Turkey’s foreign trade gap increased by 14.7% y/y to $4.4bn in September, preliminary data of the ministry of customs and trade showed on October 2.
Exports declined by 5.7% y/y to $11bn, while the country’s imports fell by 0.7% y/y to $15.3bn. The Turkish Exporters’ Assembly (TIM), however, reported on October 1 that the decline in exports was 0.8% y/y to $10.45bn. The final official data for September will be released by statistics office TUIK at the end of this month. TUIK reported on August 30 that the foreign trade deficit shrank 5% y/y in August.
According to the ministry's data, Turkey’s foreign trade deficit was down by 14.8% y/y $41.9bn as the decline in imports outpaced the decline in exports. Imports fell by 6.5% y/y to $146bn in the first nine months of the year whereas the decline in exports was 2.7% y/y to $104bn.
The government targets to narrow the foreign trade deficit to $55.2bn in 2016 from last year's $63bn, with exports expected to reach $156bn and imports to stand at $211bn.
|Turkey's Foreign Trade|
|($ bn)||(%)||($ bn)||(%)||($ bn)||(%)|
|Source: tuik, gtb|
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