Turkey's trade deficit with EU falls from 15B euros to 1.2B euros in 2018

Published 16.02.2019 00:04

Turkey's trade deficit with the EU dropped significantly in 2018 compared to the previous year, EU statistical body Eurostat's data showed Friday.

Turkey's imports from the EU fell to 77 billion euros ($86.79 billion) in 2018 from 84.8 billion euros in 2017. Its exports to the bloc last year increased to 76.1 billion euros, up from 69.8 billion euros in 2017. As a result, Turkey's trade deficit with the EU, which stood at 15 billion euros in 2017, dropped to just 1.2 billion euros last year.

Meanwhile, the EU's foreign trade balance saw a 22.6 billion euro deficit in 2018, according to official figures.

Eurostat said the 28-member bloc's exports of goods rose 4 percent on a yearly basis, amounting to nearly 1.95 trillion euros last year.

The EU's imports from the rest of the world totaled some 1.97 trillion euros, climbing 6.5 percent year-on-year.

Intra-EU trade saw annual growth of 4.8 percent, reaching around 3.51 trillion euros in the same period. Last year, the U.S. was the top export for the EU with some 406 billion euros or 20.8 percent of the bloc's total exports, followed by China, Switzerland, Russia and Turkey.

On the imports side, China was the main source for the EU with 394 billion euros, accounting for 19.9 percent of total imports.

Following China, the EU's other major import partners were the U.S., Russia, Switzerland and Norway.

In 2018, the bloc's trade balance saw its largest deficit with China – 184 billion euros – and the biggest surplus with the U.S. at nearly 140 billion euros.

Share on Facebook Share on Twitter