Turkey Trade Deficit at Nearly 6-1/2-Year Low

Turkish trade gap narrowed by 32.8 percent year-on-year to 3165 USD million in February of 2016. It is the lowest deficit since October of 2009 as exports increased 1.4 percent while imports fell 8.1 percent.

Exports rose to USD 12406 million mainly due to a 2 percent increase in manufacturing exports and a 15.6 percent rise in sales of fish. In contrast, exports decreased for agricultural products (-4.2 percent), mining and quarrying (-14.1 percent) and other exports (-27.5 percent). Main export partners were Germany (1166 USD million), followed by the United Kingdom (1057 USD million), Switzerland (1047 USD million) and Iraq (712 USD million).

Imports fell to USD 15571 million, due to decreases in intermediate goods (-14.3 percent), other imports (-20 percent), capital goods (-13.5 percent) and consumption goods (-2.2 percent). In February, Turkish imports came mainly from China (2059 USD million), Germany (1772 USD million), Russia (1189 USD million) and the United States (985 USD million).

Considering the first two months of the year, the Turkish trade gap narrowed 21.9 percent from 2015.

Turkey Trade Deficit at Nearly 6-1/2-Year Low

Turkstat | Francisco Caeiro | francisco.caeiro@tradingeconomics.com
3/31/2016 11:38:17 AM