Exports Increase, Imports Decrease in July

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The Turkish Statistical Institute (TurkStat) has announced its external trade statistics for July 2019. According to the provisional data jointly produced by the TurkStat and Ministry of Trade, in July 2019, exports were 15 billion 160 million dollars with a 7.9 percent increase and imports were 18 billion 351 million dollars with a 8.5 percent decrease compared with last July.

External trade deficit decreased by 46.9 percent

In July 2019, external trade deficit was 3 billion 192 million dollars with a 46.9 percent decrease compared with July 2018. In July 2019, exports coverage imports was 82.6 percent while it was 70 percent in July 2018.

Seasonally and calendar adjusted exports

Seasonally and calendar adjusted exports and imports increased by 15.2 percent and 4.6 percent respectively, compared with previous month. Calendar adjusted exports increased by 4.8 percent while imports decreased by 9.1 percent when compared with July 2018.

The main partner for exports was Germany

In July 2019, the main partner country for exports was Germany with 1 billion 379 million dollars. It was followed by the UK with 1 billion 91 million dollars, Iraq with 770 million dollars and France with 741 million dollars.

The top country for Turkey's imports was Russia with 2 billion 90 million dollars. It was followed by Germany with 1 billion 728 million dollars, China with 1 billion 663 million dollars, the US with 1 billion 324 million dollars.

Ratio of exports of high-tech products

The ratio of manufacturing industries products in total exports was 95.6 percent in July. The ratio of high-technology products in manufacturing industries exports was 3.3 percent.

The ratio of manufacturing industries' products in total imports was 77.1 percent. The ratio of high-technology products in manufacturing industries' imports was 17.1percent in July 2019.

What is external trade deficit?

A trade deficit is an economic measure of international trade in which a country's imports exceeds its exports.

A trade deficit represents an outflow of domestic currency to foreign markets. It is also referred to as a negative balance of trade (BOT). (HA/SD)