Turkey Posts Smallest Trade Gap in 17-1/2 Years


Turkish trade gap slumped by 93.8 percent to USD 0.46 billion in October 2018 from USD 7.30 billion in the corresponding month of the previous year. It was the smallest trade deficit since April 2001 as exports rose 13 percent while imports tumbled 23.8 percent on the back of a weak lira.

Exports rose 13 percent from a year earlier to USD 15.7 billion as sales of manufactured products, which accounted for 93.7 percent of total shipments, increased 13.8 percent. Also, exports of agriculture, hunting and forestry went up 0.9 percent, while those for mining and quarrying declined 2.6 percent. Among major trading partners, exports increased mainly to Germany (0.5 percent), the UK (20.7 percent), Italy (17.9 percent), Iraq (31.1 percent), Spain (32.8 percent), the Netherlands (7 percent), Romania (9.1 percent) and Belgium (25 percent). Meantime, sales to the US were unchanged and those to France fell 0.2 percent.
 
Imports tumbled 23.8 percent to USD 16.2 billion. Purchases of intermediate goods accounted for 78.4 percent of total imports in October and dropped 17.3 percent. Additionally, imports declined for both capital (-35.0 percent) and consumption goods (-50.2 percent). Among major trading partners, imports went down mainly from Germany (-23.3 percent), China (-35.3 percent), Italy (-30.7 percent), India (-2.9 percent), Iran (-26 percent), France (-38.6 percent), South Korea (-39.4 percent), and the UK (-26.4 percent). Meanwhile, purchases from Russia went up 4 percent and those from the US rose 0.6 percent.
 
Considering the January to October period, the trade gap narrowed 15.7 percent to USD 51.6 billion as exports advanced 7.6 percent to USD 138.7 billion and imports rose at a softer 0.1 percent to USD 190.3 billion.

Turkey Posts Smallest Trade Gap in 17-1/2 Years


Turkish Statistical Institute | Chusnul Ch Manan | chusnul@tradingeconomics.com
11/30/2018 2:07:47 PM