Turkey’s trade deficit diminishes by 27 pct

ANKARA

In 2013, annual exports decreased 0.4 percent to $151.9 billion compared to 2012, while imports rose 6.4 percent, reaching $251.7 billion.

Turkey’s foreign trade deficit contracted by over 27 percent in February, as exports were up 6.2 percent year-on-year to $13.15 billion, while imports decreased by 5.9 percent to $18.25 billion, according to official data.

February´s foreign trade deficit decreased by 27.2 percent from $7.9 billion to $5.10 billion, the Turkish Statistical Institute’s (TÜİK) data revealed.

Calendar adjusted exports increased by 4.5 percent in February and imports decreased 2.9 percent, compared with February 2013.

The top destinations for Turkey’s exports were Germany with $1.17 billion, Iraq $1.02 billion, and the United Kingdom $0.72 billion.

Meanwhile, the top countries for Turkish imports in January 2014 included Russia, which sent $2.044-billion of goods to Turkey, as well as China with $1.92 billion, Germany with $1.7 billion and the United States with $993 million.

January exports were up by 8.6 percent year-on-year to $12.4 billion, while imports rose by 2.6 percent to $19.2 billion.

In 2013, annual exports decreased 0.4 percent to $151.9 billion compared to 2012, while imports rose 6.4 percent, reaching $251.7 billion.

Last year, the foreign trade deficit increased 18.7 percent to $99.8 billion compared to 2012.

Turkey’s trade deficit is expected to recover slightly this year thanks to an expected decline in the gold trade as well as  an increase in exports fueled by recovery in the EU.