Turkey’s exports fell by 19% y/y to $10.82bn in May, data of the Turkish Exporters’ Assembly (TIM) showed on June 1.
Exports to the EU plunged 21.7% y/y to $4.64bn, while exports to the Middle East and Africa declined by 19.3% y/y and 4.5% y/y, respectively, to $2.2bn and $1.1bn. On a country basis, shipments of manufactured goods to Germany, Turkey’s largest trade partner, declined 16.1% y/y to $5.3bn in May, exports to the second largest market, Iraq, fell by 26.7% y/y to $3.7bn.
The automotive industry’s exports amounted to $1.48bn, representing a 27.4% y/y decline while steel imports fell by 37.1% y/y to $801mn. Turkey’s ready wear & confection exports declined by 16.4% y/y to $1.35bn.
In the first five months of the year, Turkey’s total exports fell by 8.3% y/y to $61.3bn, data of the TIM also showed.
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.
| Turkish Exports | ||||||||
| May | January-May | |||||||
| (USD thousand) | 2014 | 2015 | y/y, % | share, % | 2014 | 2015 | y/y, % | share, % |
| AGRICULTURE | 1,808,454 | 1,574,729 | -12.9 | 14.6 | 9,267,687 | 8,539,411 | -7.9 | 13.9 |
| INDUSTRY | 11,089,776 | 8,838,432 | -20.3 | 81.7 | 52,243,890 | 44,907,636 | -14.0 | 73.3 |
| Ready wear & confection | 1,612,655 | 1,348,222 | -16.4 | 12.5 | 7,827,746 | 6,712,228 | -14.3 | 11.0 |
| Automotive | 2,040,798 | 1,481,932 | -27.4 | 13.7 | 9,671,812 | 8,521,227 | -11.9 | 13.9 |
| Steel | 1,272,872 | 801,019 | -37.1 | 7.4 | 5,941,080 | 4,530,885 | -23.7 | 7.4 |
| MINING | 465,271 | 406,289 | -12.7 | 3.8 | 1,968,579 | 1,591,378 | -19.2 | 2.6 |
| Overall Exports | 13,363,501 | 10,819,450 | -19.0 | 100.0 | 66,869,199 | 61,296,205 | -8.3 | 100.0 |
| source: tim |
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