Turkish Trade Deficit Sees Big Decrease, Other News

Posted on 01 November 2012

The foreign trade deficit is known to be one of Turkey’s few remaining economic problems. However, according to the latest data the foreign trade deficit shrank by almost 35% on the year in September. The figures, from Turkstat show that a 21% increase to $13 billion in exports, combined with a 6.4% fall in imports to $19.8 billion, led to the 34.8u overall fall in the trade deficit from $10.4 billion to $6.8 billion.

In other news, Turkey has ranked 8th in the top 10 list of holiday destinations as voted for by top travel magazine Lonely Planet. According to the report Turkey is at eighth, not only because of Istanbul and beautiful coastal resorts, but also for attractive and cheap destinations beyond. Sri Lanka topped the magazine’s list.

The other main story is over the widening relationship between Turkey and Germany, which have previously been cold because of Germany’s outspoken opposition to Turkey’s EU bid. But Germany is now Turkey’s biggest trading partner, with bilateral trade of over 3 billion Euros. Turkish PM Erdogan has just been in Berlin to open a new Turkish embassy complex in the city which will be their largest in the world.

German Chancellor Angela Merkel has also voiced new support for Turkey’s EU bid. Merkel told reporters after a meeting with Turkish Prime Minister Recep Tayyip Erdogan on Wednesday that the talks on Turkey’s 25-year effort to join the EU would “continue regardless of the questions that still need to be clarified.”

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