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Turkey Foreign Trade Deficit Widens

Turkey Foreign Trade Deficit WidensTurkey Foreign Trade Deficit Widens

Turkey’s foreign trade deficit rose 43.4% in May against the same month in 2016, the Turkish Statistical Institute said Friday. The monthly deficit was $7.3 billion as imports increased by 21.7% year-on-year to $20.9 billion while exports went up 12.5% to $13.6 billion, Anadolu Agency reported. In the first five months, exports rose 9.5% to $64.3 billion whereas imports rose 11.2% to $89.1 billion compared to the same period last year, TurkStat said. The deficit during January-May was $24.8 billion, a 15.7% increase on the same period in 2016. Exports to the EU increased by 4.4% to $6.13 billion in May, up from $5.8 billion in May 2016. Germany was Turkey’s largest export market with $1.24 billion in May, followed by the UAE with $1.04 billion, US with $858 million and Iraq with $831 million. Most imports came from China ($1.93 billion) followed by Germany ($1.82 billion), Russia ($1.45 billion) and US ($1.16 billion).

 

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