Turkey's foreign trade deficit improves in April

Turkey's foreign trade deficit has gone sharply down in April this year compared with the same period last year, Turkish Statistical Institute said in a new report Tuesday.

Foreign trade deficit was down 16.3 percent compared with the same month last year, dipping to $4.2 billion, according to the report.

Exports for the month fell 10.2 percent from April last year to $11.99 billion, while imports stood at $16.2 billion, down 11.9 percent from a year earlier.

Decline in imports was also sharper than the fall in exports for the eight consecutive months, suggesting that the Turkish economy was still on the course of rebalancing itself.

The country exported goods worth $1.2 billion to Germany, its largest market. Turkish exports to the U.K. amounted to $838 million, while exports to Italy were worth $583 million.

China ($1.83 billion), Germany ($1.81 billion) and Russia ($1.15 billion) were the main sources of imports.