Turkey’s exports fell by 5% y/y to $10.5bn in August, said the Turkish Exporters’ Assembly (TIM), contracting for the eighth month in a row.
Auto exports rose by 8% y/y while ready wear & confection exports declined by 0.4% y/y and steel exports saw a sharp decline of 16% y/y in August, according to TIM.
Exports to the EU and CIS declined by 5% in August but Turkish exporters’ shipments to the Middle East and Africa increased by 2% and 10%, respectively.
In the first eight months of the year, Turkey’s exports fell by 9% y/y to $95bn, data of the TIM also showed.
The government projects $173bn in exports for 2015, up from $157.6bn in 2014.
A recent survey by TIM showed that Turkish exporters are optimistic about Q3. 72.8% of the companies surveyed said they expected their exports to increase or remain flat in the third quarter.
|
Turkish Exports |
|
|
|
|
|
|
|
|
|
(USD thousand) |
Aug-14 |
Aug-15 |
y/y, % |
share, % |
Jan-Aug/14 |
Jan-Aug/15 |
y/y, % |
share, % |
|
AGRICULTURE |
1,605,953 |
1,475,114 |
-8.1 |
14.1 |
14,071,970 |
13,148,606 |
-6.6 |
13.8 |
|
INDUSTRY |
9,040,285 |
8,664,082 |
-4.2 |
82.6 |
82,254,989 |
72,101,408 |
-12.3 |
75.8 |
|
Chemicals |
1,427,809 |
1,192,968 |
-16.4 |
11.4 |
11,881,105 |
10,469,726 |
-11.9 |
11.0 |
|
Ready wear & confection |
1,552,560 |
1,547,076 |
-0.4 |
14.8 |
12,695,442 |
11,199,275 |
-11.8 |
11.8 |
|
Automotive |
1,266,765 |
1,363,694 |
7.7 |
13.0 |
14,956,907 |
13,496,794 |
-9.8 |
14.2 |
|
Steel |
955,673 |
799,239 |
-16.4 |
7.6 |
9,003,394 |
6,942,082 |
-22.9 |
7.3 |
|
MINING |
381,295 |
343,790 |
-9.8 |
3.3 |
3,158,448 |
2,698,853 |
-14.6 |
2.8 |
|
Overall Exports |
11,027,533 |
10,482,987 |
-4.9 |
100.0 |
104,439,491 |
95,135,724 |
-8.9 |
100.0 |
|
source: tim |
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