Turkish exports up 9.8 percent in first 2 months of 2018

Turkish exports up 9.8 percent in first 2 months of 2018

Turkish exports in the first two months of 2018 rose 9.8 percent year-on-year to reach $25.6 billion, the Turkish Statistical Institute (TurkStat) announced Friday.

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Turkish exports in the first two months of 2018 rose 9.8 percent year-on-year to reach $25.6 billion, the Turkish Statistical Institute (TurkStat) announced Friday.

The country’s foreign trade volume totaled $66.1 billion between January and February this year, marking a 20 percent annual increase, according to provisional data provided by TurkStat and the Ministry of Customs and Trade.

Turkish imports climbed 28.8 percent to $40.5 billion, amounting to a foreign trade deficit of $14.8 billion over the same period.

The proportion of imports covered by exports was 63.3 percent during the January-February period, while it was 74.3 percent during the same period of 2017.

TurkStat showed that Turkey’s exports to the European Union rose 23.4 percent year-on-year, to $13.4 billion in the first two months.

Germany was the main importer of Turkish goods, with trade reaching some $2.7 billion. It was followed by Italy with $1.60 billion, the U.K. with $1.59 billion and the U.S. with $886 million.

Turkish imports worth $4 billion came from China while imports from Russia amounted to $3.86 billion. Imports for Germany and the U.S. stood at $3.92 billion and $2 billion, respectively.

In the two-month period, manufacturing made up the most of Turkish exports, with a 93 percent share and was valued at $23.8 billion.

Agriculture and forestry exports of about $1.02 billion amounted to a 4 percent share while mining and quarrying exports grabbed a 2.1 percent share with 542 million.

The share of medium-high technology products in manufacturing industry exports was estimated at 36.9 percent, followed by low-tech industries with 33.9 percent and medium-low technologies (25.9 percent).

Official figures showed that the ratio of intermediate goods, products in total imports was 76.7 percent and worth $31.02 billion.

Exports in February up 9 percent

Moreover, according to the provisional data, Turkey’s exports this February were up 9 percent, reaching $13.176 billion, while imports rose by 19.7 percent and stood at $18.936 billion when compared with the same month of last year.

The data also revealed a foreign trade deficit of $5.761 billion, 54.2 percent more compared than the same month last year.

The export-import coverage was 69.6 percent, while it was 76.4 percent in the same month of 2017.

Exports to the EU increased by 23.8 percent, reaching $6.844 billion from $5.528 billion last February.

“The proportion of the EU countries was 51.9 percent in February 2018 while it was 45.7 percent in February 2017,” TurkStat said.

Germany was the main destination exports with exports worth $1.359 billion in February, followed by Italy with $864 million, the U.K. with $840 and the U.S. with $666 million.

“In February 2018, China topped the list for exports to Turkey with $1.863 billion. The country was followed by Russia with $1.812 billion, Germany with $1.663 billion and France with $875 million,” the statistical body said.

Foreign trade by technology intensity covers the manufacturing industries’ products in the classification of ISIC Rev.3. According to the ISIC Rev.3, the ratio of manufacturing industries products in total exports was 93.7 percent in February, said TurkStat, adding that the ratio of high-technology products in manufacturing industries was 3.4 percent. The ratio of medium-high technology products in manufacturing was 38.4 percent, it added.

The ratio of manufacturing industries’ products in total imports was 79.2 percent, while the ratio of high-technology products in manufacturing industries’ products was 14.9 percent in February, according to TurkStat, which also said that the ratio of medium-high technology products in manufacturing industries’ products was at 41.9 percent.

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