Turkey Posts Biggest Trade Deficit In 2-1/2 Years In May

Turkey's trade deficit widened sharply by 43 percent to USD 7.3 billion in May 2017 from USD 5.1 billion in the same month a year earlier. It was the biggest trade gap since December 2014, as imports jumped 21.7 percent from the previous year to USD 20.9 billion, while exports increased at a slower 12.5 percent to USD 13.6 billion.

Year-on-year, imports rose by 21.7 percent to USD 20.9 billion, mainly driven by higher purchases of intermediate goods (35.8 percent) and consumption goods (5.5 percent). By contrast, imports of capital goods dropped 17.3 percent. 

Exports went up by 12.5 percent to USD 13.6 billion, mainly boosted by higher sales of manufacturing (12.5 percent) and mining and quarrying (48.4 percent). In contrast, sales fell for agriculture, hunting and forestry (-11.2 percent). 

Considering the January-May period, the trade deficit widened by 15.7 percent to USD 24.8 billion from USD 21.5 billion in the same period of 2016.

Turkey Posts Biggest Trade Deficit In 2-1/2 Years In May

Turkish Statistical Institute l Joana Ferreira | joana.ferreira@tradingeconomics.com
6/30/2017 8:25:01 AM