Turkey Trade Deficit Narrows on Falling Imports

Turkish trade gap decreased to USD 6.93 billion in September of 2014 from a USD 7.5 billion shortfall a year earlier. Exports recorded the highest annual increase since April while imports shrank marginally.
Turkstat | Joana Taborda | joana.taborda@tradingeconomics.com 10/31/2014 8:40:22 AM
Exports increased 4.6 percent year-on-year to USD 13.66 billion in September of 2014. Sales to the European Union rose 7.1 percent to USD 6.2 billion. 

93.5 percent of total shipments were manufactured products. Sales of low-technology goods increased the most by 12.9 percent. High-tech exports which accounted for 3.4 percent of total manufactured exports rose 7.24 percent and medium-high-tech sales grew 3.9 percent with a 32 percent share. 

Imports fell slightly by 0.21 percent year-on-year to USD 20.59 billion, 77.5 percent accounting for manufactured goods. China was the country’s main import partner in September (11.2 percent of total purchases). 

Upon seasonal and calendar adjustment, exports increased 4.8 percent while imports decreased 1 percent compared with August. 

Considering the first nine months of 2014, exports rose 5.5 percent and imports shrank 4.2 percent year-on-year. As a result, Turkish trade gap narrowed 18.8 percent to USD 61.14 billion. 

Turkey Trade Deficit Narrows on Falling Imports