Preliminary data show 22% y/y decline in Turkey’s June foreign trade deficit

By bne IntelliNews July 2, 2015

Turkey’s foreign trade deficit fell by 22% y/y to $6.28bn in June, as exports and imports declined 6% y/y and 12% y/y, respectively, preliminary data of the ministry of customs and trade showed on July 2.

Exports amounted to $11.9bn while automotive exports, which was hit by employee protests during May, fell again by 2% y/y to $1.60bn and machinery exports were down 5% y/y to $1.09bn.

The ministry reported that capital goods and consumer goods imports rose by 6% y/y and 11% y/y, respectively, and intermediate goods imports declined by 19% y/y. Turkey paid a $3.30bn for energy imports in June, representing a 27% y/y decline.

In the first half of the year, Turkey’s foreign trade gap narrowed 17% y/y to $33.3bn. Exports fell by 8% y/y to $73.5bn and imports declined by 11% y/y to $106.7bn, according to the ministry’s data.

Turkey's Foreign Trade

 

Exports

y/y

Imports

y/y

Deficit

y/y

 

($ bn)

(%)

($ bn)

(%)

($ bn)

(%)

2008

132.0

23.1

202.0

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

13.0

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

Jan-15

12.3

-0.7

16.6

-13.7

-4.3

-37.3

Jan-Feb

24.6

-3.4

33.6

-10.6

-9.0

-25.7

Q1

37.1

-7.5

52.3

-9.0

-15.2

-12.5

Jan-Apr

50.5

-5.7

70.7

-9.5

-20.2

-18.0

Jan-May

61.6

-8.379536273

88.5

-10.56765735

-27.0

-15.19012329

Source: tuik

           

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