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Both exports & imports plummet in January
28 Feb '09
1 min read
According to recently released statistics, overall exports from Turkey sank by 25.7 percent and imports plunged more severely by 43.3 percent in January, when corresponded with the same month of 2008, which sent distress signals across government and industry.
Imports fell to US $9.27 billion, while exports dropped to $7.89 billion, though it helped in reducing the trade gap to $1.37 billion, which was earlier estimated by analysts at $2.7 billion. This trend is being reported by a host of countries across the globe.
The biggest collapse was registered by the automobile sector which plummeted to $649 million and in the process fell by an astounding 60.3 percent, followed by textile and garment exports with a fall of nearly 20 percent. Shipments to EU fell 37.7 percent y-o-y.
Imports fell to US $9.27 billion, while exports dropped to $7.89 billion, though it helped in reducing the trade gap to $1.37 billion, which was earlier estimated by analysts at $2.7 billion. This trend is being reported by a host of countries across the globe.
The biggest collapse was registered by the automobile sector which plummeted to $649 million and in the process fell by an astounding 60.3 percent, followed by textile and garment exports with a fall of nearly 20 percent. Shipments to EU fell 37.7 percent y-o-y.
Fibre2fashion News Desk - India
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