Preliminary data show 8% y/y decline in Turkey’s May foreign trade deficit

By bne IntelliNews June 9, 2015

Turkey’s foreign trade deficit fell by 8% y/y to $6.81bn in May, as exports and imports declined 18% y/y and 14% y/y, respectively, preliminary data of the ministry of customs and trade showed on June 9.

Exports amounted to $11.1bn while automotive exports, which was hit by employee protests during the month, fell by 30% y/y to $1.15bn and machinery exports were down 20% y/y to $970mn.

The ministry reported that intermediate goods and consumer goods imports fell by 19% y/y and 7% y/y, respectively and capital goods imports rose by 0.78% y/y. Turkey paid a $3.36bn for energy imports in May, representing a 24% y/y decline.

In the first five months of the year, Turkey’s foreign trade gap narrowed 16% y/y to $27bn. Exports fell by 8% y/y to $61.5bn and imports declined by 11% y/y to $88.5bn, 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
Source: tuik            
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