At first glance, newly released figures for Turkey’s foreign trade suggest the country’s economy is holding up well despite the travails of its neighbours in Europe.
But as ever the devil is in the detail and hidden away in the numbers are some more uncomfortable indications that darker days lie ahead for the Turkish economy.
Figures from TUIK, the statistics office, show a 30 per cent reduction in Turkey’s trade deficit, from $10.3bn in June 2011 to $7.2bn in June this year. Other figures from TIM, the Turkish exporters’ association, show exports for the 12 months to July reaching $142.6bn, a healthy 12.3 per cent up on the previous twelve months.
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