Turkey’s exports down, imports up in February

According to data from the Ministry of Customs and Trade and the Turkish Statistical Institute (TurkStat), Turkey’s exports decreased while imports increased in February. Exports were down by 1.9% to $12.127 billion while imports were up by 1.6% to $15.820 billion in February from a year earlier. Turkey’s foreign trade deficit also rose by 15% year-on-year to $3.693 billion.

The country’s seasonally and calendar adjusted exports rose by 1.8% while imports were up by 1.7% in February compared with the previous month. Turkey’s calendar adjusted exports and imports moved up by 0.7% and 5.5% respectively from a year earlier.

Turkey’s exports to the European Union decreased by 3.2% on the year to $5.539 billion in February. Germany became Turkey’s top export destination, with exports reaching $1.119 billion. Germany was followed by UAE ($938 million), Iraq ($725 million) and the UK ($702 million) as the main destinations for Turkish exports.

In February, China remained the largest source of Turkey’s imports, with imports worth $1.643 billion. China was followed by Germany ($1.439 billion), Russia ($1.304 billion) and France ($767 million) in the list of the largest exporters to Turkey.