Turkey's trade deficit shrank by 76.5 percent to USD 1.84 billion in May 2019 from USD 7.81 billion in the corresponding month of the previous year. Exports jumped 12.1 percent to an all-time high while imports tumbled 19.3 percent. Balance of Trade in Turkey averaged -1709.70 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 -1000.00 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 800.00 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
2019-03-29 07:00 AM Balance of Trade Feb $-2.13B $-2.5B $-1.7B
2019-04-30 07:00 AM Balance of Trade Mar $-2.14B $-2.15B $-0.6B
2019-05-31 07:00 AM Balance of Trade Apr $-2.98B $-2.14B $-2B
2019-06-28 07:00 AM Balance of Trade May $-1.84B $-2.98B $-3.2B
2019-07-31 07:00 AM Balance of Trade Jun $-1.84B $ -1B
2019-08-29 07:00 AM Balance of Trade Jul $-1.2B
2019-09-30 07:00 AM Balance of Trade Aug $-0.7B



Turkish Trade Deficit Narrows Sharply in May

Turkey's trade deficit shrank by 76.5 percent to USD 1.84 billion in May 2019 from USD 7.81 billion in the corresponding month of the previous year.

Exports grew 12.1 percent from a year earlier to USD 16.0 billion in May, as shipments of manufactured products, which accounted for 94.8 percent of total sales, rose 13.4 percent. Also, exports of mining and quarrying advanced 4.3 percent, while those of agriculture, hunting and forestry fell 16.5 percent. Among major trading partners, exports increased mainly to Germany (8.3 percent), the US (29.9 percent), Iraq (14.0 percent), France (6.3 percent), the Netherlands (22.1 percent), the UAE (48.4 percent), and Israel (27.7 percent). By contrast, sales fell to Italy (-3.0 percent), the UK (-0.3 percent), and Spain (-3.0 percent).

Imports plunged 19.3 percent to USD 17.8 billion in May. Purchases of intermediate goods, which accounted for 79.1 percent of total imports, declined 16.7 percent; and those of capital and consumption goods slumped 23.5 percent and 33.6 percent, respectively. Among major trading partners, imports declined primarily from China (-21.9 percent), Germany (-19.7 percent), Italy (-24.5 percent), France (-11.6 percent), India (-16.3 percent), Iran (-33.7 percent), South Korea (-25.4 percent), and the UK (-70.8 percent). In contrast, imports increased from Russia (9.1 percent) and the US (0.1 percent).

From January to May, the trade deficit slumped to USD 11.64 billion from USD 35.28 billion in the same period of 2018.


Turkish Statistical Institute | Joana Ferreira | joana.ferreira@tradingeconomics.com
6/28/2019 7:45:10 AM



Turkey Trade Last Previous Highest Lowest Unit
Balance of Trade -1837.83 -2993.94 24.51 -10453.06 USD Million [+]
Current Account 151.00 -1301.00 2618.00 -9407.00 USD Million [+]
Current Account to GDP -3.50 -5.60 1.90 -8.90 percent [+]
Imports 17818.93 17461.49 23245.30 15.00 USD Million [+]
Exports 15981.10 14467.55 15981.10 7.10 USD Million [+]
External Debt 453423.00 444878.00 466657.00 43911.00 USD Million [+]
Terms of Trade 101.32 100.43 147.63 93.96 Index Points [+]
Capital Flows -1755.00 -2418.00 9186.00 -6814.00 USD Million [+]
Foreign Direct Investment 13200.00 10900.00 22046.00 1800.00 USD Million [+]
Remittances 18.00 15.00 574.00 15.00 USD Million [+]
Tourism Revenues 1685.00 1359.00 4947.00 79.00 USD Million [+]
Tourist Arrivals 4022254.00 3293176.00 5671801.00 213998.00 [+]
Gold Reserves 261.10 253.50 261.10 116.10 Tonnes [+]
Terrorism Index 7.04 7.52 7.52 4.62 [+]
Weapons Sales 364.00 245.00 364.00 3.00 USD Million [+]
Crude Oil Production 54.00 55.00 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-1837.83 -2993.94 24.51 -10453.06 1957 - 2019 USD Million Monthly




Country Last Previous
Argentina 1373.00 May/19
Australia 5745.00 May/19
Brazil 5020.00 Jun/19
Canada 762.30 May/19
China 509.76 Jun/19
Euro Area 23033.60 May/19
France -3278.00 May/19
Germany 20600.00 May/19
India -15280.00 Jun/19
Indonesia 196.00 Jun/19
Italy 5347.00 May/19
Japan 589.46 Jun/19
Mexico 1030.71 May/19
Netherlands 5579.00 May/19
Russia 11823.00 May/19
Saudi Arabia 131636.00 Mar/19
Singapore 2447.29 Jun/19
South Africa 1737.21 May/19
South Korea 4168.00 Jun/19
Spain -1605300.00 Apr/19
Switzerland 3251.00 Jun/19
Turkey -1837.83 May/19
United Kingdom -2324.00 May/19
United States -55520.00 May/19


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