Turkey’s foreign trade gap increased by 14.7% y/y to $4.4bn in September, preliminary data of the ministry of customs and trade showed on October 2.
Exports declined by 5.7% y/y to $11bn, while the country’s imports fell by 0.7% y/y to $15.3bn. The Turkish Exporters’ Assembly (TIM), however, reported on October 1 that the decline in exports was 0.8% y/y to $10.45bn. The final official data for September will be released by statistics office TUIK at the end of this month. TUIK reported on August 30 that the foreign trade deficit shrank 5% y/y in August.
According to the ministry's data, Turkey’s foreign trade deficit was down by 14.8% y/y $41.9bn as the decline in imports outpaced the decline in exports. Imports fell by 6.5% y/y to $146bn in the first nine months of the year whereas the decline in exports was 2.7% y/y to $104bn.
The government targets to narrow the foreign trade deficit to $55.2bn in 2016 from last year's $63bn, with exports expected to reach $156bn and imports to stand at $211bn.
| Turkey's Foreign Trade | ||||||
| Exports | y/y | Imports | y/y | Deficit | y/y | |
| ($ 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 |
| 2015 | 143.8 | -8.7 | 207.2 | -14.4 | -63.4 | -25.0 |
| Jan-Sep/16 | 104.3 | -2.7 | 146.1 | -6.5 | -41.9 | -14.8 |
| Source: tuik, gtb | ||||||
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