Turkish Trade Deficit Narrows Sharply in March


Turkey's trade deficit narrowed 63.7 percent to USD 2.1 billion in March 2019 from USD 5.9 billion in the same month of the previous year.

Exports fell 0.4 percent from a year earlier to USD 15.5 billion as sales of manufactured products, which accounted for 94.9 percent of total shipments, decreased 0.1 percent. In addition, exports of agriculture, hunting and forestry plunged 12.2 percent, and those of mining and quarrying dropped 2.6 percent. Among major trade partners, exports declined mainly to Germany (-6.7 percent), the UK (-18.1 percent), Italy (-13.8 percent), the US (-1.6 percent), France (-0.2 percent), and the Netherlands (-15 percent), but rose to Iraq (6 percent), Spain (7.8 percent), Israel (16.1 percent), and Romania (8.1 percent).
 
Imports tumbled 17.8 percent to USD 17.6 billion, as purchases of intermediate goods, which accounted for 79 percent of total imports, dropped 13.3 percent. Additionally, imports of capital and consumption goods fell 26.2 percent and 35.6 percent respectively. Imports were down from all major trade partners: Russia (-8.2 percent), Germany (-23.1 percent), China (-29.8 percent), the US (-8.9 percent), Italy (-31.2 percent), India (-0.4 percent), Iran (-15.5 percent), France (-24.7 percent), the UK (-53.3 percent), and South Korea (-29.8 percent).
 
Considering the first quarter as a whole, the trade deficit narrowed 67.4 percent to USD 6.8 billion from USD 20.8 billion in the same period of 2018.

Turkish Trade Deficit Narrows Sharply in March


Turkish Statistical Institute | Joana Ferreira | joana.ferreira@tradingeconomics.com
4/30/2019 7:29:58 AM