Turkey's foreign trade deficit fell for the sixth month in a row, figures from Turkish Statistical Institute released Friday show.

June’s deficit dropped to $7.8 billion in June of this year from $8.6 billion in the same month last year, a fall of 8.8 percent, the Turkish Statistical Institute reported.

The downward trend started in January and gained momentum after the Central Bank of Turkey introduced drastic interest rate rises in response to the US dollar’s rise against the Turkish lira in mid-January. Turkey's Banking Authority imposed new measures to restrict private consumption and ease the current account deficit.

The institute valued June's exports at $12.9 billion, a 4.2 percent increase on June, and imports by $236 million to 20.7 billion, a 1.1 percent decrease.

Following Europe’s recovery, exports to the European Union rose by 14.7 percent to $5.2 billion in June compared to the same month of 2013.

Germany, EU's largest economy and Turkey’s main export market, is worth $1.3 billion while imports from Russia - Turkey's main source for its energy needs such as gas, stood at $2.14 billion.

On July 23, Deputy Prime Minister of Turkey, Ali Babacan, said the effects of the European recovery and the implemented economic measures have been seen quickly, with a 10 to 20 percent increase in exports to countries such as Germany, Spain and the United Kingdom.

As the economic recovery in Europe continues, in the first half of 2014, the country's exports increased by 7.3 percent to $80 billion.

According to the Turkish Exporters' Assembly, exports to neighboring Iraq fell by 21 percent in June, the exporters’ group said, as recent turmoil has hampered exports to Iraq.