Turkey Posts Largest Trade Gap Since 2013

Turkey's trade deficit increased markedly by 82.5 percent to USD 8.8 billion in July 2017 from a USD 4.8 billion shortfall in the same month a year ago. It is the biggest trade gap since December of 2013, as imports jumped 46.2 percent, the strongest rise since February 2011, driven by intermediate goods. Exports rose at a slower 28.3 percent, the largest gain since August 2011, led by manufacturing.

Year-on-year, imports jumped 46.2 percent to USD 21.5 billion, driven by higher purchases of intermediate goods (62.3 percent); consumption goods (19.3 percent) and capital goods (6.6 percent). China was the main import partner (9.9 percent share), followed by Germany (8.5 percent), Russia (8.4 percent), the USA (6.4 percent) and Switzerland (5.6 percent).

Exports advanced 28.3 percent to USD 12.6 billion, mainly boosted by sales of manufacturing (28.4 percent); mining and quarrying (44.6 percent) and agriculture, hunting and forestry (11.7 percent). Germany was the main export partner (26.1 percent share), followed by UAE (8.7 percent), the United Kingdom (6.4 percent), Iraq (6.1 percent), Italy (5.5 percent) and the USA (5.1 percent).

Considering the January to July period, the trade deficit widened 20.7 percent to USD 39.7 billion from USD 32.9 billion in the same period of 2016, as exports rose 10.3 percent and imports surged 13.5 percent.

Turkey Posts Largest Trade Gap Since 2013

Turkish Statistical Institute lLuisa Carvalho | luisa.carvalho@tradingeconomics.com
8/29/2017 10:04:02 AM