Turkey foreign trade increases in first quarter

In the first three months of the year Turkey's negative trade balance has gone from 24.6 to 20.3 billion USD thanks to an increase in exports, up from 31.4 billion USD in the first quarter of 2011 to the 35.3 billion in the first quarter of 2012. Another reason has also been a slight reduction of imports (-0.7%). The data has been reported by the Turkish statistics institute (TUIK) and re-elaborated by the ICE office in Istanbul. The passive balance between the country's import and export is still 4.3 billion dollars but enables Turkey to diminish its high oil bill, the main reason for increases in expenditure. On a general level, Turkey's foreign trade has risen by 4.1% going from 87.4 billion dollars in the first quarter of 2011 to the 91 billion of the same period in 2012. Trade with the EU, which still maintains a rate of 39% of Turkey's total, has nonetheless dropped 2.1%, from 36.2 to 35.4 billion USD in a year. Turkish imports from the EU have dropped 2.6% whereas exports towards the EU have gone down 1.5%. However the imports rate from the EU is still high (36.8%) as also the exports from Turkey (42.2%). The list of main commercial partners has Germany in first place with a foreign trade of 8.2 billion USD and a passive balance of 1.4 billion USD for Turkey (-2.7% compared to last year). Turkey's second main trader is Russia, with an exchange increase (+6%) of 7.6 billion and a passive balance of 4.5% for Turkey. Third is China (+2.5%) with 5.6 billion and a passive balance of 4.4 billion USD. USA are fourth (-4.8%) with a foreign trade of 5 billion and a passive balance of 2.5 billion USD. Sixth is Italy (-9.4%) with 4.7 billion in foreign trade and a passive balance for Turkey of 1.4 billion dollars. Italy's export value towards Turkey has substantially remained unvaried at 3 billion USD, same as the first quarter of 2011, which makes Italy Turkey's sixth largest supplier.