Turkey Posts Smallest Trade Gap in 9-1/2 Years


Turkish trade gap tumbled by 77.1 percent to USD 1.87 billion in September 2018 from USD 8.17 billion in the corresponding month of the previous year. It was the smallest trade deficit since February 2009 as exports jumped 22.4 percent while imports tumbled 18.3 percent amid a falling lira.

Exports surged 22.4 percent from a year earlier to USD 14.5 billion as sales of manufactured products, which accounted for 94.4 percent of total shipments, jumped 23.9 percent. Also, exports of agriculture, hunting and forestry edged up 0.2 percent, while those for mining and quarrying dropped 2.8 percent. Among major trading partners, exports increased mainly to Germany (15.6 percent), the UK (38.2 percent), Italy (27.3 percent); Iraq (10.1 percent); Spain (33.8 percent), the US (2.2 percent), France (9.5 percent), the Netherlands (36 percent), Belgium (37.9 percent) and Romania (20.7 percent).
 
Imports slumped 18.3 percent to USD 16.3 billion. Purchases of intermediate goods accounted for 78.7 percent of total imports in September and dropped 13.4 percent. Additionally, imports declined for both capital (-26 percent) and consumption goods (-41.2 percent). Among major trading partners, imports went down mainly from Russia (-5.5 percent), China (-29.5 percent), Germany (-26.2 percent), Italy (-29.4 percent), Iran (-16.8 percent), South Korea (-30.1 percent), France (-20.9 percent) and the UK (-17.8 percent). Meanwhile, purchases from the US rose 10.9 percent and those from India jumped 31.9 percent.
 
Considering the January to September period, the trade gap narrowed 5.2 percent to USD 51.1 billion as exports advanced 7 percent to USD 123.0 billion and imports increased at a softer 3.1 percent to USD 174.2 billion.

Turkey Posts Smallest Trade Gap in 9-1/2 Years


Turkish Statistical Institute | Chusnul Ch Manan | chusnul@tradingeconomics.com
10/31/2018 12:59:33 PM