Turkey Trade Gap Widens in May

Turkey's trade deficit increased by 5.7 percent to USD 7.76 billion in May 2018 from USD 7.34 billion in the same month a year ago, as imports grew slightly faster than exports.

In May 2018, imports grew 5.5 percent year-on-year to USD 22.06 billion, boosted by higher purchases of intermediate goods (8.0 percent) and capital goods (6.6 percent) while the ones of consumption goods fell (-9.6 percent). Among major trading partners, imports rose mostly from China (7.8 percent), Germany (11.1 percent), Russia (19.0 percent), the UK (152.1 percent), Italy (5.9 percent), Iran (14.0 percent) and India (34.8 percent) while they fell from the US (-13.9 percent).

Exports advanced 5.3 percent to USD 14.31 billion, underpinned by sales of agriculture, hunting and forestry (35.0 percent), fisheries (21.3 percent) and manufactured products (4.5 percent). In contrast, shipments declined for mining products (-1.0 percent). Among major trading partners, sales went up mainly to Germany (10.0 percent), Italy (26.0 percent), the UK (10.1 percent), Spain (49.4 percent) and France (19.7 percent). In contrast, the ones to Iraq (-17.0 percent) and to the US (-33.8 percent) declined.

Considering the January to May period, the trade deficit widened by 41.4 percent to USD 35.20 billion from USD 24.90 billion, as purchases jumped 17.2 percent to USD 104.5 billion and exports increased 7.9 percent to USD 69.31 billion.

Turkey Trade Gap Widens in May

Turkish Statistical Institute | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
6/29/2018 11:26:23 AM