Turkey’s foreign trade deficit falls 32% y/y in April

By bne IntelliNews May 29, 2015

Foreign trade deficit decreased 32% y/y to $4.97bn in April, after March foreign deficit figures indicated the first increase of 18% y/y, data of the statistics office TUIK showed on May 29. The market had expected a foreign trade deficit of $4.77bn. Turkey’s foreign trade shortfall fell by 37% y/y in January and it dropped 9.5% y/y in February.

Exports in April rose by a slight 0.2% y/y to $13.4bn while the pace of decline in imports accelerated again to 11.1% y/y from 6.1% y/y in the previous month and the 7.1% y/y decline in February. Imports amounted to $18.4bn in April with consumer goods and capital goods imports rising 1.8% y/y and 6.6% y/y, respectively, and intermediate goods imports falling 17.6% y/y.

On a seasonally and calendar adjusted basis, exports rose 5.3% m/m and imports declined 0.3% m/m in April.

Exports to the EU fell by 10.4% y/y to $5.28bn in April. Shipments of goods to the Middle East, which accounted for 22.4% in total export revenues, were down 3.1% y/y while exports to North America (4.4% share in total exports) rose by 3.6% y/y. Exports to Africa (9.2% share in total) fell by 2% y/y in the month.

Data from TUIK also showed that Switzerland became the largest market for Turkish exporters in April, representing a 9.2% share and 1,579% m/m rise while Turkey’s exports to Germany, the second largest market, dropped 9.2% y/y.

Turkey paid $3.03bn for energy imports in April, representing a 32% y/y decline while the energy import bill totaled $13.9bn in the first four months of 2015, pointing to a 24.4% decline from a year ago. Precious metals exports (mostly gold) rose by 362% y/y to $1.77bn.

In January-April, Turkey’s foreign trade deficit shrank 18% y/y to $20.2bn. Exports fell by 5.7% y/y to $50.5bn and imports declined by 11.1% y/y to $18.4bn in the first four months of the year. 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

Source: tuik

           

 

Related Articles

US senators move to block F-35 delivery to Turkey citing jailed pastor

A bipartisan group of senators on April 26 moved to block Nato ally Turkey from receiving F-35 Lightning II fighters over the imprisonment of American pastor Andrew Brunson, The Hill ... more

Future maintenance of UK’s F-35 jets at risk ‘if US imposes sanctions on Turkey over Russian S-400’

The future maintenance of the UK’s F-35 fighter jets might be put at risk by Washington’s ... more

Turkish lira bears stomp back into picture despite rate hike

Gains made by the embattled Turkish lira (TRY) in the wake of the central bank’s April 25 hiking of its top interest rate ... more

Dismiss