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

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