Turkey’s exports fell by 19% y/y to $10.82bn in May, data of the Turkish Exporters’ Assembly (TIM) showed on June 1.
Exports to the EU plunged 21.7% y/y to $4.64bn, while exports to the Middle East and Africa declined by 19.3% y/y and 4.5% y/y, respectively, to $2.2bn and $1.1bn. On a country basis, shipments of manufactured goods to Germany, Turkey’s largest trade partner, declined 16.1% y/y to $5.3bn in May, exports to the second largest market, Iraq, fell by 26.7% y/y to $3.7bn.
The automotive industry’s exports amounted to $1.48bn, representing a 27.4% y/y decline while steel imports fell by 37.1% y/y to $801mn. Turkey’s ready wear & confection exports declined by 16.4% y/y to $1.35bn.
In the first five months of the year, Turkey’s total exports fell by 8.3% y/y to $61.3bn, data of the TIM also showed.
The government foresees a foreign trade deficit of $85bn for 2015. It expects exports and imports to be $173bn and $258bn this year. Turkey’s foreign trade deficit fell 15.3% last year to $84.6bn.
|(USD thousand)||2014||2015||y/y, %||share, %||2014||2015||y/y, %||share, %|
|Ready wear & confection||1,612,655||1,348,222||-16.4||12.5||7,827,746||6,712,228||-14.3||11.0|
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