Posted by meb at June 16th, 2007

Turkey has seen its foreign trade deficit with the EU shrink since joining the European customs union due to its exports to EU countries growing faster than imports, according to a report released on Friday by the Statistical Office of the European Union (Eurostat).In a written statement, it said Turkey’s imports rose only 4 percent from EU-27 members and reached 12.2 billion euros. However, its exports enjoyed a 15 percent upswing, bringing in 11.3 billion euros. Turkey’s foreign trade deficit decreased to 800 million euros in the first quarter from its 2006 first quarter level of 1.7 billion euros. Turkey has become the EU’s fifth-biggest market in EU exports, passing Japan at the end of March 2007. The US is the leading importer from the EU with 64.2 billion euros, followed by Switzerland with 23 billion euros, Russia with 18.9 billion euros and China with 15.9 billion euros, the report said.

source: Today’s Zaman

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