Turkey’s imports, exports up in October

According to data from the Ministry of Customs and Trade and the Turkish Statistical Institute (TurkStat), Turkey’s exports and imports registered increases in October. Exports rose by 9% while imports surged considerably by 25% in October from a year earlier.

However, Turkey’s foreign trade deficit increased by 73.9% to $7.324 billion compared with October 2016.

The country’s seasonally and calendar adjusted exports increased by 1.7% while imports decreased by 6.1% compared with September. The calendar adjusted export volume index increased by 7.9% to on a yearly basis. The calendar adjusted import volume index also grew by 19.2% in October 2017.

Turkey’s exports to the European Union increased by 11.4% year-on-year to $6.900 billion in October from $6.193 billion in the same month of 2016. Germany was Turkey’s top export destination, with exports reaching $1.455 billion. Germany was followed by the United Kingdom ($890 million), the USA ($771 million) and Italy ($746 million) as the main destinations for Turkish exports.

In October, China remained as the largest source of Turkey’s imports, with imports worth $2.113 billion. China was followed by Germany ($2.33 billion), Russia ($1.793 billion) and Italy ($1.79 billion) in the list of the largest exporters to Turkey.