Turkey Trade Gap Narrows in July

Turkey's trade deficit narrowed by 46.9 percent to USD 3.19 billion in July 2019 from USD 6.01 billion in the corresponding month of the previous year.

Exports went up 7.9 percent from a year earlier to USD 15.16 billion in July, as shipments of manufactured products, which accounted for 95.6 percent of total sales, jumped 8.7 percent. Meanwhile, there were declines in exports of agriculture, hunting and forestry (-6.2 percent) and mining & quarrying (-5.8 percent). Among major trading partners, exports increased mainly to Germany (6.1 percent), the UK (8.4 percent), Iraq (11.1 percent), France (13.6 percent), Spain (4.4 percent), the Netherlands (63.3 percent) and Israel (41.2 percent). By contrast, sales dropped to Italy (-2.9 percent) and the US (-14.3 percent).

Imports plunged 8.5 percent to USD 18.35 billion in July. Purchases of intermediate goods, which accounted for 76.2 percent of total imports, dropped 8.0 percent; and those of capital and consumption goods slumped 1.9 percent and 21.2 percent, respectively. Among major trading partners, imports declined from China (-15.8 percent), India (-27.9 percent), France (-17.4 percent), South Korea (-11.7 percent), Spain (-48.2 percent), Japan (-19.6 percent), Netherlands (-5.7 percent), Brazil (-32.7 percent), Romania (-9.0 percent) and Poland (-23.2 percent). In contrast, imports increased from Russia (10.9 percent), Germany (2.1 percent), and the US (18.0 percent). 

From January to July, the trade deficit narrowed sharply to USD 18.07 billion from USD 46.81 billion in the same period of 2018.

Turkey Trade Gap Narrows in July

Turkish Statistical Institute | Rafael Gonzalez | rafael.gonzalez@tradingeconomics.com
8/29/2019 10:04:28 AM