Turkish Trade Deficit Widens 13.5%

Turkey’s trade gap increased to USD 8.04 billion in August of 2014 from a USD 7.08 billion shortfall a year earlier. It is the highest trade deficit since December of 2013.

Exports increased 2.9 percent year-on-year to USD 11.44 billion in August of 2014. Sales to the EU-28 increased by 10 percent to USD 5.65 billion, accounting for 44.3 percent of total exports (41.4 percent in August of 2013). The main export partner was Germany, accounting for 9.94 percent of total sales, followed by the United Kingdom (6.8 percent), Iraq (5.6 percent) and the United States (4.6 percent).

In August, 93.7 percent of total shipments were manufactured products. 3.4 percent stand for high-technology products and 28.7 percent for medium-high-technology products.

Imports rose 7 percent over a year earlier to USD 19.47 billion. China was Turkey’s top import partner, standing for 11.6 percent of total purchases, followed by Russia (10.9 percent), Germany (8.9 percent) and Italy (5.1 percent).

On a seasonally and calendar adjusted basis, exports fell 10.5 percent in August over July and imports decreased by 4.3 percent.

Turkish Trade Deficit Widens 13.5%

Turkstat | Joana Taborda | joana.taborda@tradingeconomics.com
9/30/2014 8:53:29 AM