Turkish foreign trade deficit narrows year-on-year in July

Turkish foreign trade deficit narrowed in the month of July. According to the Turkish Statistical Institute and the Ministry of Trade data, Turkey’s foreign trade deficit dropped 32.6 percent year-on year to USD 5.98 billion. The exports coverage ratio to imports was 70.2 percent in July 2018, while it was at 58.7 percent in July 2017. On a year-on-year basis, exports rose 11.6 percent, whereas imports fell 6.7 percent.

On a seasonally and calendar adjusted basis, exports were up by 5.1 percent, while import fell 1.3 percent sequentially. Calendar adjusted exports were up 10.5 percent while imports dropped 9.4 percent.

Turkey’s exports to the EU rose 14.7 percent to USD 6.853 billion. The proportion of the EU nations was 48.7 percent in July 2018 while it was 47.4 percent in July 2017. Turkey’s main partner for exports was Germany, recording exports value of USD 1.29 billion, followed by the U.K, U.S., and Italy.

Meanwhile, China was Turkey’s top nation for imports, recording import value of USD 1.97 billion, followed by Russia, Germany, and the U.S.

The ratio of exports of high-tech products in manufacturing industries came in at 2.8 percent. According to the ISIC Rev.3, the ratio of manufacturing industries products in total exports was 94.9 percent in July. The ratio of medium-high-technology products in manufacturing industries’ products came in at 37.1 percent.

Meanwhile, the ratio of imports of high-tech products in manufacturing industries came in at 13.5 percent. The ratio of medium-high-technology products in manufacturing industries’ products was 42.8 percent.