Turkey's foreign trade gap hits $31.6bn in first five months

ANKARA, Turkey – Foreign trade deficit hit $31.6 billion between January and May of 2014, according to figures from the Turkish Statistics Institute (TurkStat).

During the January-May period, exports rose 7.4 per cent, totaling $67.39 billion on a year-on-year basis, while imports rose 5.6 per cent, totaling $99 billion in the same period. The trade deficit was 24.9 per cent lower in the first five months of this year compared to the same period of 2013, Anadolu News Agency reported.

Turkish exports increased 3.6 per cent in May on a year-on-year basis, totaling $13.75 billion, while imports dropped 10.3 per cent, amounting to $20.86 billion last month. The export-import coverage ratio for May stood at 65.9 per cent. Exports to the European Union grew from 39.1 per cent of Turkey's total exports in May of 2013 to 43.8 per cent last month.

EU exports increased 16 per cent in May on a year-on-year basis, totaling $6.02 billion. Turkey's top four export partners in May were Germany, Iraq, England and Italy; exports to those four countries totaled $3.87 billion. Turkey's top four import partners were China, Russia, Germany and the US last month. Turkey imported a total of $7.09 billion in goods from those nations.

Manufactured goods accounted for 93.6 of Turkish exports in May 2014, and 3.3 per cent of that amount came from high-technology products. Manufactured goods were 78.5 per cent of the month's imports, 14 per cent of which were high- technology products. Agricultural and forest product exports rose 6.4 in May year-on-year, for a total of $443 million, while imports increased 1.1 per cent totaling $806.4 million.

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