Turkish exports rise in July

Mon 01 Aug 2011 09:37 GMT | 13:37 Local Time

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Turkish exports increased by 23 percent in July as compared to the same period in 2010, reaching $11.5 billion.

Exports increased by 20 percent to $771bn year-on-year in the first seven months of 2011, according to data released by the Turkish Exporters' Assembly (TIM) at a press conference in the western province of Canakkale on Monday.

Exports in the past 12 months reached $126.7 billion.

The automotive industry claimed the top spot for the exports in July with $1.9 million and a 16.5 percent share in the overall figures, which was followed by ready-wear with $1.625 million and a 14 percent share, and by chemicals with $1.24 million and a 10.79 percent share.

The release of the export figures came days after the Turkish Statistics Institute (TurkStat) reported a massive 79.2-percent increase in Turkey's foreign trade deficit in June, compared to the same month last year, stemming from soaring imports.

According to a TurkStat analysis of export and import data for the first six months of 2011, Turkey, despite having sold 19.9 percent more goods to foreign countries for a total of $65.63 billion, had purchases of $119.61 billion. This represents a 43.3 percent increase over the same period of 2010. Turkey's foreign trade deficit for the first half of this year soared by 88.2 percent to $53.98 billion, while the export/import coverage ratio dropped from 65.6 percent to 54.9 percent.

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