Turkey’s foreign trade deficit rose by 14.78% y/y in March to $6.24bn after falling 37% y/y in January and declining 10% y/y in February, preliminary data of the Ministry of Trade and Customs showed on April 2. The ministry started to release preliminary trade figures in January.
Exports plunged 13.45% y/y to $12.55bn while imports fell by 5.75% y/y to $18.8bn in March, said the ministry, adding that Turkey’s overall trade volume was down 9% y/y to $31.33bn in the month. Automotive exports fell by 14.3% y/y, precious metal exports (mostly gold) dropped 30.6% y/y, and steel &iron exports dropped 10.4% y/y in March. Turkey’s energy imports fell by 17.3% y/y to $3.76bn, reflecting the positive impact of lower oil prices.
In the first three months of the year, Turkey’s foreign trade deficit shrank 13.1% y/y, amounting to $15.2bn, according to the ministry. Exports reached $37.1bn, showing a 7.05% y/y decline in January-March, and imports fell by 8.99% y/y to $52.4bn, said the ministry.
The government projects a foreign trade deficit of $85bn for 2015 as it expects $173bn of exports and $258bn of imports this year.
| Turkey's Foreign Trade | ||||||
| Exports | y/y | Imports | y/y | Deficit | y/y | |
| ($ 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-15 | 24.6 | -3.4 | 33.6 | -10.6 | -9.0 | -25.7 |
| Source: tuik | ||||||
Related Articles
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more
Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank
London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more
EBRD boosts Ukraine financing to record €2.9bn in 2025 amid war
The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9bn in finance in Ukraine in 2025, up from €2.4bn a year earlier, the EBRD said in a press release. The EBRD ... more