UPDATE - Turkey: Foreign trade deficit sinks over 70 pct in Jan.

UPDATE WITH MORE DETAILS

By Gokhan Ergocun

ISTANBUL (AA) - Turkey's foreign trade deficit fell 72.5 percent to $2.5 billion in January compared to the same month in 2018, official figures showed on Thursday.

The country's exports rose 5.9 percent year-on-year in the month to reach $13.17 billion, according to the country's statistical authority TurkStat.

Meanwhile, Turkish imports posted a significant decrease, down 27.2 percent to reach $15.67 billion in January, on an annual basis.

The exports-to-imports coverage ratio was 84 percent last month, up from 60.1 percent in January 2018.

In 2018, Turkey's exports were $168 billion and imports $223 billion, creating a $55 billion foreign trade gap.

- Top trade partner: EU

Turkey’s exports to EU -- making up over 50 percent of the country's exports -- rose 4 percent year-on-year to total $6.8 billion last month.

Exports to Asian and African countries were $3.2 billion and $1.2 billion, respectively, in January.

Meanwhile, Germany was Turkey's top export market, with some $1.3 billion worth of exports.

It was followed by the U.K. with $937 million, Italy with $783 million, and Iraq with $630 million.

Russia took the biggest share of imports to Turkey last month, with almost $1.7 billion.

China followed with $1.46 billion, Germany with $1.2 billion, and the U.S. with $696 million.

- Manufacturing holds biggest share of exports

Manufacturing sectors accounted for the lion's share of total exports, at 93.4 percent or $12.3 billion.

Agriculture and forestry exports (nearly $515 million) had a 3.9 percent share, while mining and quarrying exports' share was 1.8 percent ($242 million).

The share of high technology products in manufacturing industry exports was 3 percent, while the export shares of medium-high and low technology products were 35.1 and 27.6 percent, respectively.