Turkish Trade Deficit Narrows Sharply in August

Turkish trade gap fell by 59 percent year-on-year to USD 2.42 billion in August of 2018 from USD 5.91 billion in the corresponding month of the previous year. It is the lowest trade deficit since March of 2009 as imports dropped 22.7 percent to the lowest value in two years amid a falling lira while exports declined at a softer 6.5 percent.

Exports dropped 6.5 percent to USD 12.4 billion. Sales of manufactured products, which accounted for 94.9 percent of total shipments went down 6 percent. Also, exports fell for agriculture, hunting and forestry (-6.4 percent); mining and quarrying (-31 percent) and fisheries (-8.3 percent). On the other hand, sales of other products increased by 31.2 percent from August of 2017. Exports decreased mainly to Germany (-16 percent); Iraq (-33.2 percent) and the US (-10.1 percent); while those to the UK increased 6.5 percent.

Imports slumped 22.7 percent from a year earlier to USD 14.8 billion. Purchases of intermediate goods accounted for 78.4 percent in August and decreased 166.5 percent. Additionally, imports declined for capital goods (-36.3 percent); consumption (-42.4 percent) and others (-54.5 percent). Among major trading partners, purchases went down mainly from Russia (-2.5 percent); China (-31.6 percent); Germany (-31.3 percent) and the US (-3.7 percent).

Considering the January to August period, exports advanced 5.2 percent to USD 108.6 billion and imports rose 5.9 percent to USD 157.8 billion, thus widening the trade deficit by 7.6 percent to USD 49.2 billion.

Compared with the previous month, seasonally and calendar adjusted exports increased by 2.2 percent while imports decreased by 8 percent.

Turkish Trade Deficit Narrows Sharply in August

Turkish Statistical Institute | Agna Gabriel | agna.gabriel@tradingeconomics.com
9/28/2018 9:52:08 AM