Turkish November foreign trade deficit rises 15.3% y/y

By bne IntelliNews December 31, 2014

Turkey’s foreign trade deficit rose more than expected 15.3% y/y to $8.3bn in November as exports plunged and gold imports surged, data of the statistics office TUIK showed on December 31. The markets had expected a foreign trade deficit of $7.8bn. The 15.3% rise in deficit is the biggest y/y recorded this year.

Exports fell 7.5% y/y to $13.1bn in November, due to sluggish recovery in the European economy. Exports to the EU dropped 8.3% y/y to $5.7bn. The EU’s share in Turkey’s total exported was down to 43.7% from 44.1% a year ago. Sales of goods to Germany were down 7.8% y/y while exports to Iraq, the UK and Russia fell 22.3% y/y, 5.3% y/y, and 23% y/y, respectively. Exports to the Middle East (23.7% share in total) dropped 4.2% y/y in November. On a seasonally & calendar adjusted basis, exports fell 3.3% m/m.

Imports rose 0.2% y/y to $21.45bn in November. The 106.3% y/y increase in precious metals (mostly gold) to $2.1bn is especially striking while gold exports rose 33.9% y/y to $626mn. Consumer goods imports were down 13.5% y/y but intermediate goods imports showed a 4.1% y/y increase while capital goods imports fell 5.1% y/y. According to data of TUIK, Turkey paid $4.5bn for energy imports, representing a 6.3% y/y decline. In the first ten moths of the year, the country’s energy bill fell 0.3% y/y to $50.5bn. On a seasonally & calendar adjusted basis, imports rose 10% m/m in November after increasing 0.8% m/m in October.

Turkey’s foreign trade deficit narrowed 15.5% y/y to $75.97bn in January-November. Exports rose 4.2% y/y to $144.5bn while imports fell 3.5% y/y to $220.5bn.

The government foresees a foreign deficit of $83.5bn for 2014, down from $99.86bn last year.

Turkey's Foreign Trade
  Exports y/y Imports y/y Deficit y/y
  (USD bn) (%) (USD bn) (%) (USD bn) (%)
2007 107.3 25.4 170.1 21.8 -62.8 16.2
2008 132.0 23.1 202.0 18.8 -69.9 11.4
2009 102.1 -22.6 140.9 -30.2 -38.8 -44.5
2010 113.9 11.5 185.5 31.7 -71.7 84.8
2011 134.9 18.5 240.8 29.8 -105.9 47.8
2012 152.5 13.0 236.5 -1.8 -84.1 -20.6
2013 151.9 -0.4 251.7 6.4 -99.8 18.7
Jan-14 12.5 8.6 19.3 2.6 -6.8 -6.8
Jan-Jul 93.5 6.1 139.6 -6.2 -46.1 -24.0
Jan-Aug 104.9 5.7 159.1 -4.7 -54.2 -20.0
Jan-Sep 118.5 5.5 179.7 -4.2 -61.1 -18.8
Jan-Oct 131.4 5.6 199.0 -3.9 -67.6 -18.2
Jan-Nov 144.5 4.2 220.5 -3.5 -76.0 -15.5
Source: tuik

Related Articles

Turkey's Erdogan renews attack on high interest rates as tool of exploitation

Turkey’s President Recep Tayyip Erdogan on May 24 returned to one of his well-worn favourite themes, renewing his attack on high interest rates. “I clearly say this: I see high interest rates ... more

More arrest warrants issued in Turkey as Erdogan continues to rule by decree

Turkey, which President Recep Tayyip Erdogan continues to govern under an indefinite state of emergency which allows him to rule by decree, on May 24 issued more arrest warrants for people allegedly ... more

Turkey issues arrest warrants for "Gulen-linked" capital markets board employees

The Turkish authorities have issued arrest warrants for 36 employees of the Turkey's capital markets board (SPK) as well as for more than 160 other people citing claimed links to US-based ... 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:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

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

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

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.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss