Foreign trade gap almost halved in July

Foreign trade gap almost halved in July

ANKARA-Anadolu Agency
Foreign trade gap almost halved in July

Turkey's foreign trade gap in July dropped to almost half the figure from the same month last year, the country's statistical authority announced on Aug. 28.

The country's foreign trade deficit totaled $3.2 billion last month, down from $6 billion in July 2018, Turkish Statistical Institute (TÜİK) said.

Turkish exports rose 7.8% year-on-year to hit $15.2 billion, while imports totaled $18.4 billion, falling 8.5% during the same period.

"In July 2019, exports coverage imports was 82.6%, while it was 70% in July 2018," it added.

Data showed that Germany remained Turkey's main export market last month, with $1.4 billion in Turkish goods going there.

"The country was followed by the U.K. with $1 billion, Iraq with $770 million, and France with $741 million," TÜİK said.

During the same period, Russia was the top source for Turkey's imports with $2 billion, followed by Germany ($1.8 billion), China ($1.7 billion), and the U.S. ($1.3 billion).

7-month figures

In January-July, Turkey's exports totaled nearly $99 billion, rising 2.7% on a yearly basis.

In contrast, imports saw an annual decline of 18.3% to $117 billion in the first seven months of the year.

The country's foreign trade balance was in a deficit of $18.1 billion from January to July, slipping 6.4% year-on-year.