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ANKARA (Scrap Monster): Turkey's foreign trade deficit for July decreased to $7.89 billion from $9.2 billion in July 2011, as per the provisional foreign trade statistics compiled and issued by the Turkish Statistical Institute (TUIK) and the Turkish Undersecretariat of Customs.

In the iron and steel sector, Turkey's foreign trade deficit was $751.8 million in July, decreased from $921.9 million recorded in the same month last year.

In July this year, Turkey's iron and steel exports totaled $896 million, decreased by 17% from June and down 12.4% year-on-year. Iron and steel ranked fourth among the products of the country with the highest export value in July.

Meanwhile, in July exports of articles of iron or steel, which ranked ninth among the products with the highest export value, fell by 5.5% month-on-month and were up 6.4% compared to July 2011, amounting to $484 million.

In the first seven months of 2012, the country's iron and steel exports stood at $6.85 billion, while its exports of articles of iron or steel amounted to $3.4 billion, increased by 3.3% and up 4.4% respectively, both compared to the corresponding period of 2011.