Turkey Trade Deficit Narrows 10.2% in February

Turkey trade gap decreased to USD 4.66 billion in February of 2015 from a USD 5.19 billion shortfall a year earlier, as imports fell more than exports.
Turkstat l Rida Husna l rida@tradingeconomics.com 3/31/2015 12:03:42 PM
Year-on-year, exports dropped 6 percent to USD 12.27 billion as sales to the EU-28 decreased by 4.3 percent.  In February, main export partners were: the United Kingdom (USD 1.11 billion), Switzerland (USD 1.83 billion), Germany (USD 1.31 billion) and Iraq (USD 755 million). 

Exports of manufactured products amounted to USD 11.53 billion, representing a 94.0 percent of the total revenue, while those of agriculture and forestry amounted to USD 477 million, accounting for a 3.9 percent share. Sales of low-technology goods decreased the most (-14.42 percent) accounting for a 33.7 percent share. Outward shipments of medium-high technology industries fell by 9.5 percent with (30.3 percent share) and those of  high technology industries declined by 9.0 percent (3.0 percent share). In contrast, exports of medium-low technology industries increased by 7.6 percent and accounted for 33.0 percent share.

Imports fell 7.2 percent to USD 16.93 billion. Top country for Turkey’s imports were China (USD 2.67 billion), Russia (USD 1.86 billion), Germany (USD 1.57 billion) and the US (USD 931 million).  By sectors, imports of intermediate goods decreased the most (-9.02 percent), followed by capital goods (-3.9 percent) and consumption goods (-0.72 percent).

Coverage rate of exports by imports was 72.5 percent in February of 2015,  while it was 71.6 percent a year earlier.

Seasonally and calendar adjusted exports and imports by 0.7 percent, compared with previous month.

Turkey Trade Deficit Narrows 10.2% in February