ANKARA: Turkey’s foreign trade gap decreased notably in July from the previous year as exports surged amid a fall in imports, the Turkish Statistical Institute said on Wednesday.

The trade deficit dropped to US$7.3 billion in July from US$12.5 billion a year ago, dpa reported. In June, the trade deficit was US$5.9 billion. In July, exports increased by 13.8 percent annually, while imports fell by 7.8 percent.

The main partner countries for exports during July was Germany, followed by the UK, US, Iraq, and Italy. Excluding energy products and non-monetary gold, the foreign trade shortfall was US$2.98 billion.

On a seasonally and calendar-adjusted basis, exports grew 3 percent monthly, while imports slid by 3.9 percent.

Source: Emirates News Agency