Turkey's foreign trade deficit falls 21.6 percent in June

Decline in oil prices continue to have a positive affect on Turkey’s foreign trade deficit as it narrows to $6.2 billion

Photo by: AA
Photo by: AA

Turkey’s foreign trade deficit fell 21.6 percent in June from the same month in 2014,  indicating improvement for three months in a row, the Turkish Statistical Institute reported on Friday.

In June, exports were down 6.9 percent to $11 billion, and imports dropped 12.5 percent to $18.2 billion year-on-year,“ the report said. 

The foreign trade deficit narrowed to $6.2 billion, an improvement of 21.6 percent from $7.9 billion in June of last year.

Exports to the European Union (EU-28), the largest trading partner of Turkey, were down 6.6 percent. 

 The main partner for exports was Germany at $1.4 billion. Germany was followed by the U.K. at $800 million, Iraq at $690 million and Italy at $600 million.

The top providers of Turkey’s imports were China at $2 billion, Germany at $1.9 billion, Russia at $1.75 billion and Italy at $1 billion.