Foreign trade deficit fell by 22% y/y to $6.2bn in June, after a 6% y/y decline in May, data of the statistics office TUIK showed on July 31. The market had expected a foreign trade deficit of $6.28bn. Turkey’s foreign trade shortfall fell by 16% y/y to $33.2bn in H1.
Exports in June declined by 7% y/y to $12bn while the pace of decline in imports decelerated to 13% y/y from 14% y/y in the previous month. Imports amounted to $18.2bn in June with consumer goods and capital goods imports rising 11% y/y and 4% y/y, respectively, and intermediate goods imports declining by 19% y/y.
On a seasonally and calendar adjusted basis, exports rose by 3.1% m/m while imports declined by 3% m/m in June.
Exports to the EU fell by 7% y/y to $5.5bn in June. Data from TUIK also showed that Germany was still the largest market for Turkish exporters in the month. Exports to Germany amounted to $1.14bn in June.
Turkey paid $3.32bn for energy imports in June, representing a 26% y/y decline while the energy import bill totaled $20.6bn in the first half of 2015, pointing to a 25% decline from a year ago. Precious metals exports (mostly gold) rose by 64% y/y to $7.6bn in H1.
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 $84.6bn.
|
Turkey's Foreign Trade |
||||||
|
|
Exports |
y/y |
Imports |
y/y |
Deficit |
y/y |
|
|
($ 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 |
|
Jan-May |
61.6 |
-8.4 |
88.5 |
-10.6 |
-27.0 |
-15.2 |
|
H1 |
73.5 |
-8.2 |
106.75 |
-10.9 |
-33.2 |
-16.3 |
|
Source: tuik |
|
|
|
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