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Posted On: 05/08/2012
According to figures from the Turkish Statistics Institute, the National foreign trade deficit in Turkey dropped by around 30% in June compared to a year ago. Exports increased by almost 17% to reach $13.26 billion while imports decreased by around 5%, dropping to $20.4 billion in June compared to June 2011.
This means the total foreign trade deficit for June was $7.2 billion compared to more than $10 billion in June last year. During this month more industrial goods were exported while fewer foreign goods were purchased.
June's figures now mean the country's foreign trade performance can be calculated for the first half of this year. During this time the trade deficit was $43 billion in contrast to $55 billion for the same period last year. This is good news considering the current EU crisis, as the European Union is Turkey's largest trade partner. Turkey has also made substantial efforts to discover new export markets, focusing on the Middle East and Africa.
During the first half of the year Turkish exports to the Americas, Asia and Africa increased by 30%, 39% and 45% respectively compared to the same period in 2011. Goods sold to the EU market fell from 48.2% in June last year to 37.1% this year.
These figures show that if Turkey hadn't been so successful in diversifying its export market the export growth volume would have been around zero for the first six months of this year. One interesting statistic is that Iran was Turkey's top export market for June this year and was worth $1.6 billion. In May last year this market was worth just $300 million. A large portion of this figure is due to the sales of gold as Iranians look at alternative ways of saving due to tighter Western sanctions.
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