Turkish Trade Deficit Narrows in January

Turkey’s trade deficit decreased in January of 2014, to USD -6.8 billion from USD -7.3 billion a year earlier and USD 9.9 billion in December of 2013. Exports to the European Union increased by 13.7 percent with Germany as the main exports’ partner and Russia as the top country for imports.

Exports of goods amounted to USD 12.5 billion, showing an 8.6 percent increase from January of 2013, while imports reached USD 19.3 billion (+2.6 percent yoy).

Sales to the EU increased by 13.7 percent yoy to USD 5.5 billion, accounting for 44 percent of total exports.

The main export partner was Germany (USD 1.3 billion), followed by Iraq (USD 1.0 billion), United Kingdom (0.8 USD billion) and Italy (0.6 billion). The top country for imports was Russia (USD 2.5 billion), followed by China (USD 2.1 billion), Germany (USD 1.6 billion) and the USA (USD 1.0 billion).

Exports of high-technology products accounted for 2.7 percent of total sales and those of medium-high-technology products for 27.6 percent.

Turkish Trade Deficit Narrows in January

Turkstat | Isabel Felino | isabel.felino@tradingeconomics.com
2/28/2014 10:55:19 AM