Turkey’s foreign trade deficit shrinks 12% in 2016

By bne IntelliNews January 31, 2017

Turkey’s foreign trade shortfall declined by 11.7% y/y to $56bn last year, driven by a 4.2% reduction in imports, data from national statistics office TUIK showed on January 31.

Exports were down 0.9% y/y to $142.6bn while imports amounted to $199mn.

Thanks to cheaper oil prices, the country’s energy import bill shrank by as much as 28.2% y/y to $27.2bn in 2016.

Exports to the EU, Turkey’s largest trading partner, showed a 6.8% y/y increase to $68.3mn last year, while shipments to the Middle East, which accounted for a 22% share in total exports, rose by 0.7% y/y to $31.3bn.

Turkey’s exports to Russia fell by 51.7% y/y to $1.7bn last year, reflecting the impacts of the sanctions Moscow imposed after the downing of a Russian attack aircraft by Turkish jets near the Syrian border in November 2015. Shipments to Russia, however, dropped only 9.1% y/y to $205mn in December, in a sign that trade with Russia might finally be improving.

TUIK reported that the country’s total exports in December increased 9% y/y to $12.8bn while its imports were up 2.3% y/y to $18.4bn, resulting in a foreign trade deficit of $5.6bn for the month - 10.3% lower than the shortfall registered in the same month of 2015.

Exports were expected to rise more than 10% in January, Turkey’s Economy Minister Nihat Zeybekci said last week. And preliminary data seem to confirm this expectation. The figures compiled by the business daily Dunya show that exports rose by 20.2% y/y to $8.7bn between January 1 and January 26.  

The government forecasts a foreign trade deficit of $60.7bn for this year with exports reaching $153bn and imports amounting to $214bn.

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
2015 143.8 -8.7 207.2 -14.4 -63.4 -25.0
2016 142.6 -0.9 198.6 -4.2 -56.0 -11.7
Source: tuik

Related Articles

Turkey to refuse extradition of all suspects to US unless Washington hands over Gulen says Erdogan

Turkey will not extradite any terror suspects to the US if Washington continues to refuse to hand over Fethullah Gulen, President Recep Tayyip Erdogan said on January 11. Ankara blames the ... more

Record decline in Turkish central bank’s gross forex reserves pushes holdings to $89.9bn

The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more

EU governments reportedly agree to cut Turkey’s pre-accession funds

EU governments have agreed with the European Parliament to withdraw €105mn that would have gone to help finance political ... more

Dismiss