Turkey’s foreign trade deficit was up 51.3% year-on-year to $4.3 billion in July, TurkStat data showed. Turkish exports rose 10.2% year-on-year to $16.4 billion in July, while imports jumped 16.8% to $20.7 billion. The exports-to-imports coverage ratio fell to 79.3% in July from 84% in the same month in 2020.
TurStat data showed that Germany was Turkey’s largest export market in July, with a volume of nearly $1.5 billion. The US came in second at $1.1 billion, followed by the UK ($983 million) and Italy ($803 million). Meanwhile, China was Turkey’s largest import supplier in July with $1.5 billion, followed by Russia ($2.5 billion) and Germany ($1.6 billion).
For the first seven months of the year, Turkey’s foreign trade deficit narrowed 4.7% year-on-year to $25.5 billion. In the same period, the country’s exports were up 35% to $121.3 billion, while imports rose by 25.8% to $146.8 billion.
