The FINANCIAL — Turkey’s oil expenditures increased by 39.7 percent to $13.172 billion in the first eight months of 2010, while this rise in expenses was also reflected in other sectors by the data of Turkish Statistics Institute (TurkStat), Today's Zaman says.
Turkey’s oil bill increased recently due to the price of crude increasing to $81 per barrel in the international commodity markets. From January to August of this year Turkey’s oil costs increased by 39.7 percent to $13.172 billion compared to the same period of the previous year. At the same time, natural gas costs increased to $8.762 billion, a rise of 15.2 percent.
Turkey’s imports in the first eight months of this year surpassed the import levels in the same period in 2009. According to the TurkStat data, Turkey’s imports increased by 30 percent to $99 billion. The import of investment goods increased by 24.3 percent to $16.666 billion, while the import of raw materials increased by 32.6 percent to $82.923 billion. Turkey imported $14.963 billion of consumer goods, which is a rise of 28.2 percent compared to last year. The import of metals amounted to $4.963 billion in 2010, whereas this was $3.195 billion in 2009. The steel sector imported more than $6 billion this year.
After a sharp increase in the price of meat, the government released a regulation that will allow the importing of animals, which could lower the price of meat due to competition. Since the implementation of this regulation, the import of animals recently reached a historic record with an increase of 225 percent to $69 million between January and August of this year compared to the same period of 2009. Animal imports increased to $31.424 million in August, while it was $5.015 million in June, when the animal import regulation was announced.
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