Turkey Trade Gap Narrows 13% in January

The Turkish trade deficit decreased by 13.4 percent to $3.762 billion in January 2016, compared to a $4.343 billion shortfall a year earlier. It was the smallest deficit since October last year, as exports dropped to its lowest level in four years while imports fell to its lowest value since February 2010.

Exports went down by 22 percent year-on-year to $9.597 billion, due to lower sales of manufactured goods (-21.8 percent), agriculture and forestry (-29 percent), mining and quarrying (-14.5 percent) and fisheries (-12.8 percent). The main partner country for exports was Germany ($1.90 billion), followed by the United Kingdom ($650 million), Italy ($570 million) and Iraq ($469 million).

Imports shrank 19.7 percent to $13.358 billion, as purchases of intermediate goods fell 21.5 percent, capital goods declined 17 percent and consumption goods dropped 12 percent. The top country for Turkey’s imports was China ($1.924 billion), records for imports range from Russia ($1.345 billion), Germany ($1.163 billion) and  Italy ($606 million).

In January 2016, exports coverage imports was 71.8 percent, while it was 73.9 percent in January 2015.

Turkey Trade Gap Narrows 13% in January

Turkstat l Joana Ferreira | joana.ferreira@tradingeconomics.com
2/29/2016 8:42:55 AM