Turkish trade deficit slumped 63.1 percent to USD 2.1 billion in February 2019 from USD 5.8 billion in the corresponding month of the previous year. This was the smallest trade gap since November last year, as exports rose while imports tumbled.
Exports increased 3.4 percent from a year earlier to USD 13.6 billion as sales of manufactured products, which accounted for 93 percent of total shipments, increased 5.6 percent. Meanwhile, exports of agriculture, hunting and forestry went down 5 percent, and those of mining and quarrying dropped 12.9 percent. Among major trading partners, exports increased mainly to the UK (6.3 percent), Spain (27.6 percent), Romania (10.7 percent), Israel (4.0 percent), Iraq (5.0 percent), and the Netherlands (11.7 percent), but declined to Italy (-5.5 percent), Germany (-9.7 percent), the US (-7.7 percent), and France (-4.1 percent).
3/29/2019 10:29:44 AM
Imports tumbled 16.9 percent to USD 15.7 billion from a year earlier. Purchases of intermediate goods accounted for 78.3 percent of total imports in February and dropped 20.7 percent from a year earlier. Additionally, imports fell for both capital (-23.1 percent) and consumption goods (-35.2 percent). Among major trading partners, imports declined mainly from Russia (-13.0 percent), China (-26.4 percent), Germany (-19.0 percent), the US (-3.4 percent), Italy (-31.6 percent), India (-17.4 percent), Iran (-18.0 percent), France (-49.5 percent) and the UAE (-12.3 percent), but increased to South Korea (44.8 percent).
Considering January to February this year, trade deficit narrowed sharply to USD 4.6 billion from USD 14.9 billion in the same period of 2018.