Turkey's foreign trade gap shrinks in 2018

The foreign trade deficit figure of Turkey fell 28.4 percent in 2018, according to TürkStat.

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 TürkStat.

Turkish exports rose 7 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.

EU remains as top trading partner

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

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

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

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

The top country for Turkey's imports was Russia with almost $23 billion last year. China followed it with $20.7 billion, Germany with $20.4 billion and the U.S. with $12.4 billion.

Manufacturing holds biggest share of exports

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

Agriculture and forestry exports (nearly $5.6 billion) got a 3.3 percent share, while mining and quarrying exports had a share of 2 percent, i.e. $3.4 billion.

The share of high technology products in manufacturing industry exports was 3.5 percent while the exports shares of medium-high and low technology products were 36.4 and 27.6 percent, respectively.

Foreign trade gap narrows in December

In December 2018, Turkey's exports slightly increased by 0.2 percent on a yearly basis to $13.9 billion, while imports decreased to $16.6 billion -- a 28.3 percent fall.

Thus, foreign trade deficit last month was $2.7 billion, shrinking 71.1 percent year-on-year.

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