Turkish Trade Deficit Widens 74% in October
Turkey's trade deficit widened by 73.9 percent to USD 7.3 billion in October 2017 from USD 4.2 billion in the same month a year ago and below market expectations of USD 7.4 billion deficit. Imports surged 25 percent while exports grew only 9 percent.
Year-on-year, imports jumped by 25 percent to USD 21.3 billion, driven by higher purchases of intermediate goods (up 35.2 percent; 72.1 percent of total imports), capital goods (up 2.8 percent, 14.9 percent of total imports), and consumption goods (up 8.3 percent, 12.9 percent of total imports). Among major trading partners, imports grew from Germany (15.8 percent), Russia (48.9 percent), the US (31.4 percent), Italy (26.9 percent), and France (6.2 percent), but fell from China (-4.6 percent).
Exports went up at a slower 9 percent to USD 13.9 billion, boosted by higher sales of manufacturing (up 9.2 percent; 93.1 percent of total exports) and mining and quarrying (up 20.8 percent; 2.2 percent of total exports). Among major trading partners, exports rose to Germany (11.5 percent), the US (28.8 percent), and Italy (1.1 percent), but fell to the UK (-15 percent) and Iraq (-15.8 percent).
Considering January to October, the trade deficit went up by 32.1 percent to USD 61.2 billion from USD 46.3 billion in the same period of 2016, as imports rose 16.5 percent to USD 190.2 billion and exports increased 10.3 percent to USD 129 billion.
On a seasonally adjusted basis, exports increased 1.7 percent from the previous month while imports declined 6.1 percent.
11/30/2017 11:26:18 AM