Turkey’s exports, imports increase in January

According to data from the Ministry of Customs and Trade and the Turkish Statistical Institute (TurkStat), Turkey’s exports and imports increased in January. Exports were up by 18.1% to $11.278 billion and imports were up by 15.9% to $15.586 billion in January from a year earlier. Turkey’s foreign trade deficit also rose by 10.3% year-on-year to $4.309 billion.

The country’s seasonally and calendar adjusted exports rose by 4.5% while imports were up by 0.6% in January compared with the previous month. Turkey’s calendar adjusted exports and imports moved up by 17% and 9% respectively from a year earlier.

Turkey’s exports to the European Union increased by 12% on the year to $5.302 billion in January from $4.734 billion in the same month of 2016. Germany became Turkey’s top export destination, with exports reaching $1.122 billion. Germany was followed by Iraq ($684 million), United Kingdom ($676 million) and the UAE ($655 million) as the main destinations for Turkish exports.

In January, China remained the largest source of Turkey’s imports, with imports worth $1.851 billion. China was followed by Russia ($1.480 billion), Germany ($1.187 billion) and the USA ($734 million) in the list of the largest exporters to Turkey.