TODAY’S – Turkey’s trade gap narrows by 8.4 percent in September

Turkey’s trade gap narrows by 84 percent in SeptemberThe foreign trade deficit fell by 84 percent in September compared to the same month of the previous year to reach $6.93 billion, a report released by the Turkish Statistics Institute (TurkStat) indicated on Friday.

The figure was $7.65 billion in September of last yearAccording to the data, which was prepared by TurkStat with the cooperation of the Ministry of Customs and Trade, Turkish exports increased by 46 percent and reached $13.

66 billion year-on-year in September, while imports registered a slight decrease — 02 percent — to reach $20.59 billion in the same period.

The export-import coverage ratio rose to 66.4 percent in September from 63.

3 percent last SeptemberFridayand#39s data also revealed that seasonally and calendar adjusted exports had increased by 48 percent, while imports in September fell by 1 percent compared to the previous month. Considering the annual change in trade figures with calendar and seasonally adjusted data, exports increased by 14 percent in September and imports fell by 41 percent in the same period.

There was also an increase in exports to European Union countries as a proportion of all of Turkeyand#39s export partners. Septemberand#39s exports to the EU rose to 43.

9 percent from 42.9 percent last September EU-bound Turkish exports increased by 71 percent from $5.

6 billion to $6.2 billion year-on-yearThe report by Turkstat also found that Turkeyand#39s leading export partner in September was Germany with $1.

3 billion in exports, the UK with $921 million, Iraq with $911 million and the US with $602 million. Turkeyand#39s biggest purchases abroad meanwhile were from China at $2.

3 billion, Russia at $2.25 billion, Germany at $1.

86 billion and the US at $1.7 billion.

The rate of manufacturing industry products as a proportion of total exports was recorded as 94 percent. Of the total products exported by Turkey in the manufacturing sector, the rate of high-technology products was 34 percent, while that of medium-high-technology was 32 percent in September, the data showed.

The rate of manufacturing industry products as a proportion of total imports was 77.5 percent.

While the ratio of high-technology products to total manufacturing products was 14 percent in September, the rate of medium-high-technology products in manufacturing industry products was 41 percent.

SOURCE: Today’s Zaman

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