Russia and China constitute huge part of Turkey's trade deficit

Tuesday, 20 July 2004 17:25:00 (GMT+3)   |  
       

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.

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