Turkey’s foreign trade deficit narrows in June

Turkey’s foreign trade deficit narrows in June

ANKARA - Anadolu Agency
Turkey’s foreign trade deficit narrows in June Turkey’s foreign trade deficit has narrowed in June year-on-year, the Turkish Statistical Institute (TÜİK) said on July 31.

“In June 2017, the foreign trade deficit was 6.01 billion dollars with a 9.1 percent decrease compared to June 2016,” TÜİK stated.

The new data showed Turkey’s exports rose by 2.3 percent year-on-year to reach $13.17 billion in June compared to the same period last year.

In June, Turkey’s total imports fell by 1.5 percent year-on-year down to $19.18 billion in June.

During the first half of the year, the country’s foreign trade deficit reached $30.8 billion, marking a 10 percent increase compared to the previous year, TÜİK added.

The country’s exports advanced 8.2 percent to $77.5 billion while imports increased 8.7 percent to $108.3 billion in the 2017 January-June period.

TÜİK’s report revealed that manufacturing constituted the majority of June exports, with a 94.6 percent share and a value worth $12.5 billion.

Agriculture and forestry—2.8 percent—and mining and quarrying followed with 2 percent.

With a 72 percent share worth $14 billion, intermediate goods made up the most of Turkish imports.  
The capital goods sector, with a $2.6 billion value—13.6 percent—and the consumption goods sector followed with a 13.2 percent share.

TÜİK showed Turkey’s exports to the European Union remained flat at $6.25 billion in June 2017 compared to last year. 

Germany was the main recipient of Turkish exports with trade reaching $1.3 billion in June followed by the United Arab Emirates with $896 million, the United States with $886 million and the United Kingdom with $808 million. 

Turkish imports—worth $1.9 billion—mostly came from China. Imports from Germany amounted to $1.6 billion, $1.4 billion from Russia and $1.06 billion from the U.S.