Russia drives up Turkey's trade deficit

Russia drives up Turkey’s trade deficit

Turkey's trade deficit rose 18.5% year on year to $4.9 billion in the first two months of 2005, according to data from Turkey's State Institute of Statistics. Russia's exports to Turkey are gradually increasing due to the increase in oil and natural gas prices. Russia accounted for almost one-third of Turkey's deficit. Russian exports to Turkey amounted to $1.69 billion, while trade in the other direction totaled only $292.3 million. This translates to a trade balance of $1.39 billion in favor of Russia. Turkey saw the second-highest trade deficit with Switzerland. The trade deficit with Switzerland rose 54.7% to $703.6 million. Due to the cheap textile product imports, China took third place as the deficit between it and Turkey rose to $686 million.