Data shows foreign trade gap shrinks, tourism grows in Turkey

Turkey's foreign trade gap in 2018 narrowed 28.4 percent year-on-year, the country's statistical authority announced on Thursday.

The figure reached $55 billion last year, down from a $76.8 billion deficit in 2017, according to TurkStat.

Turkish exports rose seven percent on a yearly basis to hit $168 billion, as imports dropped to $223 billion, indicating a decrease of 4.6 percent.

The exports-to-imports coverage ratio advanced to 75.3 percent last year, up from 67.1 percent in 2017.

In 2017, the country's exports were nearly $157 billion, while imports were $233.8 billion.

Top trading partner

Turkey’s exports to EU, its main trading partner with a share of 50 percent, surged to 13.7 percent year-on-year to total at $84 billion last year.

Exports to Asian and African countries, other export markets for Turkish products, were $41.8 billion and $14 billion, respectively, in 2018.

According to TurkStat, Germany was the top export market of Turkey, with some $16.1 billion worth of exports.

It was followed by the UK with $11.1 billion, Italy with nearly $9.6 million and Iraq with $8.4 billion in 2018.

The data showed that manufacturing accounted for the lion's share of total exports, at 93.9 percent or $157.8 billion. 

Tourism income totals $29.5B

Meanwhile, Turkey welcomed 39.5 million foreign visitors in 2018, the Culture and Tourism Ministry announced on Thursday.

The number of foreign visitors last year rose by 21.84 percent year-on-year.

Istanbul, Turkey's world-famous touristic city, was the top destination with 13.4 million tourists – 34 percent of all foreign visitors.

Turkey's tourism income totalled $29.5 billion in 2018, according to the country's statistical authority. 

The annual tourism revenue surged 12.3 percent last year, up from $26.3 billion in the previous year, TurkStat reported.

Turkey welcomed 45.6 million visitors in 2018, marking a 18.1 percent hike from the previous year.