Turkey's Foreign Trade Deficit Falls by 93.8 Percent in October

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According to the temporary data on foreign trade jointly prepared by the Turkish Statistical Institute (TurkStat) and the Ministry of Trade, in October 2018, the export increased by 13 percent in comparison with the same month last year and became 15 billion 719 million dollars.

As for the import, the figures shared by the Turkstat and the Ministry of Trade have shown that in October 2018, the import decreased by 23.8 percent in comparison with October 2017 and became 16 billion 176 million dollars.

Decrease in foreign trade deficit

In October, foreign trade deficit decreased by 93.8 percent and receded to 465 million dollars. The rate of exports meeting imports, which was 65.6 percent in October 2017, increased to 97.2 percent in October 2018.

Export to the EU on the increase

The export to the European Union (EU) in October 2018 increased by 13.8 percent in comparison with the same month last year and became 7 billion 825 million dollars. The share of the EU in export, which was 49.4 percent in October 2017, became 49.8 percent in October 2018.

The biggest export partner in October: Germany

While Germany was the biggest export partner of Turkey in October 2018 with 1 billion 457 million dollars, it was followed by the United Kingdom (UK) with 1 billion 68 million dollars and Italy with 877 million dollars.

The biggest import partner in October: Russia

The import from Russia in October 2018 has been measured as 1 billion 865 million dollars. In this category, Russia was followed by Germany with 1 billion 559 million dollars and China with 1 billion 366 million dollars. (HA/SD)