Turkey Trade Deficit Falls on Lower Imports

Turkish trade gap narrowed 9.1 percent year-on-year to USD 5.5 billion in June of 2018. Imports fell faster than exports, mainly due to lower purchases from China.

Exports fell 1.3 percent to USD 12.95 billion. Sales of manufactured products which accounted for 94.3 percent of total shipments went down 1.6 percent. The ratio of high-technology products in manufacturing industries was 3.2 percent and the ratio of medium-high-technology was 37.6 percent. Sales also fell for agriculture and forestry (-1.9 percent). In contrast, exports rose for mining and quarrying (9.3 percent) and fisheries (8.3 percent). Among major export partners, shipments fell for the US (-30.4 percent), Iraq (-8.9 percent), UAE (-73.7 percent), Bulgaria (-26.4 percent), Saudi Arabia (-6.7 percent) and Iran (-30.8 percent). On the other hand, exports increased to Germany (0.8 percent), the UK (9.5 percent), Italy (11.1 percent), France (7 percent) and Spain (14.5 percent). 

Imports went down at a faster 3.8 percent to USD 18.45 billion. Purchases of intermediate goods accounted for 74 percent of total imports and declined 2.5 percent; capital goods fell 6.3 percent and consumption goods plunged 13.9 percent. Purchases dropped mainly from China (-4.5 percent), Italy (-10.4 percent), the UK (-9.3 percent), Spain (-9.8 percent) and Iran (-39.8 percent) but rose from Russia (29.5 percent), Germany (9.2 percent), the US (7.9 percent) and India (18.5 percent). 

Considering the first six months of the year, exports increased 6.3 percent and imports jumped 13.5 percent, thus widening the trade gap by 31.6 percent to USD 40.7 billion.

Compared with the previous month, seasonally and calendar adjusted exports decreasedd by 2.1 percent and imports went down by 5.5 percent.

Turkey Trade Deficit Falls on Lower Imports

Turkish Statistical Institute | Joana Taborda | joana.taborda@tradingeconomics.com
7/31/2018 7:38:17 AM