Turkey's foreign trade deficit decreased sharply in July year-on-year, according to a report from Turkish Statistical Institute released Wednesday.

Foreign trade deficit was down 32.5 percent compared with the same month last year, amounting to $4.79 billion, according to the report.

Exports in July dipped 11.5 percent, or $1.27 billion, from July last year to $9.85 billion, while imports saw an even bigger decline of 19.7 percent, or $3.58 billion, to $14.64 billion.

The decline in imports was sharper than exports for the first five months of the year. June saw an increase but July experienced, once again, a sharp decline.

The country exported goods worth $1.1 billion to Germany, its largest market. Turkish exports to the U.K. amounted to $650 million, while exports to Italy were worth $570 million.

China ($1.9 billion), Russia ($1.34 billion) and Germany ($1.16 billion) were the main sources of imports.