According to Turkish Statistical Institute (TÜIK), Turkey’s imports recorded a growth of 18.7 percent to $201.8bn whereas its exports grew by 23.1 percent to $132bn causing huge trade deficit of $69.8bn in 2008. The financial turmoil in the EU, the largest importer of Turkish goods particularly has contributed in creating such a wide gap in exim trade.
Interestingly, almost half of country’s imports largely came from six countries including Russia, Germany and China. Russia led the import list of Turkey by registering a growth of 33.2 percent to reach $31.1bn, Germany with 6.5 percent at $18.7bn stood second and China followed by $15.6bn with 18.2 percent growth. However, China acquired the top slot as the largest Asian exporter to Turkey by making a noticeable presence through significant increase in its exports.
The TÜIK data showed that the US took the distinction of recording the highest growth in its exports to Turkey with 46.6 percent to reach $11.9 during the period. The neighbour, Iran’s improvement of 23.9 percent at $8.2bn was the only other Asian country which fairly increased their exports to Turkey after China.
In December 2008 also Germany continued to be the main buyers of Turkish goods totalling $765mn. Iraq with $429 million and the UK with $390 million followed Germany as other chief importers of the country’s products. A considerable decline in imports from the EU region at about 40 percent is believed to have played a key role in making the trade deficit seem wider. Notwithstanding, the total imports from Turkey to the EU stood at 41.8 percent.
Analysts stated Turkey to reduce the gap in their exim trade they had to increase presence in markets such as ASEAN countries, the Middle East and India. That is because the major European markets will continue to remain tight for many more months due the economic crisis experiencing the region.