Turkey's foreign trade deficit shrinks by 8.4 pct


According to provisional data published by the Turkish Statistical Institute (TurkStat) produced in the cooperation with the Ministry of Customs and Trade, in September 2014 exports were $13.66 billion, and imports were $20.59 billion, a 4.6 percent increase a 0.2 percent decrease compared with September 2013.In the same month, the foreign trade deficit decreased by 8.4 percent from $7.56 billion to $6.925 billion.In September 2014, exports coverage of imports was 66.4 percent, a slight increase from the 63.3 percent of September 2013.Seasonal and calendar-adjusted exports increased by 4.8 percent, while imports slid by 1 percent compared with the previous month.Calendar-adjusted exports increased by 1.4 percent, while imports trailed 4.1 percent compared with September 2013.As compared with the same month of the previous year, exports to the EU-28 increased by 7.1 percent from $5.603 billion to $6.2 billion. The proportion of EU countries was 43.9 percent in September 2014, while it was 42.9 percent in September 2013.In September 2014, the main partner country for exports was Germany with a $1.321 billion share in trade. Germany was followed by the United Kingdom ($921 million), Iraq ($911 million) and the U.S. ($602 million).In September 2014, the top country for Turkey's imports was China ($2.318 billion), records for imports range from Russia ($2.25 billion), Germany ($1.859 billion) and the U.S. ($1.71 billion).