Turkey’s foreign trade gap narrows further in August: Ministry

While exports rose by 7.56 percent to $11.87 billion in August compared to the same month of 2015, imports also rose by 3.78 percent to $16.55 billion, according to the data. 

Turkey’s foreign trade deficit narrowed year-on-year by 17.32 percent to $37.48 billion in the first eight months of the year.

While the country’s exports were announced at $93.37 billion – a 2.34 percent decline during the period in question – its imports decreased to $130.84 billion, a 7.16 percent decline. 

According to preliminary data from the ministry, Turkey’s energy bill regressed to $17.42 billion in the first eight months of the year from more than $26 billion in the same period of 2015. 

Turkey’s exports showed a year-on-year rise in August, with car exports increasing 23 percent in the period in question, according to data from the Turkish Exporters Assembly (TİM), which does not include gold and jewelry exports. 

Exports rose by 6.9 percent in August to $11.16 billion compared to the same month of 2015, marking the largest increase in exports in the last 28 months, according to association data released Sept. 1. 

The difference of over $700 million in the exports is equal to the country’s gold and jewelry exports.