Poor exports widen Turkey’s February trade deficit 15% y/y

By bne IntelliNews March 31, 2017

Turkey’s foreign trade deficit widened 15% y/y to $3.69bn in February, driven by a poor export performance, data from national statistics office TUIK showed on March 31.

Exports, which rose by 18% y/y in January, declined by 1.9% y/y to $12.1bn. Import growth dropped to 1.6% y/y in the month to $15.8bn from 16% y/y in January.

The country’s shipments to the EU, Turkey’s largest trading partner, declined by 3.2% y/y to $5.53bn but exports to Russia increased by a strong 26.2% y/y to $172mn. In the first two months of the year, Russia purchased $321mn worth of goods from Turkey, a 37% rise from a year earlier.

Moscow imposed a raft of economic sanctions after the downing of a Russian jet near the Syrian border by the Turkish air force in November 2015. But since the latter half of last year, Russia has gradually eased some of those trade sanctions in line with efforts at a rapprochement with Turkey.

Shipments to the Middle East, which absorbed 25% of Turkey’s exports in February, increased by 29% y/y to $3bn in the month.

TUIK data also showed that the country’s energy import bill increased by 42% y/y to $2.89bn in February. The spike in the energy import costs is likely related both to higher oil prices and the lira’s depreciation.

Across January-February, exports were up 6.7% y/y to $23.4bn but imports increased at the faster pace of 8.2% y/y to $31.4bn, leading to a trade deficit of $8bn, some 12.7% higher compared with the same period of 2016.

The government is forecasting a foreign trade deficit of $60.7bn for this year with exports reaching $153bn and imports amounting to $214bn. In 2015, the foreign trade shortfall widened nearly 12% to reach $56bn.

  Exports Imports Trade Balance
   ($ bn) % change  ($ bn) % change  ($ bn) % change
2008 132 23.1 202 18.8 -69.9 11.4
2009 102.1 -22.6 140.9 -30.2 -38.8 -44.5
2010 113.9 11.5 185.5 31.7 -71.7 84.8
2011 134.9 18.5 240.8 29.8 -105.9 47.8
2012 152.5 13 236.5 -1.8 -84.1 -20.6
2013 151.8 -0.4 251.7 6.4 -99.9 18.8
2014 157.6 3.8 242.2 -3.8 -84.6 -15.3
2015 143.8 -8.7 207.2 -14.4 -63.4 -25
2016 142.6 -0.9 198.6 -4.2 -56.1 -11.7
2017-Jan 11.26 18 15.59 15.9 -4.32 10.7
Feb 12.12 -1.9 15.82 1.6 -3.69 15
Jan-Feb 23.39 6.7 31.4 8.2 -8.02 12.7
Source: TUIK

 

 

 

Related Articles

Ankara bans all "protests" after dark, includes press events and group singing

Ankara has banned all "acts of protest" after dark. The wide-ranging ban, announced on May 26, even forbids press events, group singing and the shouting of slogans in public places after ... more

Richest Turkish families sell conglomerate shares for more than €500mn

Members of families that own Turkey’s two biggest groups of companies sold stakes in their respective groups for a combined sum of more than €500mn as the benchmark Turkish stock exchange index ... more

Turkey's Erdogan renews attack on high interest rates as tool of exploitation

Turkey’s President Recep Tayyip Erdogan on May 24 returned to one of his well-worn favourite themes, renewing his attack on high interest rates. “I clearly say this: I see high interest rates ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss