ANKARA: Turkey’s foreign trade deficit of August fell to $ 4.68 billion, a decrease of 5.3 percent, according to data released by the Turkish Statistical Institute (TÜIK) on Friday.
Compared to the same month last year, Turkey’s export rate rose by 7.7 percent to $ 11.86 billion and imports rose by 3.7 percent to $ 16.55 billion. The export-import ratio of August 2015 was 69 percent, which rose to 71.7 percent this year. According to the seasonally adjusted series, the exports in August 2016 increased by 10.5 percent compared to the previous month; while the imports declined by 0.6 percent. Additionally, when the series is adjusted for calendar effects, exports increased by 4.9 percent compared to the same month last year and imports declined by 0.2 percent.
Furthermore, exports to the EU have risen by 13.9 percent and now make up 46.5 percent of the EU-exports share, while it was 44 percent in the same month last year. In August Turkey exported the most goods to Germany, worth $1.19 billion, followed by the UK, worth $921 million, Iraq, worth $108 million and the US, worth $606 million. Imports from China were the highest this month at $2.53 billion. Germany stood second place, with $1.73 billion, followed by Russia with $1.37 billion and Italy with $823 million.
