August foreign trade deficit lower than expected

Economy Minister Zafer Çağlayan talked about the success of efforts to diversify Turkish export markets.

August foreign trade deficit lower than expected

Turkey's trade deficit totaled $7.02 billion in August, lower than experts' forecast of $8.40 billion.

According to data on provisional foreign trade figures provided jointly by the Turkish Statistics Institute (TurkStat) and the Ministry of Customs and Trade and released on Monday, the trade deficit increased by 17 percent in August over the same month of the previous year, rising from $5.9 billion to $7.02 billion.

Exports declined by 12.9 percent in August compared to same month of the previous year to $11.17 billion, while imports went down by 3.4 percent to $18.19 billion.

The export to import rate, which stood at 68.1 last August, decreased to 61.4 in August this year. Looking at the seasonal and calendar-adjusted data, exports increased by 0.1 percent in August compared to August 2012, while imports declined by 5.5 percent.

Considering the eight-month period since the beginning of the year, exports reached $99.4 billion, whereas imports hit $167 billion, making the export to import rate 59.5 percent.

The European Union's share in the exports, which was 33.7 percent in August 2012, rose to 41.4 percent in August of this year, bringing the total amount of earnings from the trade with this sub-region to $4.6 billion by registering a 6.8 percent year-on-year rise as of August. In Europe, Germany was again Turkey's best trading partner, importing $1.04 billion worth of goods from Turkish companies. This number also puts Germany top of the list of countries to which Turkey exports, followed by Iraq ($874 million), Britain ($647 million) and Russia ($571 million).

When it comes to Turkey's imports, however, first place again belongs to Russia. Mainly paying for natural gas, Turkey's imports from this country amounted to $2.1 billion, corresponding to an increase of 3.2 percent in August compared to a year ago. China was on the heels of Russia with $1.88 billion, which was followed by Germany ($1.67 billion) and Italy ($1 billion).

Assessing the figures, Economy Minister Zafer Çağlayan talked about the success of efforts to diversify Turkish export markets. The size of Turkey's exports have risen to all regions except for the Middle East and the Far East, he said, providing some figures as to this increase. The rates of increase are 15.4 percent in Africa, 7.2 percent in South America and 16 percent in North America, Çağlayan said. "Increasing trade with the EU is also important to us. The imports by the EU from non-European countries have so far declined by nearly 3.7 percent in 2013. We have such an EU in front of us where imports of 12 of its 28 members are falling steadily. But our sales to this EU rose 6.8 percent in August and 6.2 percent in the first eight months of this year," he said. Çağlayan added that Turkey will be one of the most positively affected nations once a real recovery in the EU economy starts.

Cihan

Güncelleme Tarihi: 30 Eylül 2013, 23:51

Muhammed Öylek

YORUM EKLE