Turkey's Trade Deficit for April Doubles


The prankster in me wants to ask if this explains the Turkish “Peace” ship going to Gaza, but I won’t go there. But inquiring minds are wondering about the meaning of the following article with respect to the EU in general:

ANKARA, JUNE 1 – Turkey’s trade deficit widened in April from a year earlier, the sixth consecutive expansion as the economy accelerates out of recession, drawing in raw materials from abroad as daily Hurriyet reports today. The trade gap expanded to $5.5 billion from $2.6 billion in the period from a year earlier, the statistics agency in Ankara said on its website Monday. The deficit was forecast to be $5.6 billion, according to the median estimate of 11 economists surveyed by Bloomberg. The trade deficit is widening as economic growth picks up after four consecutive quarters of contraction. Gross domestic product expanded 6% from a year earlier in the last quarter of 2009 and is likely to grow more than 10% in the first three months of this year. “Vigilance” is required to prevent an unsustainable widening in the current-account deficit, the International Monetary Fund said on May 28. Exports rose 25.2% from a year earlier to $9.5 billion in April, the Turkish Statistics Institute, or TurkStat, said. Imports increased 47.4% to $14.9 billion. In April 2010, income from exports covered 63.4% of imports, while the figure was 74.7% in April 2009, reported Anatolia news agency. Turkish exports in the first four months rose 11.3% over the same period of last year and amounted to $35.66 billion and imports rose 36.6% and amounted to $53.26 billion. The foreign trade deficit in the January to April period increased 152.8% over the same period of 2009 and amounted to $17.6 billion. The foreign trade deficit during the period covering the January to April period in 2009 was $6.9 billion.

this is the entire article.

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