Turkey's foreign trade deficit down 25.2 percent in 2015

Turkey's foreign trade deficit in 2015 shrank 25.2 percent from 2014, according to data released by the Turkish Statistical Institute (TurkStat). The foreign deficit shrank to $63.3 billion in 2015 from $84.6 billion in 2014.

The deficit decreased, as did the volume of trade. The value of imports decreased to $207.2 in 2015 from $242.2 in 2014, marking a decrease of 14.4 percent. Exports saw a decline of 8.7 percent from $157.6 in 2014 to $143.9 in 2015.

In monthly terms, the foreign trade deficit decreased 27.4 percent to $6.183 billion in December 2015 from $8.519 billion in the December 2014, according to the TurkStat report. The trade deficit, or the difference between exports and imports, was 65.6 percent, up from 60.9 percent in the same month of 2014.

Exports were $11.802 billion in December 2015, marking an 11.1 percent decrease over the past year, and imports were $17.984 billion with a 17.5 percent decrease.

The main country for exports was Germany with $1.150 billion. The United Kingdom followed with $764 million, Italy with $638 million and the U.S. with $590 million. China's exports to Turkey were valued at $2.154 billion while imports from Germany were $2.38 billion, those from Russia were $1.686 and those from the U.S. were $961 million.

The report also said income from tourism in 2015 decreased 8.3 percent compared with the previous year at $31.464 billion.