Turkey: 43.5% shrinkage in the 2019 foreign trade deficit

Turkey: 43.5% shrinkage in the 2019 foreign trade deficit

Turkey’s export / import coverage ratio reached 84.6% in 2019, up from 2018’s 75.3% according to TurkStat official data

Turkey’s foreign trade deficit in 2019 fell by 43.5% to $ 31.17 billion from $ 55.12 billion in 2018, the country’s statistical authority reported on Friday.

TurkStat notes that in 2019 the country’s exports rose by 2.1% to $ 171.5 billion, while imports declined 9.1%, that is, $ 202.7 billion.

Turkey’s export/import coverage ratio reached 84.6% last year, up from 75.3% where it stood in 2018, according to the institute.

In December, Turkey exported $ 14.7 billion which constitutes a 6.4% annual surge, while imports increased by 14.9%, amounting to $ 19.2 billion.

The foreign trade deficit in December stood at $ 4.3 billion, up by 57.6% in comparison to the same month in the previous year.

“In December 2019, export coverage imports stood at 77.3%, while in December 2018 they surged at 83.4%”, TurkStat added in its announcement. /ibna