Turkey's August Exports Rise 8.1% Amid Widening Trade Deficit

ANKARA, September 30. /TASS/. Turkey’s exports rose 8.1% year-on-year in August to $23.4 bln, according to data published by the Turkish Statistical Institute (TUIK).

Germany remained the largest market for Turkish goods, importing approximately $1.76 bln worth of goods and services. It was followed by the United States with $1.7 bln and the United Kingdom with $1.2 bln.

Turkey’s imports rose by 10.5% in the same month to $28.7 bln. China was the largest supplier at $4.7 bln, followed by Germany at $2.068 bln, Russia at $1.9 bln, the United States at $1.8 bln, and Italy at $1.3 bln. These five countries accounted for 41.7% of Turkey’s total imports.

In January-August, China retained its position as Turkey’s largest supplier, with exports to the country totaling $36 bln. Russia moved into second place with $26.1 bln, followed by Germany with $18 bln, the United States with $13.3 bln, and Italy with $10.1 bln.

Faster growth in imports led to a widening of the foreign trade deficit. In August, the deficit increased by 22.3% year on year, from $4.2 bln to $5.2 bln. In January-August, Turkey’s exports rose by 4% from the same period last year to $184.9 bln, while imports increased by 5.3% to $250.7 bln. The foreign trade deficit for the eight-month period widened by 9.3%, from $60.2 bln to $65.7 bln.