Turkish Trade Gap Widens 35.6% YoY in April

Turkey's trade deficit increased by 35.6 percent to USD 6.69 billion in April 2018 from USD 4.93 billion in the same month a year ago, as imports grew much faster than exports.

Imports soared 15.6 percent from the previous year to USD 20.55 billion in April 2018, underpinned by higher purchases of intermediate goods (20.3 percent) and capital goods (6.0 percent) while those of consumption goods declined (-1.4 percent). Among major trading partners, imports grew mostly from Germany (21.4 percent), Russia (26.5 percent), China (8.1 percent), the US (10.8 percent), Italy (17.9 percent) and Iran (8.1 percent).

Exports grew at a softer 7.8 percent to USD 13.87 billion, driven by sales of manufacturing (8.3 percent), agriculture and forestry (15.5 percent) and fisheries (20.1 percent). In contrast, shipments of mining and quarrying fell 23 percent. Among major trading partners, exports rose mainly to Germany (20.1 percent), the UK (15.7 percent), Italy (10.8 percent), France (39.6 percent), Spain (31.9 percent), but fell to the US (-19.8 percent) and Iraq (-25.6 percent).

Considering the January to April period, the trade deficit widened by 56.2 percent to USD 27.42 billion from USD 17.55 billion in the same period of 2017, as imports jumped 20.8 percent to USD 82.45 billion and exports increased 8.6 percent to USD 55.03 billion.

Turkish Trade Gap Widens 35.6% YoY in April

Turkish Statistical Institute | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
5/31/2018 7:55:40 AM