Turkey trade deficit widens on lower Gold sales
Turkey's gold sales to Iran through the United Arab Emirates in return for its energy imports, continued to decrease in January.
As a result of suspended gold trade with Iran, Turkey's foreign trade deficit widened in January, according to Turkish Statistics body TUIK.
In it's latest report TUIK said foreign trade deficit rose to $7.29 billion with a 2.4 percent increase in January from the same month a year earlier, exports and imports showed a hike in the same period.
Exports reached $11.5 million with an 11.2 percent increase and imports were worth $18.8 million with a 7.6 percent increase in January compared to the same period in 2012.
Turkey’s gold sales to Iran through the United Arab Emirates in return for its energy imports, continued to decrease in January.
Turkey’s gold exports decreased to $466 million in January with an 18 percent fall from December 2012, as exports to the UAE reached $371 million, but Turkey did not make imports to Iran in January.
On the other hand, gold exports were worth $570.9 million in December, with exports to Iran composing $10 million of the total and exports to the UAE registering at $402.7 million.
Turkey’s energy imports fell to $4.6 billion with a 3.9 percent decrease. After the sanctions imposed by the U.S. in July, Iran started to bring the gold from Turkey to their country through the UAE.
Last year’s figures showed that Turkey’s gold exports jumped to $13.34 billion with an 805 percent increase from 2011. The final sanctions imposed in February have halted the gas-for-gold trade between the two countries.
The U.S. claims that Turkey’s rising gold exports to Iran contributes financially to the country, which is allegedly carrying out a nuclear program.
Sumber : Google
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