Turkish August exports up 1.4% y/y.

By bne IntelliNews September 2, 2013

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.

Related Articles

Simsek: Better policy mix and reforms will help secure soft landing for Turkey

Turkey's strengthening fiscal and monetary policy mix and reforms should help secure a soft landing for its economy, Deputy Prime Minister Mehmet Simsek said on June 12. Ex-Wall Street banker ... more

One to two-notch downgrade implied for Turkey by spread on eurobond says RBI

A one to two-notch downgrade is implied for Turkey by the spread on its sovereign USD eurobond due 2028, Raiffeisen Bank International (RBI) said on June 12. In a note to investors, RBI analyst ... more

Erdogan: Turkey may strike Kurdish militants in Iraq’s Quandil Mountains “at any moment one evening”

Turkey will strike Kurdish militant camps in the mountains of northern Iraq if Baghdad does not itself clear the area of militants, President Recept Tayyip Erdogan said on June 7. On June 6, ... more