Turkey's trade deficit surged by 232.2 percent to USD 2.23 billion in November 2019 from USD 0.67 billion in the corresponding month of the previous year. This was the largest trade gap since August, as exports edged up 0.1 percent while imports rose at a much faster 9.7 percent. From January to November, the country's trade gap narrowed considerably by 48.8 percent to USD 26.80 billion. Balance of Trade in Turkey averaged -1716.19 USD Million from 1957 until 2019, 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. source: Turkish Statistical Institute
Balance of Trade in Turkey is expected to be 800.00 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 -1000.00 in 12 months time. In the long-term, the Turkey Balance of Trade is projected to trend around -900.00 USD Million in 2020, according to our econometric models.
Turkey Balance of Trade
The Turkish trade balance has been in deficit since 1947. In 2017 the trade gap widened 36.8 percent from the previous year to USD 76.7 billion, as imports jumped 17.7 percent, the sharpest increase since 2011 and exports rose at a slower 10.2 percent. Turkey major exports were road vehicles, textiles, iron and steel, clothing and food, while imports were machinery and transport equipment, manufactured goods, mineral fuels and lubricants and chemicals. The biggest trade deficits were recorded with China, Russia, Germany, South Korea, Switzerland, India, Iran and Japan; and the largest surpluses were recorded with Iraq, the UAE, the UK, Israel, Syria, Northern Cyprus and Azerbaijan.