Turkey’s foreign trade deficit falls 6.1% y/y in May

By bne IntelliNews June 30, 2015

Foreign trade deficit fell by 6.1% y/y to $6.75bn in May, after a 31.5% y/y decline in April, data of the statistics office TUIK showed on June 30. The market had expected a foreign trade deficit of $6.8bn. Turkey’s foreign trade shortfall fell by 37% y/y in January and 9.4% y/y in February while the country’s foreign trade posted the only increase of 17.9% y/y this year in March.

Exports in May declined by 18.8% y/y to $11.1bn while the pace of decline in imports accelerated to 14.4% y/y from 11.1% y/y in the previous month. Imports amounted to $17.9bn in May with consumer goods and intermediate goods imports declining 7% y/y and 18.8% y/y, respectively, and capital goods imports rising by a slight 0.7% y/y.

On a seasonally and calendar adjusted basis, exports declined 13.6% m/m while imports remained unchanged in May.

Exports to the EU fell by 21.3% y/y to $4.72bn in May. Shipments of goods to the Middle East, which accounted for 23.1% in total export revenues, were down 19.9% y/y while exports to North America (4.7% share in total exports) declined by 14.7% y/y. Exports to Africa (10% share in total) fell by 7.6% y/y in the month.

Data from TUIK also showed that Germany was still the largest market for Turkish exporters in May, representing a 9.1% share in total exports but export to this country declined by 25.7% m/m while Turkey’s exports to the UK, the second largest market, dropped 15.4% y/y.

Turkey paid $3.36bn for energy imports in May, representing a 23.7% y/y decline while the energy import bill totaled $17.3bn in the first five months of 2015, pointing to a 24.3% decline from a year ago. Precious metals exports (mostly gold) rose by 29.8% y/y to $0.5bn in May.

In January-May, Turkey’s foreign trade deficit shrank 15.2% y/y to $27bn. Exports fell by 8.4% y/y to $61.56bn and imports declined by 10.6% y/y to $88.5bn in the first five 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

Jan-May

61.6

-8.379536273

88.5

-10.56765735

-27.0

-15.19012329

Source: tuik

           

 

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