Turkish May exports down 19%

By bne IntelliNews June 1, 2015

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.

Turkish Exports                
  May       January-May      
(USD thousand) 2014 2015 y/y, % share, % 2014 2015 y/y, % share, %
AGRICULTURE  1,808,454  1,574,729 -12.9 14.6  9,267,687  8,539,411 -7.9 13.9
INDUSTRY  11,089,776  8,838,432 -20.3 81.7  52,243,890  44,907,636 -14.0 73.3
Ready wear & confection   1,612,655  1,348,222 -16.4 12.5  7,827,746  6,712,228 -14.3 11.0
Automotive  2,040,798  1,481,932 -27.4 13.7  9,671,812  8,521,227 -11.9 13.9
Steel   1,272,872  801,019 -37.1 7.4  5,941,080  4,530,885 -23.7 7.4
MINING  465,271  406,289 -12.7 3.8  1,968,579  1,591,378 -19.2 2.6
Overall Exports  13,363,501  10,819,450 -19.0 100.0  66,869,199  61,296,205 -8.3 100.0
source: tim                
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