Turkey’s exports decrease, imports increase in October

According to data from the Ministry of Customs and Trade and the Turkish Statistical Institute (TurkStat), Turkey’s exports decreased while imports increased in October. Exports fell by 3% to $12.891billion and imports were up by 0.5% to $17.004 billion in October from a year earlier. Turkey’s foreign trade deficit, meanwhile, rose by 13.2% year-on-year.

The country’s seasonally and calendar adjusted exports rose by 2.5% while imports were down by 1.7% in October compared with the previous month. Turkey’s calendar adjusted exports moved down by 0.3% while imports increased by 1.1% from a year earlier.

Turkey’s exports to the European Union decreased by 0.8% on the year to $6.211billion in October from $6.262 billion in the same month of 2015. Germany became Turkey’s top export destination, with exports reaching $1.308 billion. Germany was followed by United Kingdom ($1.049 billion), Iraq ($774 million), and Italy ($739 million) as the main destinations for Turkish exports.

In October, China remained the largest source of Turkey’s imports, with imports worth $2.214 billion. China was followed by Germany ($1.757 billion), Russia ($1.204 billion) and Italy ($850 million) in the list of the largest exporters to Turkey.