Turkey Trade Deficit Narrows 32.6% YoY in July

Turkish trade gap narrowed 32.6 percent year-on-year to USD 5.98 billion in July of 2018 from USD 8.88 billion in the same month a year earlier, as imports fell while exports increased.

Exports rose 11.6 percent to USD 14.08 billion. Sales of manufactured products which accounted for 94.9 percent of total shipments edged up 11.9 percent. The ratio of high technology products in manufacturing industries was 2.8 percent and the ratio of medium-high-technology was 37.1 percent. Also, sales advanced for agriculture and forestry (8.1 percent) and fisheries (9.5 percent). Meanwhile, exports went down for mining and quarrying (-0.2 percent). Among major export partners, shipments increased for Germany (6.9 percent), the UK (24.6 percent), the US (33.3 percent), Italy (8.6 percent) and France (24.5 percent). In contrast, exports decreased to Iraq (-10.3 percent), UAE (-72.8 percent), Saudi Arabia (-9.9 percent) and Iran (-30.3 percent).

Imports dropped 6.7 percent to USD 20.06 billion. Purchases of intermediate goods accounted for 75.8 percent of total imports in July and decreased by 4.5 percent. Additionally, purchases declined for capital goods (-9.0 percent); consumption (-15.3 percent) and others (-57.9 percent). Imports decreased mainly from China (-7.4 percent), Germany (-7.5 percent), the US (-18.4 percent), Italy (-19.8 percent) and Iran (-01.1 percent). On the other hand, purchases advanced from Russia (4.8 percent), India (91.6 percent), Spain (35.5 percent), Brazil (77.3 percent) and Japan (1.1 percent).

Considering the first seven months of the year, exports increased 7.0 percent and imports went up 10.2 percent, thus widening the trade deficit by 17.4 percent to USD 46.75 billion.

Compared with the previous month, seasonally and calendar adjusted exports advanced by 5.1 percent while imports decreased by 1.3 percent.

Turkey Trade Deficit Narrows 32.6% YoY in July

Turkish Statistical Institute | Stefanie Moya | stefanie.moya@tradingeconomics.com
8/29/2018 7:32:01 AM