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Turkey posts second-highest export volume

In 2107 Turkey saw the second-highest export volume in the republic’s history with $157.1 billion, according to provisional data released by the Customs and Trade Ministry on Tuesday.

Turkey’s exports reached $157.1 billion in January-December 2017, up 10.22 percent, the ministry’s data bulletin showed.

The yearly total was second only to 2014, when Turkey saw $157.6 billion in exports, according to official data.

The new export figure follows Turkey’s sky-high growth during 2017.

The country’s growth beat forecasts in the first and second quarters of the year (5.3 and 5.4 percent, respectively), according to the Turkish Statistical Institute (TurkStat). Turkey became the fastest-growing economy among G20 countries with its unexpectedly high 11.1 percent growth in the third quarter of 2017.

The report said Turkey’s imports also rose in the period 17.92 percent to $234.2 billion.

Turkey’s foreign trade volume accounted for $391.3 billion, rising 14.70 percent in January-December 2017.

Its foreign trade deficit annually climbed by 37.5 percent in the same period to $77.06 billion.

In 2017, Turkey exported $15.1 billion worth of items to Germany, followed by Britain with $9.6 billion and Iraq with $9.1 billion.

The largest exporter to Turkey was China, with $23.4 billion, followed by Germany with $21.3 billion and Russia third with $19.6 billion.

Turkey also exceeded its export target of $156.5 billion, aimed under the Medium-Term Economic Program by year’s end, according to the ministry data.

December 2017 figures

In December 2017, Turkey’s exports rose 8.59 percent to $13.9 billion, while imports climbed 27.7 percent to $23.5 billion, the official data showed.

Turkey’s foreign trade volume hit $37.3 billion, rising 19.85 percent over the month.

The country’s foreign trade deficit also jumped by 71.36 percent to $9.6 billion in December 2017.

In December 2017, Turkey exported the most to Germany with $1.3 billion, the U.K came in second with $832 million and Italy was third with $775 million.

The country imported most from Germany in the month with $2.2 billion. China followed with $2.1 billion and Russia with $1.9 billion.

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