Turkey Trade Deficit Widens in August
In August of 2014, the Turkish trade gap increased to USD 8.04 billion from a USD 7.08 billion shortfall a year earlier, as imports grew faster than exports, and above market expectations. In July, the country posted a USD 6.46 billion trade deficit.
9/30/2014 8:42:37 AM
Year-on-year, exports increased 2.9 percent to USD 11.44 billion, as sales to the European Union, accounting for 45 percent of total outward shipments, gained 10 percent to USD 5.65 billion. The country’s main export partner was Germany, followed by the United Kingdom, Iraq and the USA.
Imports increased by an annual 7 percent to USD 19.48 billion. The top country for Turkey’s imports was China, followed by Russia, Germany and Italy.
Seasonally and calendar adjusted exports decreased by 10.5 percent and imports decreased by 4.3 percent as compared to the previous month.