Turkey’s foreign trade deficit falls 22% y/y in June

By bne IntelliNews July 31, 2015

Foreign trade deficit fell by 22% y/y to $6.2bn in June, after a 6% y/y decline in May, data of the statistics office TUIK showed on July 31. The market had expected a foreign trade deficit of $6.28bn. Turkey’s foreign trade shortfall fell by 16% y/y to $33.2bn in H1.

Exports in June declined by 7% y/y to $12bn while the pace of decline in imports decelerated to 13% y/y from 14% y/y in the previous month. Imports amounted to $18.2bn in June with consumer goods and capital goods imports rising 11% y/y and 4% y/y, respectively, and intermediate goods imports declining by 19% y/y.

On a seasonally and calendar adjusted basis, exports rose by 3.1% m/m while imports declined by 3% m/m in June.

Exports to the EU fell by 7% y/y to $5.5bn in June. Data from TUIK also showed that Germany was still the largest market for Turkish exporters in the month. Exports to Germany amounted to $1.14bn in June.

Turkey paid $3.32bn for energy imports in June, representing a 26% y/y decline while the energy import bill totaled $20.6bn in the first half of 2015, pointing to a 25% decline from a year ago. Precious metals exports (mostly gold) rose by 64% y/y to $7.6bn in H1.

The government foresees a foreign trade deficit of $85bn for 2015. It expects exports and imports to be $173bn and $258bn this year. Turkey’s foreign trade deficit fell 15.3% last year to $84.6bn.

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

-8.4

88.5

-10.6

-27.0

-15.2

H1

73.5

-8.2

106.75

-10.9

-33.2

-16.3

Source: tuik

 

 

 

 

 

 

 

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