Turkey’s exports fall 6.4% y/y in June

By bne IntelliNews July 1, 2015

Turkey’s exports fell by 6.4% in June to $11.7bn, the Turkish Exporters’ Assembly (TIM) reported on July 1. The pace of decline in exports slowed from May’s sharp fall of 19% y/y thanks to base effect.

Weaker EUR/USD cost Turkish exporters around $1.2bn in revenues, said the association, adding that the cost of weaker EUR was $6.8bn in the first six months of the year.

Exports to the EU declined by 5.5% y/y to $5.48bn in June, data of TIM showed, while exports to the Middle East rose by 3.3% y/y to $2.3bn. Shipments of manufactured goods to Africa fell by 5.6% y/y to $5.6bn in the month.

Germany, Turkey’s top export market, imported $1.1bn worth of goods from Turkey in June, an 8.7% y/y decline, while exports to the UK and Iraq fell by 1.8% y/y and 7% y/y, respectively.

Turkey’s automotive exports amounted to $1.98bn, representing a 2.7% y/y decline. The ready wear & confection industry’s export revenues declined by 8.2% y/y to $1.46bn, while steel exports fell by 21.8% y/y to $832mn.

In the first six months of the year, Turkey’s exports declined by 8.1% y/y to $73.3bn, data of TIM also showed.

“Turkish companies are now simultaneously exposed to 1) weak TL and 2) weak EUR. Contrary to general expectation that exporters are benefiting from a weaker TL, we think that valuations are yet to reflect the weak EUR and the potential slowdown in the domestic market”, commented Barclays in a report on June 23.

Turkish Exports                
(USD thousand) Jun-14 Jun-15 y/y, % share, % H1-14 H1-15 y/y, % share, %
AGRICULTURE  1,669,521  1,617,938 -3.1 13.8  10,936,995  10,150,523 -7.2 13.9
INDUSTRY  10,433,937  9,690,378 -7.1 82.8  62,677,693  54,562,145 -12.9 74.5
Ready wear & confection   1,595,127  1,463,536 -8.2 12.5  9,422,856  8,171,846 -13.3 11.2
Automotive  2,029,746  1,975,601 -2.7 16.9  11,701,557  10,495,556 -10.3 14.3
Steel   1,063,910  832,256 -21.8 7.1  7,004,990  5,346,532 -23.7 7.3
MINING  404,038  395,516 -2.1 3.4  2,372,617  1,986,156 -16.3 2.7
Overall Exports  12,507,495  11,703,832 -6.4 100.0  79,694,902  73,261,245 -8.1 100.0
source: tim                

Related Articles

"Crisis with Germany temporary," says Turkish economy minister but war of words worsens

“The Turkey-Germany crisis is temporary. One must refrain from words that would cause lasting harming to the ... more

Four Turkish companies reportedly consider IPOs in London or Istanbul

Turkey’s Enerjisa, Memorial Health Group, Tab Gida and Baskent Gaz are considering public offerings in London or Istanbul, unnamed sources told Bloomberg on July 19. Enerjisa, a 50:50 JV ... more

Turkey bars entry to thousands from more than 140 nations over suspected IS ties

Turkey has arrested and deported thousands of people suspected of having links to the Islamic State group according to a Turkish interior ministry report entitled “Turkey’s Fight ... more

Dismiss