Turkish Trade Deficit Narrows Sharply in January


Turkish trade deficit slumped 72.5 percent to USD 2.5 billion in January 2019 from USD 9.1 billion in the corresponding month of the previous year.

Exports increased 5.9 percent from a year earlier to USD 13.2 billion as sales of manufactured products, which accounted for 93.4 percent of total shipments, increased 7.1 percent. Meanwhile, exports of agriculture, hunting and forestry went down 2.8 percent, and those of mining and quarrying dropped 19.6 percent. Among major trading partners, exports increased mainly to the UK (25.8 percent), Italy (5.6 percent), Spain (4.6 percent), Romania (5.5 percent) and Israel (0.3 percent), but declined to Germany (-3.8 percent), Iraq (-1 percent), the US (-2.4 percent), France (-4.3 percent) and the Netherlands (-2.7 percent).

Imports tumbled 27.2 percent to USD 15.7 billion. Purchases of intermediate goods accounted for 80.8 percent of total imports in January and dropped 24.3 percent from a year earlier. Additionally, imports fell for both capital (-40.3 percent) and consumption goods (-34.5 percent). Among major trading partners, imports dropped mainly from Russia (-16.6 percent), China (-32.8 percent), Germany (-26.4 percent), the US (-37.8 percent), Italy (-32 percent), India (-4.5 percent), Iran (-16 percent), South Korea (-34.3 percent), France (-36.7 percent) and the UK (-31.0 percent).

Turkish Trade Deficit Narrows Sharply in January


Turkish Statistical Institute | Chusnul Ch Manan | chusnul@tradingeconomics.com
2/28/2019 10:57:08 AM