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Foreign trade deficit up 6.4%

10
May '07
In the first quarter of 2007, Turkey's foreign trade deficit was up by 6.4 percent, reaching US $11.65 billion, according to data from Turkish Statistics Institute.

Imports grew by 17.6 percent to $34.7, while exports rose by 24.2 percent, reaching $23.1 billion, in the same period.

The EU's dominance of Turkey's export market continued through the first quarter, reaching $13.4 billion, representing a 25.4 percent increase year-on-year. EU countries accounted for 57.9 percent of exports, free trade zones in Turkey 2.9 percent and other countries 39.2 percent.

In first three months of 2007, the main export destinations were Germany at $2.7 billion, 22.4 percent higher than the same period last year. In March 2007, exports to Germany increased by 18 percent, reaching $1.02 billion. The UK was second, with $682 million, then Italy with $674 million, France $490 million, Spain $430 million and Russia $365 million.

In first quarter, export to EU countries were still on the top with $14.3 billion, followed by Asian countries at $9.06 billion, other European countries at $7.06 billion and free trade zones in Turkey with $264 million.

In textile industry, imports grew by 26 percent. The biggest increase was in man-made staple fibers section by 40 percent. Garment imports up by 42 percent and footwear import increased 11 percent in the first three month of 2007.

Fibre2fashion News Desk - Turkey


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