Turkish Trade Deficit Narrows in December

Turkey's trade deficit slightly decreased to $5.6 billion in December of 2016, compared to a $6.24 billion gap a year earlier as exports rose more than imports. It was the largest deficit since June. Exports increased by 9 percent to $12.8 billion, mainly driven by mining and quarrying, fisheries sales, and manufacturing. Imports rose 2.3 percent to $18.4 billion, led by manufacturing.

Year-on-year, exports increased to $12.8 billion, mainly bosted by a 9.5 percent rise in sales of manufactured products which accounted for 91.7 percent of total sales. Among manufacturing, medium-low-technology products accounted for 26 percent and increased 20.79 percent; high-technology products accounted for 4 percent and fell 1 percent; while medium-high-technology products represented 35.7 percent and rose 8.6 percent. In addition shipments of agriculture, hunting and forestry went down 4.2 percent, fisheries (+19.9 percent), and mining and quarrying (+14.4 percent). Germany was the main export partner (+9.3 percent share), followed by the United Kingdom (6 percent), UAE (5.9 percent) and Iraq (5.9 percent).

Imports rose to USD 18.4 billion, mainly due to a 4.2 percent increase in purchases of manufacturing and a 16.2 percent increase in others. In contrast, imports decreased for agriculture, hunting and forestry (-12 percent) and minning and quarrying (-8.9 percent), and fisheries (-31.7 percent). China was the main import partner (10.1 percent share), followed by Germany (9.9 percent), Russia (7.3 percent) and Italy (4.9 percent).

On a seasonally adjusted basis, exports went down 0.5 percent from the previous month while imports increased 6.1 percent.

Turkish Trade Deficit Narrows in December

Statistics of Turkey l Chusnul Ch Manan | chusnul@tradingeconomics.com
1/31/2017 10:07:19 AM