Turkey confirms 29% y/y expansion in March foreign trade gap

Turkey confirms 29% y/y expansion in March foreign trade gap
By bne IntelliNews April 30, 2018

Turkey’s foreign trade shortfall widened by 29% y/y to stand at $5.86bn in March, national statistics office TUIK reported on April 30.

On April 2, initial data from the customs and trade ministry pointed to a 28% annual expansion in March’s foreign trade gap.

Also according to the TUIK data, the foreign trade deficit grew 64% y/y to $21bn in Q1.

Exports were up 9% y/y to $41bn in the first quarter of 2018 but imports rose at the higher pace of 23% y/y to reach $62bn.

Anxieties over Turkey's overheating economy are strengthening with the growing imports and widening current account deficit. Turkey's economic health is patently dangerously reliant on hot inflows of foreign external financing to enable growth. The political and economic outlook in Turkey is not secure enough to attract sufficient longer-term, stabler foreign investment capital.

The foreign trade deficit rose by 37% y/y to $77bn in 2017. Exports were up 10% y/y to $157bn but imports rose at the quicker pace of 18% y/y to reach $234bn.

The government is forecasting a foreign trade deficit of $68bn for 2018 with exports reaching $169bn and imports amounting to $237bn.

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