Turkish trade deficit slumped 72.5 percent to USD 2.5 billion in January 2019 from USD 9.1 billion in the corresponding month of the previous year. Exports were up 5.9 percent to USD 13.2 billion while imports tumbled 27.2 percent to USD 15.7 billion on the back of a weak lira. Balance of Trade in Turkey averaged -1706.43 USD Million from 1957 until 2019, reaching an all time high of 24.51 USD Million in December of 1971 and a record low of -10453.06 USD Million in September of 2011.

Balance of Trade in Turkey is expected to be -600.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Turkey to stand at -400.00 in 12 months time. In the long-term, the Turkey Balance of Trade is projected to trend around 100.00 USD Million in 2020, according to our econometric models.

Turkey Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-30 07:00 AM Balance of Trade $-0.46B $-1.91B $-1.4B
2018-12-31 07:00 AM Balance of Trade $-0.65B $-0.48B $-0.8B
2019-01-31 07:00 AM Balance of Trade $-2.67B $-0.66B $-0.2B
2019-02-28 07:00 AM Balance of Trade $-2.5B $-2.72B $-1.2B
2019-03-29 07:00 AM Balance of Trade $-2.5B $-0.7B
2019-04-30 07:00 AM Balance of Trade $-0.6B
2019-05-31 07:10 AM Balance of Trade $-2B



Turkish Trade Deficit Narrows Sharply in January

Turkish trade deficit slumped 72.5 percent to USD 2.5 billion in January 2019 from USD 9.1 billion in the corresponding month of the previous year.

Exports increased 5.9 percent from a year earlier to USD 13.2 billion as sales of manufactured products, which accounted for 93.4 percent of total shipments, increased 7.1 percent. Meanwhile, exports of agriculture, hunting and forestry went down 2.8 percent, and those of mining and quarrying dropped 19.6 percent. Among major trading partners, exports increased mainly to the UK (25.8 percent), Italy (5.6 percent), Spain (4.6 percent), Romania (5.5 percent) and Israel (0.3 percent), but declined to Germany (-3.8 percent), Iraq (-1 percent), the US (-2.4 percent), France (-4.3 percent) and the Netherlands (-2.7 percent).

Imports tumbled 27.2 percent to USD 15.7 billion. Purchases of intermediate goods accounted for 80.8 percent of total imports in January and dropped 24.3 percent from a year earlier. Additionally, imports fell for both capital (-40.3 percent) and consumption goods (-34.5 percent). Among major trading partners, imports dropped mainly from Russia (-16.6 percent), China (-32.8 percent), Germany (-26.4 percent), the US (-37.8 percent), Italy (-32 percent), India (-4.5 percent), Iran (-16 percent), South Korea (-34.3 percent), France (-36.7 percent) and the UK (-31.0 percent).


Turkish Statistical Institute | Chusnul Ch Manan | chusnul@tradingeconomics.com
2/28/2019 10:57:08 AM



Turkey Trade Last Previous Highest Lowest Unit
Balance of Trade -2503.45 -2722.71 24.51 -10453.06 USD Million [+]
Current Account -813.00 -1521.00 2569.00 -9407.00 USD Million [+]
Current Account to GDP -5.50 -3.80 2.00 -9.00 percent [+]
Imports 15673.48 16554.59 23245.30 15.00 USD Million [+]
Exports 13170.03 13831.88 15682.14 7.10 USD Million [+]
External Debt 448452.00 456961.00 466657.00 43911.00 USD Million [+]
Terms of Trade 100.39 99.77 147.63 93.96 Index Points [+]
Capital Flows 2605.00 -1147.00 9186.00 -6753.00 USD Million [+]
Foreign Direct Investment 10900.00 12300.00 22046.00 1800.00 USD Million [+]
Remittances 18.00 24.00 574.00 18.00 USD Million [+]
Tourism Revenues 1428.00 1795.00 4947.00 79.00 USD Million [+]
Tourist Arrivals 1539496.00 1950705.00 5671801.00 213998.00 [+]
Gold Reserves 253.50 253.50 253.50 116.10 Tonnes [+]
Terrorism Index 7.04 7.52 7.52 4.62 [+]
Weapons Sales 244.00 311.00 311.00 3.00 USD Million [+]
Crude Oil Production 58.00 56.00 72.00 38.00 BBL/D/1K [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Turkey Balance of Trade

The Turkish trade balance has been in deficit since 1947. In 2017 the trade gap widened 36.8 percent from the previous year to USD 76.7 billion, as imports jumped 17.7 percent, the sharpest increase since 2011 and exports rose at a slower 10.2 percent. Turkey major exports were road vehicles, textiles, iron and steel, clothing and food, while imports were machinery and transport equipment, manufactured goods, mineral fuels and lubricants and chemicals. The biggest trade deficits were recorded with China, Russia, Germany, South Korea, Switzerland, India, Iran and Japan; and the largest surpluses were recorded with Iraq, the UAE, the UK, Israel, Syria, Northern Cyprus and Azerbaijan. This page provides the latest reported value for - Turkey Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey Balance of Trade - actual data, historical chart and calendar of releases - was last updated on March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-2503.45 -2722.71 24.51 -10453.06 1957 - 2019 USD Million Monthly




Country Last Previous
Argentina 372.00 Jan/19
Australia 4549.00 Jan/19
Brazil 3670.00 Feb/19
Canada -4593.40 Dec/18
China 41.18 Feb/19
Euro Area 1547.90 Jan/19
France -4195.00 Jan/19
Germany 14500.00 Jan/19
India -9600.00 Feb/19
Indonesia 329.50 Feb/19
Italy 3658.00 Dec/18
Japan 339.00 Feb/19
Mexico -4809.60 Jan/19
Netherlands 2868.00 Jan/19
Russia 13368.00 Jan/19
Saudi Arabia 184673.00 Sep/18
Singapore 5198.50 Feb/19
South Africa -13082.76 Jan/19
South Korea 3098.00 Feb/19
Spain -3247399.00 Dec/18
Switzerland 1388.18 Jan/19
Turkey -2503.45 Jan/19
United Kingdom -3825.00 Jan/19
United States -59769.00 Dec/18


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