Turkey posts $4.3 bln trade gap in July

Turkey posts $4.3 bln trade gap in July

ANKARA-Anadolu Agency
Turkey posts $4.3 bln trade gap in July

Turkey's foreign trade deficit reached $4.3 billion this July, the country's statistical authority announced on Aug. 31.

The July figure was up 51.3 percent from the same month last year, the Turkish Statistical Institute (TÜİK) said in a statement.

Last month, Turkish exports hit $16.4 billion, rising 10.2 percent year-on-year, while imports jumped 16.8 percent to $20.7 billion.

The exports-to-imports coverage ratio slipped to 79.3 percent in July, versus 84 percent in the same month of last year.

Turkey's exports to its top trading partner Germany were worth nearly $1.5 billion last month, followed by the U.S. at $1.1 billion, Britain at $983 million, and Italy at $803 million.

In July, China was the number one source for Turkey's imports, amounting to $2.7 billion. Russia and Germany followed with $2.5 billion and $1.6 billion, respectively.

Manufacturing industry products dominated total exports with a share of 94.7 percent, followed by agriculture and forestry (2.6 percent), and mining and quarrying (2.1 percent).

The ratio of high technology products in manufacturing industry exports stood at 2.9 percent in July, while the shares of medium-high and medium-low technology products were 33 percent and 30.4 percent, respectively.

In January-July, Turkey's foreign trade deficit narrowed by 4.7 percent from last year to $25.5 billion.

The country's exports stood at $121.3 billion, up 35 percent, while imports totaled $146.8 billion, rising 25.8 percent during the seven-month period.