Turkish Trade Deficit Narrows In March
Turkey's trade deficit decreased to $4.5 billion in March of 2017, compared to a $5 billion gap a year earlier. Exports increased by 13.6 percent to $14.5 billion, mainly driven by mining and quarrying, and manufacturing. Imports rose 6.9 percent to $19.0 billion, led by mining and quarrying and manufacturing. Considering the first three months the trade deficit was recorded of $12.5 billion.
4/28/2017 9:03:31 AM
Year-on-year, exports rose to $14.5 billion, mainly bosted by a 8.8 percent rise in sales of manufactured products which accounted for 94.2 percent of total sales. Among manufacturing, medium-low-technology products accounted for 30.0 percent and increased 13.5 percent; high-technology products accounted for 3.7 percent and fell 3.4 percent; while medium-high-technology products represented 32.1 percent and rose 19.7 percent. In addition shipments of agriculture, hunting and forestry went up 2.6 percent, fisheries (6.3 percent), and mining and quarrying (46.2 percent). Germany was the main export partner (9.1 percent share), followed by UAE (8.8 percent), Iraq (6.3 percent)and the United Kingdom (6 percent).
Imports rose to USD 19 billion, mainly due to a 3.1 percent increase in purchases of manufacturing and a 41.1 percent rise in mining and quarrying. In contrast, imports decreased for agriculture, hunting and forestry (-1.0 percent) and fisheries (-46.1 percent). Germany was the main import partner (9.4 percent share), followed by China (9.3 percent), Russia (8.4 percent) and the USA (5.0 percent).
On a seasonally adjusted basis, exports went up 3.7 percent from the previous month while imports increased 2.2 percent.