Turkish Trade Deficit Narrows in May

Turkey’s trade gap decreased for the fifth straight month by 28.7 percent year-on-year to USD 7.1 billion in May of 2014, driven by a fall in imports.

Exports increased 3.6 percent year-on-year to USD 13.75 billion in May of 2014. Sales to the European Union increased by 16 percent to USD 6 billion. The main export partner was Germany (accounting for USD 1.37 billion), followed by Iraq (USD 1.05 billion), the United Kingdom (USD 818 million) and Italy (USD 635 million).

Imports fell 10.3 percent on the year to USD 20.8 billion. China was the country’s main import partner (accounting for USD 2.11 billion), followed by Germany (USD 2 billion), and the United States (USD 1.15 billion). 

The ratio of high-technology products in manufacturing industries was 3.3 percent. The ratio of medium-high-technology products in manufacturing industries was 33.4 percent.

On a seasonally and calendar adjusted basis, exports increased 0.3 percent and imports rose 2.9 percent in May compared with previous month. 

Turkish Trade Deficit Narrows in May

Turkstat | Joana Taborda | joana.taborda@tradingeconomics.com
6/30/2014 9:55:31 AM