ANKARA: Trkiye's trade gap shrank significantly by 41.8% year-on-year to 7.3$ billion in July, thanks to a surge in exports while imports decreased, according to official data released on Wednesday. Exports hiked 13.8% from a year ago to $22.5 billion in July, while imports dropped 7.8% to $29.8 billion, the Turkish Statistical Institute (TurkStat) data showed. Excluding energy products and non-monetary gold, Trkiye posted a $3-billion foreign trade deficit in July. The exports-to-imports coverage ratio rose 75.5% this July, a sharp improvement from 61.2% last year. Trkiye's shipments to its main trading partner Germany totaled at $1.8 billion in July, followed by the UK with $1.6 billion, the US with $1.4 billion, Iraq with $1.06 billion, and Italy with $1.03 billion. China was the top source of Trkiye's imports in July with $4.2 billion, followed by Russia with $3.8 billion, Germany with $2.5 billion, Italy with $1.41 billion, and the US with $1.4 billion. Year to date figure In January-July, Trkiye' s overseas shipments grew 4.1% at an annualized pace to $148.7 billion. Its imports, on the other hand, fell 8.3% to $198.7 billion in the same period. Trkiye's foreign trade deficit narrowed by 32.4% year-on-year to $49.9 billion in the first seven months of 2024. Source: Anadolu Agency