Turkey Trade Gap Narrows in May


Turkey's trade deficit dropped 25.5 percent to $5.05 billion in May of 2016, compared to a $6.8 billion gap a year earlier. Exports increased 9.6 percent to $12.4 billion, due to higher sales of vehicles (+41.2 percent) and precious stones and metals (+176.9 percent). In contrast, imports declined 3.8 percent to $17.2 billion , mainly driven by lower purchases of mineral fuels, minerals oils (-37.1 percent) and iron and steel (-36.3 percent). In the first five months of 2016, the trade deficit shrank 21 percent to $21.4 billion from $27 billion in the same period of 2015, as exports declined 4.4 percent while imports fell at a faster 9.5 percent.

Exports went up 9.6 percent year-on-year to $12.1 billion from $11.08 billion, due to higher sales of vehicles (+41.2 percent); precious stones and metals (+176.9 percent); boilers, machinery and mechanical appliances (+ 7.5 percent) while mineral fuels, minerals oils (-43.3 percent) fell the most. The main partner country for exports was the United Kingdom ($1.28 million), followed by Germany ($1.1 billion), Iran ($673 million) and Italy ($603 million).

Imports declined 3.8 percent to $17.2 billion from $17.9 billion a year earlier, as purchases of mineral fuels, minerals oils fell 37.1 percent,  iron and steel went down 36.3 percent and aircraft and parts thereof dropped 11.7 percent; while imports of precious stones and metals jumped 158.2 percent. The top country for Turkey’s imports was China ($2.4 billion), Germany ($1.86 billion), the US ($1.2 million) and Russia ($1.2 billion).

Turkey Trade Gap Narrows in May


Turkstat l Yekaterina Guchshina | yekaterina@tradingeconomics.com
6/30/2016 12:27:41 PM