The foreign trade deficit has decreased by 42.5 percent over the course of one year, falling from $6.29 billion in October 2014 to $3.62 billion in October 2015, according to data released by the Turkish Statistical Institute (TurkStat) yesterday.
Exports increased by 3.1 percent and reached $13.29 billion while imports decreased by 11.9 percent to $16.91 billion. In October 2015, the export-import coverage ratio was 78.6 percent, increasing from 67.2 percent in October 2014. Seasonally- and calendar-adjusted exports and imports decreased by 2.1 percent and 1.2 percent, respectively. Calendar-adjusted exports decreased by 6.5 percent and imports decreased by 17.7 percent compared to October 2014.
Exports to the 28 EU countries increased by 10.7 percent from $5.68 billion to $6.28 billion. The share of the EU countries in total exports was 47.3 percent in October 2015, while it was 44.1 percent in October 2014.
In October 2015, Germany was the main destination for Turkish exports with $1.32 billion, followed by the U.K. with $986 million, Iraq with $870 million and Italy with $707 million. China led with $2.27 billion in imports, followed by Germany with $1.82 billion, Russia with $1.51 billion and Italy with $925 million.
The export of high-tech products in the manufacturing industry was 4.1 percent compared to other types of products. The share of high-technology products in exports in the manufacturing industries was 4.1 percent and the share of exports consisting of medium to high-level technological products was 31.9 percent. High-technology products constituted of 16.2 percent of all imports in the manufacturing industry in October 2015.