Turkey's foreign trade deficit decreases by 39.8 percent in August
by Daily Sabah
ISTANBULSep 30, 2015 - 12:00 am GMT+3
by Daily Sabah
Sep 30, 2015 12:00 am
Turkey's foreign trade deficit decreased 39.8 percent from $8.11 billion to $4.88 billion in August 2015 when compared to the same month last year, according to data released yesterday by the Turkish Statistical Institute (TurkStat) and the Customs and Trade Ministry.
In August 2015, exports amounted to $11.06 billion, with a 2.8 percent decrease, and imports amounted to $15.95 billion, with an 18.2 percent decrease, compared to August 2014. In August 2015, the export-import coverage rate was 69.4 percent, while it was 58.4 percent in August 2014. The dollar-Turkish lira parity fell under the 3.02 mark after the announcement, which was over 3.03 in the morning.
Seasonally and calendar-adjusted exports increased 1.6 percent and imports decreased 9.5 percent compared to the previous month, while calendar-adjusted exports decreased 3 percent and imports decreased 18.3 percent compared to August 2014.
Exports to the EU decreased 3.4 percent from $5.04 billion to $4.86 billion while their share in total exports remained almost the same as the same period of last year at 44 percent.
The main destination for Turkish exports was Germany, which accounted for $1.05 billion in total exports. Germany was followed by the U.K. with $825 million, Iraq with $720 million and the U.S. with $518 million.
China led total imports in August with $1.96 billion, followed by Germany with $1.84 billion, Russia with $1.55 billion and Italy with $828 million.
The total share of manufacturing and industrial exports was 94.3 percent in August, of which 3.7 percent consisted of high-technology products and 29.3 percent consisted of medium-high-technology products. High-technology products consisted of 14.1 percent of manufacturing and industrial imports, which constituted 82 percent of all imports.