Turkey Trade Deficit Narrows 5.3% YoY in August

Turkey recorded a USD 4.69 billion trade deficit in August of 2016, 5.3 percent lower than a USD 4.95 billion gap a year earlier. Exports jumped 7.7 percent year-on-year, following an 11.6 percent fall in July, boosted by manufacturing sales. Imports increased at a slower 3.7 percent, after slumping 19.6 percent in the previous month.

Year-on-year, exports increased to USD 11.87 billion, mainly boosted by a 7.7 percent gain in sales of manufactured products which accounted for 94.4 percent of total sales. Among manufacturing, high-technology products accounted for 3.4 percent while medium-high-technology products represented 30.9 percent. In addition, shipments of fisheries (+34.8 percent) and agriculture, hunting and forestry (+12.8 percent) products went up while those of mining and quarrying were down 5.8 percent. Germany was the main export partner (10.5 percent share), followed by the United Kingdom (7.7 percent)), Iraq (6 percent) and the US (5.1 percent).

Imports rose to USD 16.55 billion, mainly due to a 6.7 percent increase in purchases of manufacturing and a 19.4 percent gain in agriculture. In contrast, imports fell for fisheries (-81.9 percent) and mining and quarrying (-22.3 percent). China was the main import partner (15.3 percent share), followed by Germany (10.5 percent), Russia (8.3 percent) and Italy (5 percent). 

On a seasonally adjusted basis, exports went up 10.5 percent from the previous month while imports decreased 0.6 percent. 

Turkey Trade Deficit Narrows 5.3% YoY in August

Turkstat | Joana Taborda | joana.taborda@tradingeconomics.com
9/30/2016 8:22:56 AM