Flash estimate says Turkey trade deficit shrank in Feb.

By Fatih Erkan Dogan

ANKARA

Turkey’s foreign trade deficit in February declined sharply from the previous month, preliminary statistics from the Customs and Trade Ministry showed on Thursday.

Exports in February were worth $12.12 billion, up 7.4 percent from the previous month while imports edged up 1.5 percent to reach $15.82 billion, according to data released by the ministry.

Research published by the state is seen as a leading indicator ahead of a release of official figures from the Turkish Statistical Institute.

The exports-to-imports ratio, which was 72.4 percent in January, reached 76.6 percent in February.

Foreign trade volume was also up four percent to $27.94 billion compared to $26.86 billion the previous month.

Turkey’s automotive industry was the top exports performer, sending goods abroad worth $1.85 billion.

The most imported items were oil and oil products, worth $2.89 billion.

The top destination for Turkish goods was Germany, with exports worth $1.12 billion. China topped the list of countries from which Turkey imports, sending goods worth $1.64 billion.