Turkish Trade Deficit Narrows Sharply in May

Turkey's trade deficit shrank by 76.5 percent to USD 1.84 billion in May 2019 from USD 7.81 billion in the corresponding month of the previous year.

Exports grew 12.1 percent from a year earlier to USD 16.0 billion in May, as shipments of manufactured products, which accounted for 94.8 percent of total sales, rose 13.4 percent. Also, exports of mining and quarrying advanced 4.3 percent, while those of agriculture, hunting and forestry fell 16.5 percent. Among major trading partners, exports increased mainly to Germany (8.3 percent), the US (29.9 percent), Iraq (14.0 percent), France (6.3 percent), the Netherlands (22.1 percent), the UAE (48.4 percent), and Israel (27.7 percent). By contrast, sales fell to Italy (-3.0 percent), the UK (-0.3 percent), and Spain (-3.0 percent).

Imports plunged 19.3 percent to USD 17.8 billion in May. Purchases of intermediate goods, which accounted for 79.1 percent of total imports, declined 16.7 percent; and those of capital and consumption goods slumped 23.5 percent and 33.6 percent, respectively. Among major trading partners, imports declined primarily from China (-21.9 percent), Germany (-19.7 percent), Italy (-24.5 percent), France (-11.6 percent), India (-16.3 percent), Iran (-33.7 percent), South Korea (-25.4 percent), and the UK (-70.8 percent). In contrast, imports increased from Russia (9.1 percent) and the US (0.1 percent).

From January to May, the trade deficit slumped to USD 11.64 billion from USD 35.28 billion in the same period of 2018.

Turkish Trade Deficit Narrows Sharply in May

Turkish Statistical Institute | Joana Ferreira | joana.ferreira@tradingeconomics.com
6/28/2019 7:45:10 AM