Turkish Trade Deficit Widens in January
Turkey's trade deficit increased to $4.31 billion in January of 2017, compared to a $3.91 billion gap a year earlier. Exports increased by 18.1 percent to $11.28 billion, mainly driven by mining and quarrying, fisheries sales, manufacturing, and agriculture. Imports rose 15.90 percent to $15.59 billion, led by mining and quarrying and manufacturing.
Year-on-year, exports rose to $11.28 billion, mainly bosted by a 17.8 percent rise in sales of manufactured products which accounted for 93.2 percent of total sales. Among manufacturing, medium-low-technology products accounted for 25.5 percent and increased 35.87 percent; high-technology products accounted for 3.2 percent and fell 2.4 percent; while medium-high-technology products represented 32.8 percent and rose 20.86 percent. In addition shipments of agriculture, hunting and forestry went up 14.1 percent, fisheries (21.9 percent), and mining and quarrying (35.7 percent). Germany was the main export partner (9.9 percent share), followed by the United Kingdom (6 percent), and UAE (5.8 percent).
2/28/2017 9:24:09 AM
Imports rose to USD 15.59 billion, mainly due to a 15.90 percent increase in purchases of manufacturing and a 38.9 percent rise in mining and quarrying. In contrast, imports decreased for agriculture, hunting and forestry (-0.5 percent) and fisheries (-42.5 percent). China was the main import partner (16.41 percent share), followed by Germany (10.52 percent), Russia (13.12 percent) and the USA (6.50 percent).
On a seasonally adjusted basis, exports went up 17 percent from the previous month while imports increased 9 percent.