Middle-east Arab News Opinion | Asharq Al-awsat

Turkey's Foreign Trade Deficit Falls Back - ASHARQ AL-AWSAT English Archive
Select Page

Ankara- Turkey’s foreign trade deficit decreased sharply in July year-on-year, according to a report from Turkish Statistical Institute released Wednesday.

Exports in July dipped 11.5 percent, or $1.27 billion, from July last year to $9.85 billion, while imports saw an even bigger decline of 19.7 percent, or $3.58 billion, to $14.64 billion.

Official statistics revealed a decline in the upcoming tourism in Turkey amid indicators on a gradual return of Russia’s tourism after tension was eased between Ankara and Moscow, majorly caused when a Russian jet was shut down in November 2015.

In a related matter, Senior Turkish Adviser Dr. Mustafa Kokso said that Jeddah Chamber of Commerce & Industry has signed with Turkish companies agreements to import 120, 000 tons of vegetables and fruits for the season of pilgrim. Kokso welcomed the fact that Turkey is one of the main destinations of Saudi Arabia for fulfilling the market’s need of vegetables and fruits.

The agricultural sector in turkey was influenced due to strained relations between Turkey and Russia and this affected the Turkish food exports to Russia which totalled USED764 million per year. In response to the jet accident, Russia prohibited importing some Turkish products.

Losses of Turkey reached USD5 billion in the tourism sector due to suspension of tourist flights. The Ministry of Culture and Tourism issued on Wednesday a statement that reveals tourists in Turkey have reached 3.5 million in July, a drop of 36.7%. Russian tourists’ figures also dropped 93%, reaching 47,000 tourists compared with the same month in 2015.