Turkey’s foreign trade deficit narrows further thanks to oil slump, recovery in EU markets
DHA photoTurkey’s foreign trade gap declined 18.9 percent to $32.8 billion in the first seven months of the year, mainly thanks to the continuing oil plunge and some recovery in the European Union, the largest market for the country’s exports.
The gap declined 32.5 percent in July to $4.8 billion compared to the same month of 2015, data from the Turkish Statistics Institute (TÜİK) showed on Aug. 31.
While Turkey’s exports declined 11.5 percent to $9.8 billion July compared to the same month of the previous year, its imports declined by around 20 percent to $14.6 billion.
The country’s exports were announced as $81.5 billion in the first seven months of the year, a 3.6 percent decrease from the same period of 2015. Its imports also dropped to $114.3 billion, an 8.6 percent decline compared to the same months of the previous year.
Turkey’s energy imports regressed to $15 billion in the first seven months of the year, a 36.5 percent decrease from the same period of 2015, showed the data.
The country’s exports to the EU increased to $39.5 billion in the January-July period from the same period of the previous year, although its exports to Russia saw a dramatic decrease. While Turkey made an average of $300 million in exports to the country on a monthly basis last year, this figure decreased to $100 million over this year.