Turkey’s foreign trade deficit fell by 8% y/y to $6.81bn in May, as exports and imports declined 18% y/y and 14% y/y, respectively, preliminary data of the ministry of customs and trade showed on June 9.
Exports amounted to $11.1bn while automotive exports, which was hit by employee protests during the month, fell by 30% y/y to $1.15bn and machinery exports were down 20% y/y to $970mn.
The ministry reported that intermediate goods and consumer goods imports fell by 19% y/y and 7% y/y, respectively and capital goods imports rose by 0.78% y/y. Turkey paid a $3.36bn for energy imports in May, representing a 24% y/y decline.
In the first five months of the year, Turkey’s foreign trade gap narrowed 16% y/y to $27bn. Exports fell by 8% y/y to $61.5bn and imports declined by 11% y/y to $88.5bn, according to the ministry’s data.
| Turkey's Foreign Trade | ||||||
| Exports | y/y | Imports | y/y | Deficit | y/y | |
| ($ bn) | (%) | ($ bn) | (%) | ($ bn) | (%) | |
| 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 | 151.8 | -0.4 | 251.7 | 6.4 | -99.9 | 18.8 |
| 2014 | 157.6 | 3.8 | 242.2 | -3.8 | -84.6 | -15.3 |
| Jan-15 | 12.3 | -0.7 | 16.6 | -13.7 | -4.3 | -37.3 |
| Jan-Feb | 24.6 | -3.4 | 33.6 | -10.6 | -9.0 | -25.7 |
| Q1 | 37.1 | -7.5 | 52.3 | -9.0 | -15.2 | -12.5 |
| Jan-Apr | 50.5 | -5.7 | 70.7 | -9.5 | -20.2 | -18.0 |
| Source: tuik | ||||||
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