Turkey’s May exports rise 9% y/y to USD 12.8bn.

By bne IntelliNews June 3, 2013

Turkey’s exports increased by 8.6% y/y, the highest figure recorded this year, to USD 12.7bn in May, the Turkish Exporters’ Assembly (TIM) said on Friday (May 31). Exports rose only 0.3% y/y in March and 4.9% y/y in April after they increased 5.6% y/y both in January and February. In the first five months of the year Turkey’s exports registered a 4.4% y/y increase to USD 62.27bn while 12-month exports (May 2012-May 2103) amounted to USD 153.7bn, slightly up from 153.5bn in April 2012-April 2013.

Exports destined for Europe rose 8% y/y in the month with Germany maintaining its top export market status with a 8.5% share (or USD 1.1bn) in total exports, followed by Iraq with a 7.8% (or USD 1bn).

Data of the TIM also showed that automotive industry was one of the top gainers as the sector’s exports rose 11.6% y/y to USD 1.85bn in May. The textile & confection industry managed to increase its exports by 6.8% y/y to USD 1.4bn and textile exports rose by 10.1% y/y to USD 750mn in the month. Steel exports were down 5.1% y/y to USD 1.3bn.

TIM reported a 5% y/y increase in exports for the month of April however the Statistics Institute, which announces official data, said last week that Turkey’s exports actually declined by 0.9% y/y to USD 12.5bn for a second consecutive month in April.

Turkey’s foreign trade deficit soared 55% y/y to USD 10.3bn in April which was well above the market consensus forecast of USD 8bn.

Lower exports suggest that Turkey’s chronic current account deficit problem will gain momentum in May.  In Q1, CA deficit decreased by 2% y/y to USD 15.9bn from USD 16.3bn a year ago.

Related Articles

Turkish authorities reportedly plan to curb interest rate race for deposits

Turkish authorities are set to step in to end a potentially dangerous race among the country’s banks to attract deposits, fearing the aggressive strategy may hit the economy through higher lending ... more

Erdogan, Putin discuss deepening strategic relationship

Turkish President Recep Tayyip Erdogan and Russian leader Vladimir Putin on May 27 confirmed in a telephone call “the aspiration for further development of the strategic partnership,” the Kremlin ... more

Ankara bans all "protests" after dark, includes press events and group singing

Ankara has banned all "acts of protest" after dark. The wide-ranging ban, announced on May 26, even forbids press events, group singing and the shouting of slogans in public places after ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Dismiss