Turkey’s exports down by 9.8 percent in April

Exports totaled $11.8 billion in April 2015 and overall at $48.9 billion after the first four months of the year, marking a decline of 8.1 percent, the assembly said.

Turkey’s total exports for the last 12 months stood at $153.5 billion, marking a 1.6 percent decrease compared to the previous 12 months.

According to the assembly, the automotive industry is Turkey’s largest exporting sector, with a total of $1.8 billion in exports in April.

Exports to Germany, the EU’s largest economy, declined by 9.6 percent in April. Exports to neighboring Iraq fell by 23.4 percent in April, while exports to the world’s largest economy, the U.S., increased by 1.8 percent, according to the assembly.

The largest increase in exports for April was seen in hazelnut and related products at 64.6 percent.

The data came one day after the Turkish Statistical Institute (TÜİK) announced that Turkey’s foreign trade deficit in March soared to $6.15 billion, up 17.2 percent from $5.25 billion in the same month last year. 

The surge in the foreign trade deficit followed a two-month decline in the first two months of the year.

This year’s decline in the foreign trade deficit was largely attributed to the fact that imports are slowing much faster than exports.

However, in March the foreign trade deficit halted its downward move, as the decline in exports was more significant than the drop in imports.

TÜİK valued March exports at $12.57 billion, a 14.4 percent decline year-on-year. Imports were also down to $18.7 billion, a 6.1 percent decline.