Turkey's trade deficit narrowed by 46.9 percent to USD 3.19 billion in July 2019 from USD 6.01 billion in the corresponding month of the previous year. Exports jumped 7.9 percent while imports slumped 8.5 percent. From January to July, the trade deficit narrowed sharply to USD 18.07 billion from USD 46.81 billion in the same period of 2018. Balance of Trade in Turkey averaged -1713.70 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.

Balance of Trade in Turkey is expected to be 1100.00 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 800.00 in 12 months time. In the long-term, the Turkey Balance of Trade is projected to trend around 100.00 USD Million in 2020, according to our econometric models.

Turkey Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-31 07:00 AM Balance of Trade Apr $-2.98B $-2.14B $-2B
2019-06-28 07:00 AM Balance of Trade May $-1.84B $-2.98B $-3.2B
2019-07-31 07:00 AM Balance of Trade Jun $-3.18B $-1.84B $-1B
2019-08-29 07:00 AM Balance of Trade Jul $-3.19B $-3.18B $-1.2B
2019-09-30 07:00 AM Balance of Trade Aug $-3.19B $-0.7B
2019-10-31 07:00 AM Balance of Trade Sep $ 1.1B
2019-11-29 07:00 AM Balance of Trade Oct $0.9B



Turkey Trade Gap Narrows in July

Turkey's trade deficit narrowed by 46.9 percent to USD 3.19 billion in July 2019 from USD 6.01 billion in the corresponding month of the previous year.

Exports went up 7.9 percent from a year earlier to USD 15.16 billion in July, as shipments of manufactured products, which accounted for 95.6 percent of total sales, jumped 8.7 percent. Meanwhile, there were declines in exports of agriculture, hunting and forestry (-6.2 percent) and mining & quarrying (-5.8 percent). Among major trading partners, exports increased mainly to Germany (6.1 percent), the UK (8.4 percent), Iraq (11.1 percent), France (13.6 percent), Spain (4.4 percent), the Netherlands (63.3 percent) and Israel (41.2 percent). By contrast, sales dropped to Italy (-2.9 percent) and the US (-14.3 percent).

Imports plunged 8.5 percent to USD 18.35 billion in July. Purchases of intermediate goods, which accounted for 76.2 percent of total imports, dropped 8.0 percent; and those of capital and consumption goods slumped 1.9 percent and 21.2 percent, respectively. Among major trading partners, imports declined from China (-15.8 percent), India (-27.9 percent), France (-17.4 percent), South Korea (-11.7 percent), Spain (-48.2 percent), Japan (-19.6 percent), Netherlands (-5.7 percent), Brazil (-32.7 percent), Romania (-9.0 percent) and Poland (-23.2 percent). In contrast, imports increased from Russia (10.9 percent), Germany (2.1 percent), and the US (18.0 percent). 

From January to July, the trade deficit narrowed sharply to USD 18.07 billion from USD 46.81 billion in the same period of 2018.


Turkish Statistical Institute | Rafael Gonzalez | rafael.gonzalez@tradingeconomics.com
8/29/2019 10:04:28 AM



Turkey Trade Last Previous Highest Lowest Unit
Balance of Trade -3191.93 -3186.34 24.51 -10453.06 USD Million [+]
Current Account 1158.00 -523.00 2645.00 -9407.00 USD Million [+]
Current Account to GDP -3.50 -5.60 1.90 -8.90 percent [+]
Imports 18351.47 14259.33 23245.30 15.00 USD Million [+]
Exports 15159.54 11072.99 15943.70 7.10 USD Million [+]
External Debt 453423.00 444878.00 466657.00 43911.00 USD Million [+]
Terms of Trade 103.48 102.91 147.63 93.96 Index Points [+]
Capital Flows -1761.00 3108.00 9186.00 -6819.00 USD Million [+]
Foreign Direct Investment 13200.00 10900.00 22046.00 1800.00 USD Million [+]
Remittances 17.00 12.00 574.00 12.00 USD Million [+]
Tourism Revenues 3338.00 2640.00 4947.00 79.00 USD Million [+]
Tourist Arrivals 6617380.00 5318984.00 6617380.00 213998.00 [+]
Gold Reserves 320.69 314.10 320.69 116.00 Tonnes [+]
Terrorism Index 7.04 7.52 7.52 4.62 [+]
Weapons Sales 364.00 245.00 364.00 3.00 USD Million [+]
Crude Oil Production 58.00 56.00 72.00 38.00 BBL/D/1K [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



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. 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 - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3191.93 -3186.34 24.51 -10453.06 1957 - 2019 USD Million Monthly




Country Last Previous
Argentina 951.00 Jul/19
Australia 7268.00 Jul/19
Brazil 3280.00 Aug/19
Canada -1124.40 Jul/19
China 348.30 Aug/19
Euro Area 24789.70 Jul/19
France -4607.00 Jul/19
Germany 21449.00 Jul/19
India -13450.00 Aug/19
Indonesia 85.10 Aug/19
Italy 7630.87 Jul/19
Japan -136.30 Aug/19
Mexico -1117.00 Jul/19
Netherlands 4127.00 Jul/19
Russia 11224.00 Jul/19
Saudi Arabia 131636.00 Mar/19
Singapore 3787.85 Aug/19
South Africa -2880.82 Jul/19
South Korea 1723.00 Aug/19
Spain -1532700.00 Jun/19
Switzerland 2671.16 Jul/19
Turkey -3191.93 Jul/19
United Kingdom -219.00 Jul/19
United States -53989.00 Jul/19


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