Turkey’s foreign trade deficit declined 13.4% in January. The deficit fell to $3.76 billion, down from $4.34 billion from January of last year, plummeting 13.4%, according to data released by the Turkish Statistics Institute (TUIK) on February 29.
Turkey’s exports amounted to $9.6 billion, a 22% decrease from January of 2015, and imports were $13.4 billion, a 19.7% decline from one year to the next, according to the data.
Turkey’s exports to Russia declined by 66% and to Iraq by 43.8% in January compared to the same month last year. Its exports to the EU, its main trading partner, declined by 9.7% in January to $4.75 billion.
In January, the main trading partner country for exports was Germany, followed by the United Kingdom, Italy and Iraq, according to the TUIK data.
