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

 

 

 

 

 

 

 

Related Articles

Gulen hits out at Erdogan in Washington Post as Turkish leader arrives for Trump talks

Fethullah Gulen, the exiled cleric accused by the Turkish government of orchestrating last year’s attempted coup, on May 16 accused President Recep Tayyip Erdogan of “doing everything he can ... more

Police detain 53 Istanbul bourse ex-employees citing Gulen claims

Turkish prosecutors have ordered the detention of 102 former Borsa Istanbul stock exchange employees, with 53 arrested already, local media reports suggested on May 12. The employees had ... more

EBRD cuts 2017 growth forecast for Turkey to 2.6% from 2016's 2.9%

GDP growth in Turkey is now projected to moderate to 2.6% in 2017 from 2.9% in 2016, reflecting increased capital ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss