Turkish Trade Deficit Narrows as Exports, Imports Fall

Turkey's trade deficit narrowed by 42.5 percent to USD 3.18 billion in June 2019 from USD 5.53 billion in the corresponding month of the previous year

Exports slumped 14.3 percent from a year earlier to USD 11.08 billion in June, as shipments of manufactured products, which accounted for 94 percent of total sales, tumbled 14.6 percent. Also, exports of mining and quarrying declined 8.1 percent, while those of agriculture, hunting and forestry fell 9.4 percent. Among major trading partners, exports decreased mainly to Germany (-17.8 percent), the UK (-22.4 percent), Italy (-24.6 percent), Iraq (-8.3 percent), the US (-22.3 percent), Spain (-21.6 percent), Romania (-10.7 percent) and Russia (-2.1 percent). By contrast, sales rose to France (10.7 percent) and the Netherlands (41.1 percent).

Imports plunged 22.7 percent to USD 14.26 billion in June. Purchases of intermediate goods, which accounted for 77.3 percent of total imports, dropped 19.3 percent; and those of capital and consumption goods slumped 23.8 percent and 38.4 percent, respectively. Among major trading partners, imports declined from Russia (-14.3 percent), China (-30.6 percent), Germany (-33.5 percent), the US (-20.0 percent), Italy (-24.5 percent), France (-41.6 percent), India (-23.0 percent), South Korea (-30.1 percent), and the UK (-25.2 percent). In contrast, imports from the UAE increased 53.3 percent..

From January to June, the trade deficit shrank to USD 14.85 billion from USD 40.80 billion in the same period of 2018.

Turkish Trade Deficit Narrows as Exports, Imports Fall

Turkish Statistical Institute | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/31/2019 7:21:26 AM