According to Foreign Trade Statistics, exports increased by 11.6 percent in July compared to the same month of the previous year, while imports decreased by 6.7 percent. The foreign trade deficit decreased by 32.6 percent to $5,982 million. The import coverage ratio of exports increased from 58.7 percent to 70.2 percent.
According to the provisional foreign trade data shared by Turkey Statistical Institute (TSI) and the Ministry of Commerce cooperation; exports increased by 11.6 percent to $14,077 million while compared to July 2017, and imports decreased by 6.7 percent to $20,059 million.
Foreign trade deficit falls by 32.6 percent
In July, foreign trade deficit fell by 32.6 percent to $5,982 million.
While the import coverage ratio of exports was 58.7 percent in July 2017, it increased to 70.2 percent in July 2018.
European Union exports up 14.7 percent
Exports to the European Union (EU-28) increased by 14.7 percent year on year to $ 6,852 billion. The share of the EU in exports was 47.4 percent in July 2017, increased to 48.7 percent in July 2018.
The most exported country was Germany
Exports to Germany were $1,294 billion in July 2018, followed by the United Kingdom with $1,9 billion, followed by the USA with $850 million and Italy with $750 million.
China took first place in import
Imports from China were $ 1,975 billion in July 2018. This country was followed by Russia with $1,886 billion respectively, Germany with $1,691 billion and the USA with $1,122 billion.
The institute said the ratio of manufacturing industries' products in total imports was 78 percent last month, noting that the intermediate goods claimed the top spot with 75.8 percent in Turkiye's overall imports.
In 2014, Turkiye's exports hit an all-time high of $157.6 billion while the figure was nearly $157 billion last year.
Over the past five years, the highest export-to-import ratio was recorded in 2016 with 71.8 percent, while the country's foreign trade deficit has fallen from $99.8 billion in 2013 to $76.8 billion in 2017. (ILKHA)