Turkey's foreign trade deficit narrows in September

Deficit narrows to $6.9 billion, a change of 8.4 percent, after foreign trade decreased, Turkish Statistical Institute reports.

Turkey's foreign trade deficit narrows in September

World Bulletin/News Desk

Turkey's foreign trade deficit narrowed in September, the Turkish Statistical Institute said Friday.

 In September, the deficit narrowed to $6.9 billion, down from $8.4 billion for same month last year, a decrease of 8.4 percent, the Institute reported.

 Turkey’s foreign trade declined in the first seven months of this year. The downward trend started in January and gained momentum after the Turkish Central Bank sharply raised interest rates in response to the U.S. dollar’s rise against the Turkish lira in mid-January. 

Turkey's Banking Authority imposed new measures to restrict private consumption, especially for electronic items such as mobile phones and jewelry, to ease the current account deficit. 

However, Turkey's foreign trade deficit widened in August after narrowing for seven months in a row. August’s deficit widened to $8.03 billion this year from $7.08 billion for the same month last year, an increase of 13.5 percent. 

The institute valued September’s exports at $13.6 billion, a 4.6 percent increase year-on-year, but imports declined to $20.6 billion, a 0.2 percent decrease. 

The country’s exports to the European Union rose by 7.1 percent to $6.2  billion in September compared with $5.6 billion in the same month of 2013. 

Germany, EU's largest economy and Turkey’s main export market took $1.3 billion in exports in September, while imports from China -- the world’s largest exporter -- stood at $2.3 billion. 

The ratio of high-technology products to Turkey’s manufacturing industries’ total production was 14 percent in September.

Turkey's exports in the first nine months increased by 5.5 percent, reaching $118,6 billion, while its imports decreased by 4.2 percent to $179.7 billion.

The country's foreign trade deficit narrowed by 18.8 percent to $61.1 billion in the same period. 

Separately, Turkey’s growth rate was 4.3 percent in the first quarter of 2014, but it slowed in the second quarter to 2.1 percent. 

In 2013, annual exports decreased 0.4 percent to $151.9 billion compared with 2012, while imports rose 6.4 percent, reaching $251.7 billion. The foreign trade deficit increased by 18.7 percent in 2012 to $99.8 billion.

Last Mod: 31 Ekim 2014, 14:38
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