emirates7 - Turkey's foreign trade deficit significantly narrowed in July compared to the previous year, driven by a surge in exports and a decline in imports, according to a report by the Turkish Statistical Institute released on Wednesday.

The trade deficit decreased to US$7.3 billion in July, down from US$12.5 billion in the same month last year, as reported by dpa. In June, the trade deficit stood at US$5.9 billion. July saw exports rise by 13.8 percent year-on-year, while imports declined by 7.8 percent.

Germany was Turkey's leading export partner in July, followed by the UK, the US, Iraq, and Italy. When excluding energy products and non-monetary gold, the trade deficit was US$2.98 billion.

On a seasonally and calendar-adjusted basis, exports increased by 3 percent month-over-month, while imports decreased by 3.9 percent.