Turkish Trade Deficit Widens in October
Turkey's trade deficit increased to $4.16 billion in October of 2016, compared to a $3.67 billion gap a year earlier, as exports decreased 3 percent to $12.841 billion and imports went up 0.5 percent.
Year-on-year, exports decreased to $12.841 billion, mainly driven by manufacturing (-2.97 percent) and agriculture and forestry (-10.22 percent). Among manufacturing, medium-low-technology products accounted for 27.7 percent and decreased 2.33 percent; high-technology products accounted for 3.7 percent and fell 12.5 percent; and low-technology product accounted for 35.5 percent drop by 5.61 percent. While medium-high-technology products represented 33.1 percent rose 0.66 percent.
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Meanwhile, shipments of agriculture, hunting and forestry fell 10.22 percent, while increased for fisheries (+14.29 percent) and mining and quarrying (+14.60 percent). Germany was the main export partner (10.19 percent share), followed by the United Kingdom (8.17 percent)), Italy (6.61 percent) and Iraq (6.03 percent).
Imports increased 0.5 percent percent to USD 17.004 billion, mainly due to a 4.09 percent rise in purchases of manufacturing. China was the main import partner (13.02 percent share), followed by Germany (10.33 percent), Russia (7.08 percent), and Italy (5 percent).
On a seasonally adjusted basis, exports increased by 2.5 percent from the previous month while imports decreased by 1.7 percent.