Turkey’s exports to EU increases by 15 pct

Turkey’s exports to EU increases by 15 pct

ISTANBUL
Turkey’s exports to EU increases by 15 pct

Turkish exports to the European Union’s 28 member countries increased by 14.7 percent annually from $5.97 billion to $6.85 billion in July this year, the Turkish Statistical Institute (TÜİK) announced on Aug. 29.

The proportion of the EU countries in exports was 48.7 percent in July this year, while it was 47.4 percent in July 2017.

In July, the main partner country for exports was Germany with $1.294 billion. The country was followed by the United Kingdom with $1.009 billion, the United States with $850 million and Italy with $750 million.

The top country for Turkey’s imports was China with $1.975 billion. The country was followed by Russia with $1.886 billion, Germany with $1.691 billion and the U.S. with $1.122 billion.

Turkey’s total exports in July increased 11.6 percent and imports dropped 6.7 percent, while foreign trade deficit fell 32.6 percent year-on-year.

In July 2018, Turkish exports were $14.77 billion and imports were $20.59 billion, according to the provisional data produced with the cooperation of the TÜİK and the Trade Ministry. Foreign trade deficit was $5.982 billion.

In July, exports coverage imports was 70.2 percent while it was 58.7 percent in July 2017.

Seasonally and calendar adjusted exports increased by 5.1 percent while imports decreased by 1.3 percent compared with the previous month. Calendar adjusted exports increased by 10.5 percent while imports decreased by 9.4 percent compared with July 2017.

The ratio of manufacturing industries’ products in total imports was 78 percent. The ratio of high-technology products in manufacturing industries’ products was 13.5 percent in July 2018. The ratio of medium-high-technology products in manufacturing industries’ products was 42.8 percent.

The institute noted that from January to July this year, exports were $96.27 billion - up 7 percent on a yearly basis - and imports were some $143 billion with an annual hike of 10.2 percent.

According to the official figures, the seven-month trade balance showed a deficit of $46.75 billion, up 10.2 percent over the same period last year.

Turkish exports, Turkish economy, Trade Deficit