UPDATE - Turkey's exports hit $12.5B in August

UPDATES WITH MORE DETAILS

By Tuba Sahin

ANKARA (AA) - Turkey's exports totaled $12.5 billion in August, down 5.7% from the same month last year, the Trade Ministry announced Wednesday.

The country's imports grew 20.6% to $18.8 billion in the same period, the ministry's preliminary data showed.

This August, the export-import coverage ratio was 66.4%, compared to 85% in August 2019.

The foreign trade deficit jumped 169.7% year-on-year, hitting $6.3 billion last month.

Commenting on figures Trade Minister Ruhsar Pekcan said the decrease in exports stemmed from weak external demand in the EU and disruption in the automotive sector last month due to the coronavirus pandemic.

"We believe that our foreign trade will gain strong momentum in the coming period thanks to the measures we have taken and the effective policies we implemented, and the normalization in our main export markets, especially in the EU," Pekcan wrote on Twitter.

She noted that Turkey will continue its efforts for product and market diversification and enhancing the competitiveness of exporters.

- January-August figure

In the first nine months of this year, Turkish exports slipped 12.8% year-on-year to $102.5 billion, according to the preliminary data.

Imports were also down 1.14% to $135.4 billion during the same period, bringing the foreign trade gap to $32.9 billion which saw a yearly rise of 69%.