Flash estimate says Turkey trade deficit shrank in Feb.

By Fatih Erkan Dogan

ANKARA (AA) - Turkey’s foreign trade deficit in February declined sharply from the previous month, preliminary statistics from the Customs and Trade Ministry showed on Thursday.

Exports in February were worth $12.12 billion, up 7.4 percent from the previous month while imports edged up 1.5 percent to reach $15.82 billion, according to data released by the ministry.

Research published by the state is seen as a leading indicator ahead of a release of official figures from the Turkish Statistical Institute.

The exports-to-imports ratio, which was 72.4 percent in January, reached 76.6 percent in February.

Foreign trade volume was also up four percent to $27.94 billion compared to $26.86 billion the previous month.

Turkey’s automotive industry was the top exports performer, sending goods abroad worth $1.85 billion.

The most imported items were oil and oil products, worth $2.89 billion.

The top destination for Turkish goods was Germany, with exports worth $1.12 billion. China topped the list of countries from which Turkey imports, sending goods worth $1.64 billion.