Turkey's trade gap narrows to $2.5B in January on exports surge

Published 28.02.2019 10:36
Updated 28.02.2019 16:19
emSABAH File Photo/em
SABAH File Photo

Turkey's foreign trade gap in 2018 narrowed 72.5 percent year-on-year to stand at $2.5 billion in January, the Turkish Statistical Institute (TurkStat) announced on Thursday.

Turkish exports rose 5.9 percent on a yearly basis to hit $13.2 billion, as imports dropped to $15.7 billion, indicating a decrease of 27.2 percent, official figures showed.

The exports-to-imports coverage ratio was 84 percent last month, up from 60.1 percent in January 2018.

In 2018, Turkey's exports were $168 billion and imports $223 billion, creating a $55 billion foreign trade gap.

Top trade partner: EU

Turkey's exports to EU — making up over 50 percent of the country's exports — rose 4 percent year-on-year to total $6.8 billion last month.

Exports to Asian and African countries were $3.2 billion and $1.2 billion, respectively, in January.

Meanwhile, Germany was Turkey's top export market, with some $1.3 billion worth of exports.

It was followed by the U.K. with $937 million, Italy with $783 million, and Iraq with $630 million.

Russia took the biggest share of imports to Turkey last month, with almost $1.7 billion.

China followed with $1.46 billion, Germany with $1.2 billion, and the U.S. with $696 million.

Manufacturing holds biggest share of exports

Manufacturing sectors accounted for the lion's share of total exports, at 93.4 percent or $12.3 billion.

Agriculture and forestry exports (nearly $515 million) had a 3.9 percent share, while mining and quarrying exports' share was 1.8 percent ($242 million).

The share of high technology products in manufacturing industry exports was 3 percent, while the export shares of medium-high and low technology products were 35.1 and 27.6 percent, respectively.

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