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

Professor says climate change putting Turkey at risk of becoming a “disease-prone desert”

Turkey is at risk of becoming a “disease-prone desert” with water resources and forests disappearing, Hurriyet Daily News reported Professor Mikdat Kadioglu from Istanbul Technical University’s ... more

Turkey’s lira and shares start moving sideways as significance of early elections is debated

The strongly positive initial reaction given by markets to April 18’s surprise announcement of snap elections in ... more

Turkish lira’s chronic weakness credit negative for Turkey’s sovereign rating says Moody’s

The chronic weakness of the Turkish lira (TRY) is credit negative for Turkey’s sovereign debt rating and poses ... more

Dismiss