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Turkish Statistical Institute (TUİK) has announced foreign trade figures prepared in cooperation with the Ministry of Commerce. According to the stats, export increased and import decreased in the month of July.
Showing an increase of 11.6 percent compared to the same period of last year, export in July became 14 billion 77 million dollars. Import was recorded as 20 billion 59 million dollars with a decrease by 6.7 percent compared to the same period last year.
Trade deficit dropped
Dropping by 32.6 percent, trade deficit receded to 5 billion 982 million dollars in July.
Rate of exports meeting imports climbed from 58.7 percent in July 2017 to 70.2 percent in July 2018.
Trade deficit was on the books as 76 billion 806 million dollars in 2017.
Export to the European Union (EU) became 6 billion 852 million dollars by increasing 14.7 percent compared to the same period in 2017.
What is trade deficit?
A trade deficit is an economic measure of international trade in which a country's imports exceeds its exports.
A trade deficit represents an outflow of domestic currency to foreign markets. It is also referred to as a negative balance of trade (BOT). (HA/TK)
