Turkey Trade Deficit Narrows in October

According to the provisional data, produced with the cooperation of Turkish Statistical Institute and Ministry of Customs and Trade, in October 2012; exports increased by 11.6% and reached to $13.29 billion while imports decreased by 5.6% and reached to $18.80 billion when compared with October 2011.

Compared with October of 2011, foreign trade deficit decreased from $8.01 billion to $5.51 billion. Calendar adjusted exports increased by 19.3% and imports decreased by 1.7% compared with October 2011. Seasonally and calendar adjusted exports increased by 0.7% and imports decreased by 4.1% compared with previous month. In October 2012 exports coverage imports was 70.7% while it was 59.8% in October 2011.

As compared with the same month of the previous year, exports to EU were $5.32 billion and increased by 1%. The proportion of the EU countries was 40% in October 2012 while it was 44,2% in October 2011. In October 2012, the main partner country for exports was Germany with $1.11 billion and decreased by 8.5%. For exports, Germany was followed by Iraq ($0.93 billion), the United Kingdom ($0.90 billion) and United Arab Emirates ($0.69 billion). In October 2012, the top country for Turkey’s imports was Russia ($2.29 billion), records for imports range from China ($1.74 billion), Germany ($1.61 billion) and the USA ($1.04 billion). 

For October 2012, precious stones and metals has by far the highest value exported at $1.52 billion followed by vehicle other than railway or tramway rolling-stock, parts ($1.3 billion), boilers, machinery and mechanical appliances ($1.05 billion) and iron and steel ($0.96 billion). At the same period, the top categories for imports were: mineral fuels and oils ($4.96 billion) and then boilers, machinery and mechanical appliances ($2.15 billion), iron and steel ($1.69 billion) and electrical machinery and equipment ($1.41 billion). 

Turkstat | Nuno Fontes | nuno@tradingeconomics.com
12/14/2012 5:35:06 PM