UPDATE - Turkey's foreign trade gap shrinks in 2018

UPDATE WITH MORE DETAILS

By Tuba Sahin

ANKARA (AA) - 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 TurkStat.

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 TurkStat, 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.