Turkey’s exports rose by 4.3% y/y to USD 13bn in March, data of the Turkish Exporters’ Assembly (TIM) showed on Tuesday.
Industrial exports (a 62.9% share in total) increased 3.9% y/y to USD 8.2bn in March while the rise in automotive exports (16.3% in total) was 14.2% y/y to USD 2.13bn. Ready-wear and confection shipments rose 6.3% y/y, but steel exports fell 18.5% y/y to USD 1.18bn.
In the first three months of the year, Turkey’s exports showed a 6.2% y/y rise, reaching USD 38.6bn while 12-month exports (between March 2013 and March 2014) fell 0.1% to USD 153bn.
Turkey’s exports to the EU, the country’s largest trade partner, jumped 13.2% y/y to USD 5.97bn in March while shipments to the Middle East increased 7.9% y/y to USD 2.46bn. Germany remained Turkey’s largest export market with shipments to this country rising 16.4% y/y to USD 1.3bn, according to TIM data. Iraq was the second largest export market for Turkish companies. Exports to Iraq increased 7.2% y/y to USD 992mn in March.
The official export data released by TUIK and TIM’s own figures generally do not match. TUIK data showed that Turkey’s exports rose by 6.2% y/y to USD 13.15bn in February whereas TIM data pointed to a 4.3% y/y rise to USD 12bn in the same month. According to the latest data of TUIK, the foreign trade deficit fell 27.2% y/y to USD 5.1bn in February.
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