Exports rose only 1.4% y/y to USD 10.59bn in August after increasing 17.3% y/y to USD 12.63bn in July, data of the Turkish Exporters’ Assembly (TIM) showed. Turkey’s exports increased 1.3% y/y to USD 98.89bn in January-August.
Ready-wear & confection exports (13.2% share in total exports) increased 8.4% y/y to USD 1.4bn while the automotive industry’s exports (12% share) rose 18.6% y/y to USD 1.3bn in August. Steel exports were down 25.4% y/y to USD 953mn.
Exports to the EU were up 6% y/y to USD 4.4bn in August but exports to the Middle East fell 17% y/y to USD 1.93bn, TIM said.
External demand remains weak and it looks like the second half of the year would be much more difficult, economy minister Zafer Caglayan said while commenting on August export figures. Caglayan has already warned that the government’s export target of USD 158bn initially set for 2013 would be missed.
TIM announces export figures one month before the statistics institute (TUIK).
TUIK announced last week that the country’s foreign trade deficit widened 22.5% y/y to USD 9.81bn in July, well above the market consensus forecasts (Reuters poll: USD 8.2bn deficit and CNBC-e poll: USD 8.3bn deficit).
Exports rose 2.2% y/y to USD 13.1bn while imports increased 10% y/y to USD 22.9bn, according to TUIK data.
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