Foreign Trade Statistics of Turkey, October 2014

Foreign Trade Statistics of Turkey, October 2014

Ankara, December 20, 2014/ Independent Balkan News Agency

By InvestGreece

Export increased by 7.3% while imports decreased by 1.5%

According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, in October 2014; exports were 12 billion 933 million dollars with a 7.3% increase and imports were 19 billion 185 million dollars with a 1.5% decrease compared with October 2013.

Foreign trade deficit decreased by 15.8%

In the same month, foreign trade deficit decreased by 15.8% from 7 billion 429 million dollars to 6 billion 252 million dollars. In October 2014, exports coverage imports was 67.4%, while it was 61.9% in October 2013.

Exports to the European Union (EU-28) increased by 8.1%

As compared with the same month of the previous year, exports to the EU-28 increased by 8.1% from 5 billion 285 million dollars to 5 billion 711 million dollars. The proportion of the EU countries was 44.2% in October 2014, while it was 43.8% in October 2013.

Τhe main partner for exports was Germany

In October 2014, the main partner country for exports was Germany with 1 billion 283 million dollars. Germany was followed by the United Kingdom (860 million dollars), Iraq (857 million dollars) and Italy(566 million dollars).

The top country for imports was China

In October 2014, the top country for Turkey’s imports was China (2 billion 79 million dollars), records for imports range from Germany (1 billion 798 million dollars), Russia (1 billion 732 million dollars) and Italy (997 million dollars).

As we all are aware oil prices have declined by more than 40% since June. Turkey as a net energy importer will benefit from this development avoiding the pressure on the current account deficit. The narrowing of current account deficit is expected to continue in the coming period. Net error and omissions continues to play a significant role in financing of current account deficit from the beginning of the year .