Turkey's exports to EU up 21 pct in Jan-May 2018

Exports to EU28 amount to over $35B, account for 51.4 pct of country's overall exports, says TurkStat

Turkey's exports to EU up 21 pct in Jan-May 2018

World Bulletin / News Desk

Turkey's exports to the European Union in January-May 2018 surged 21 percent year-on-year, the country's statistical authority announced Friday.

According to TurkStat, exports to the 28-member EU bloc account for some 51.4 percent of Turkey's overall exports in the five-month period -- totaling $35.6 billion -- while imports from the EU were $39 billion, up 22 percent on a yearly basis.

Over the same period, Turkey's overall exports totaled $69.3 billion, a 7.9 percent annual hike, and imports reached $104.5 billion with a 17.2 percent increase.

The country's foreign trade balance ran a $35.2 billion deficit from January to May, marking a year-on-year rise of 41.4 percent.

Turkey's largest export markets were Germany with $6.9 billion, the United Kingdom ($4.3 billion) and Italy ($4.2 billion) in the same period.

China ($9.9 billion), Russia ($9.6 billion), and Germany ($9.4 billion) stood as Turkey's top three import sources.

The country's top export item was vehicles and their parts -- excluding railway or tramway rolling-stock -- valuing some $11.6 billion.

Mineral fuels, mineral oils, and their derivative products topped the list of imported items, amounting to $17.1 billion.

The institute also said that the share of manufacturing industries products in overall exports was 93.8 -- some $65 billion -- in January-May 2018, and intermediate goods claimed the top spot with 76.1 percent in Turkey's overall imports.

In 2014, Turkey'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.

Güncelleme Tarihi: 29 Haziran 2018, 13:13