Turkey Trade Deficit Narrows 37.5% in January

Turkey trade gap decreased to USD 4.305 billion in January of 2015 from a USD 6.886 billion shortfall a year earlier, as imports fell at a faster pace than exports.
Turkstat | Carolina Cunha | carolina.cunha@tradingeconomics.com 2/27/2015 9:20:15 AM
Compared with January of 2014, exports dropped 0.6 percent to USD 12.33 billion as sales to the EU-28 decreased by 3.4 percent. Still, Germany was the country’s main partner (USD 1.11 billion), followed by Switzerland (USD 1.46 billion), the United Kingdom (USD 944 million) and Iraq (USD 837 million). 

Compared with the same month of the previous year, manufacturing shipments represented 93 percent of the total sales, while agriculture and forestry accounted for 4.7 percent. Sales of low-technology goods decreased the most (-8.37 percent) and accounted for 34.4 percent of the total exports. Medium-low exports grew 14.1 percent with a 33.9 percent share. Medium-high tech exports declined 2.63 percent.

Compared with January of 2014, imports fell 13.7 percent to USD 16.64 billion, the lowest figure since September of 2010.Top country for Turkey’s imports were China (USD 2.12 billion), Russia (USD 1.91 billion), Germany (USD 1.32 billion) and Italy (USD 779 million).  

By sectors, imports of intermediate goods decreased the most (-16.37 percent), followed by consumption goods (-11.1 percent) and capital goods (-1.09).

In January of 2015, exports coveraged imports was 74.1 percent, while it was 64.3 percent, in January 2014.

Seasonally and calendar adjusted exports increased by 7.1 percent, while imports decreased by 2.9 percent, compared with previous month.

Turkey Trade Deficit Narrows 37.5% in January