Turkey’s trade gap narrows by a third in April on weak lira, stronger Europe

The Turkish trade deficit further narrowed in April, helped by falling imports and rising exports, particularly led by a recovery in Turkey’s main trade market, Europe, according to official data.

The gap declined to $7.2 billion during the month, 30.3 percent down from the same month last year, according to temporary foreign trade figures announced by the Turkish Statistical Institute (TÜİK) and the Customs and Trade Ministry.

Turkey’s exports rose 7.9 percent to reach $13.4 billion, while imports plunged by 9.5 percent to $20.6 billion, increasing the rate of exports to imports from 54.6 percent to 65.1 percent.

Along with the weakening Turkish Lira, which made Turkish goods cheaper and more attractive in international markets, the economic recovery in Turkish exports’ top destination, Europe, helped the trade performance of the country bounce.

Turkey’s exports to EU countries leapt 20.5 percent compared to April last year, reaching $5.9 billion. Therefore, the EU’s share in Turkey’s exports rose to 44.2 percent, from 39.6 percent last year.

Germany kept its place as the top export market for Turkish exporters, which sent $1.26 billion worth of goods to the country in April.

Iraq with $1.25 billion, the U.K. with $855 million, and Italy with $645 million, followed Germany as Turkey’s leading export partners.

In imports, Russia again topped the list with $2.1 billion worth of imports. Germany ranked second with $2 billion, while China and the U.S. ranked $1.8 and $1.1 billion respectively.