Turkey's foreign trade deficit for July narrowed from the same period last year as exports increased strongly, while imports declined, data from the Turkish Statistical Institute showed Friday.
The trade deficit decreased to $7.889 billion from $9.201 billion a year ago. Economists had forecast a shortfall of $7.700 billion. Exports grew 8.5 percent year-on-year, while imports decreased 1.5 percent.
On a calendar-adjusted basis, exports rose 8.5 percent and imports fell 5.3 percent annually.
Meanwhile, exports declined a seasonal-and-calendar adjusted 1.1 percent month-on-month and imports fell 1.7 percent.
In July, Turkey's exports to the EU slumped, while shipments to Iran rose massively. The prominent items of export were precious stones and metals. The country imported largely from Russia during the month.
by RTT Staff Writer
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