Jan 04 2019

Turkish trade deficit narrows 28 percent in 2018

Turkey’s trade deficit narrowed 28 percent to $55 billion last year, according to preliminary figures from the Trade Ministry.

Exports climbed 7.1 percent to $168.1 billion, a record figure. Imports fell 4.6 percent to $223.1 billion, the ministry said on its website.

Turkey’s trade deficit is narrowing after a currency crisis that peaked in August led to a slump in demand for imports, which had surged in price in lira terms. Consequently, exports have become relatively cheaper, helping Turkish firms to sell more goods abroad.

The country exported the most goods to Germany, the United Kingdom and Italy. Exports to the European Union as a whole increased 14 percent to $84.1 billion. The export market for Africa expanded 24 percent and for Latin America 36 percent.