Turkey's trade deficit widened to USD 3.42 billion in May 2020 from USD 1.69 billion in the corresponding month of the previous year. Exports slumped 40.9 percent year-on-year to USD 9.97 billion, mostly due to lower sales of manufacturing products (-41.6 percent), mining & quarrying (-43.5 percent) and agricultures, forestry & fishing (-14.1 percent). Imports plunged 27.8 percent to an over ten-year low of USD 13.38 billion, due to lower purchases of intermediate goods (-29.2 percent), consumption (-37.9 percent) and capital (-11.4 percent). Considering the first five months of the year, the country’s trade gap increased sharply to USD 21.01 billion from USD 10.46 billion a year earlier.
Balance of Trade in Turkey averaged -1733.76 USD Million from 1957 until 2020, reaching an all time high of 24.51 USD Million in December of 1971 and a record low of -10453.06 USD Million in September of 2011. This page provides the latest reported value for - Turkey Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Turkish Statistical Institute
Balance of Trade in Turkey is expected to be -1700.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Turkey to stand at -3620.00 in 12 months time. In the long-term, the Turkey Balance of Trade is projected to trend around -1900.00 USD Million in 2021 and -2000.00 USD Million in 2022, according to our econometric models.