an annual basis.

Germany was the main destination for Turkey’s exports with $1.16 billion, followed by the UK with $689 million, Iraq with $658 million and Italy with $507 million.

China led Turkey’s import list with $1.93 billion, followed by Germany with $1.84 billion, Russia with $1.78 billion and the US with $1.61 billion.

In May 2015, the top country for Turkey’s imports was China ($1.935 billion) followed by Germany ($1.846 billion), Russia ($1.785 billion) and USA ($1.61 billion).

Manufacturing industries covered almost all exports in Turkey with 92.8% share, of which 3.5% was high technology and 31.5% was medium-high technology products.

Four of five import products were manufacturing industries’ goods with 80.4% share in May, of which 15.7% was high technology and 44.7% was medium-high technology products.