Russia and China constitute huge part of Turkey’s trade deficit
Turkey's trade balance with
Russia and
China is gradually deteriorating. $13.8 billion of foreign trade deficit recorded in the first five months of the year mainly grew out from the trade made with
Russia and
China. Trade with
Russia reported a deficit of $2.5 billion and with
China a deficit of $1.5 billion.
In the first five months of the year,
Turkey's exports to
Russia amounted to $678.1 million and imports from there reached $3.13 billion. The deficit with
Russia increased by 73% compared to the previous year. The rapid increases observed in the prices of crude oil and natural gas impacted the trade balance between
Turkey and
Russia negatively.
The cheap textile products imported from
China were the main reason for the $1.5 billion deficit. Trade deficit with
China grew by 122.4% from a year earlier.
Turkey's exports to
China were recorded as $206.9 million in the first five months, but imports from there amounted to $1.66 billion.