World Economy

Turkey Trade Deficit Narrows

Turkey Trade Deficit NarrowsTurkey Trade Deficit Narrows

Turkey’s foreign trade deficit decreased by 16.3% in April, from $5.024 billion during the same month last year to $4.207 billion, according to provisional data from the Turkish Statistical Institute, Turkstat, and the Ministry of Customs and Trade released on Tuesday.

Compared to April 2015, exports decreased by 10.2% to $11.983 billion and imports decreased by 11.9% to $16.19 billion. Exports-imports coverage increased from 72.7% to 74%, Anadolu Agency reported.

Seasonal and calendar adjusted exports decreased by 5.4% and imports decreased by 3.3%. Exports to the European Union increased by 7.5% from $5.268 billion to $5.665 million. The EU-28 share of total exports was 47.3% in April 2016, while it was 39.5% in April 2015.

In April 2016, the main destination of Turkish exports was Germany at $1.195 billion, followed by the UK at $838 million, Italy at $630 million and the US at $583 million.

China was the main source of imports at $1.831 million, followed by Germany at $1.814 billion, Russia at $1.150 billion and the US at $936 billion.

The share of industrial products of total exports was 93.7% in April, with high-technology products making up 3.9% and medium-high technology products making up 34.6% of manufacturing exports.

The share of manufacturing industries products of total imports was 84.6%, with high technology products making up 16.6% and medium-high technology products making up 46.8% of manufacturing imports.