Turkey Trade Deficit Widens in November

Turkey trade gap increased 15.43 percent to USD 8.32 billion in November of 2014 from a USD 7.21 billion shortfall a year earlier, due to a fall in exports.
Turkstat | Carolina Cunha | carolina.cunha@tradingeconomics.com 12/31/2014 10:23:29 AM
Exports fell 7.5 percent year-on-year to USD 13.13 billion. Sales to the European Union decreased by 8.3 percent to USD 5.74 billion. Germany was the main sales partner (USD 1.26 billion), followed by Iraq (USD 0.94 billion), the United Kingdom (USD 0.84 billion) and Italy (0.64 billion). 

91.9 percent of total shipments were manufactured products. Sales of high technology goods, which accounts for 3.9 percent of total manufacturing exports, registered the only increase (+0.43 percent). Medium-high-tech exports, accounting for 31.1 percent, fell the most (-11.94 percent), followed by medium-low-tech sales (-11.2 percent) and low technology (-1.8 percent, with a 38.8 percent share).

Imports rose slightly by 0.2 percent year-on-year to UDS 21.45 billion. In November of 2014, the top countries for Turkey’s imports were Russia (USD 2.5 billion), China (USD 2.29 billion) Germany (USD 1.9) and Switzerland (USD 1.68 billion).

Seasonally and calendar adjusted exports decreased by 3.3 percent while imports increased by 10 percent compared with previous month.

Considering the first eleven months of 2014, exports rose 4.2 percent and imports shrank 3.5 percent year-on-year. As a result, Turkish trade gap narrowed 15.5 percent to USD 76 billion.

Turkey Trade Deficit Widens in November