Turkey’s Exports Down 0.9% in 2016 to $142.6 Billion

Ankara, Turkey’s exports for the whole of 2016 were down 0.9% y-o-y to $142.6 billion while imports amounted to $198.6 billion, official data showed today.

Turkish Statistical Institute released today a report that showed Turkey’s foreign trade declining by 11.7% y-o-y to $56 billion in 2016. The decline was primarily a result of a 4.2% fall in imports. Energy imports declined by 28.2% on an annual basis to $27.2 billion, mainly due to the fall in oil prices.

Exports to the EU, Turkey’s largest trading partner, increased 6.8% to $68.3 billion. The Middle East accounted for 22% of the country’s exports and rose 0.7% to $31.3 billion. Turkey’s exports to Russia fell by 51.7% to $1.7 billion last year, mainly due to the sanctions imposed by Russia after the downing of one of its fighter jets.

Source: Qatar News Agency