Turkish trade gap slumped by 93.8 percent to USD 0.46 billion in October 2018 from USD 7.30 billion in the corresponding month of the previous year. It was the smallest trade deficit since April 2001 as exports rose 13 percent while imports tumbled 23.8 percent on the back of a weak lira. Balance of Trade in Turkey averaged -1705.42 USD Million from 1957 until 2018, reaching an all time high of 24.51 USD Million in December of 1971 and a record low of -10453.06 USD Million in September of 2011.

Balance of Trade in Turkey is expected to be -6900.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Turkey to stand at -900.00 in 12 months time. In the long-term, the Turkey Balance of Trade is projected to trend around -4000.00 USD Million in 2020, according to our econometric models.

Turkey Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-08-29 07:00 AM Balance of Trade $-5.98B $-5.5B $-6.6B
2018-09-28 07:00 AM Balance of Trade $-2.42B $-5.98B $ -4.4B
2018-10-31 07:00 AM Balance of Trade $-1.87B $-2.45B $ -3.8B
2018-11-30 07:00 AM Balance of Trade $-0.46B $-1.91B $-1.4B
2018-12-31 07:00 AM Balance of Trade $-0.46B
2019-01-31 07:00 AM Balance of Trade $ -3.9B
2019-02-28 07:00 AM Balance of Trade



Turkey Posts Smallest Trade Gap in 17-1/2 Years



Turkish trade gap slumped by 93.8 percent to USD 0.46 billion in October 2018 from USD 7.30 billion in the corresponding month of the previous year. It was the smallest trade deficit since April 2001 as exports rose 13 percent while imports tumbled 23.8 percent on the back of a weak lira.

Exports rose 13 percent from a year earlier to USD 15.7 billion as sales of manufactured products, which accounted for 93.7 percent of total shipments, increased 13.8 percent. Also, exports of agriculture, hunting and forestry went up 0.9 percent, while those for mining and quarrying declined 2.6 percent. Among major trading partners, exports increased mainly to Germany (0.5 percent), the UK (20.7 percent), Italy (17.9 percent), Iraq (31.1 percent), Spain (32.8 percent), the Netherlands (7 percent), Romania (9.1 percent) and Belgium (25 percent). Meantime, sales to the US were unchanged and those to France fell 0.2 percent.
 
Imports tumbled 23.8 percent to USD 16.2 billion. Purchases of intermediate goods accounted for 78.4 percent of total imports in October and dropped 17.3 percent. Additionally, imports declined for both capital (-35.0 percent) and consumption goods (-50.2 percent). Among major trading partners, imports went down mainly from Germany (-23.3 percent), China (-35.3 percent), Italy (-30.7 percent), India (-2.9 percent), Iran (-26 percent), France (-38.6 percent), South Korea (-39.4 percent), and the UK (-26.4 percent). Meanwhile, purchases from Russia went up 4 percent and those from the US rose 0.6 percent.
 
Considering the January to October period, the trade gap narrowed 15.7 percent to USD 51.6 billion as exports advanced 7.6 percent to USD 138.7 billion and imports rose at a softer 0.1 percent to USD 190.3 billion.


Turkish Statistical Institute | Chusnul Ch Manan | chusnul@tradingeconomics.com
11/30/2018 2:07:47 PM



Turkey Trade Last Previous Highest Lowest Unit
Balance of Trade -456.10 -1911.74 24.51 -10453.06 USD Million [+]
Current Account 2770.00 1806.00 2770.00 -9407.00 USD Million [+]
Current Account to GDP -5.50 -3.80 2.00 -9.00 percent [+]
Imports 16175.54 16325.00 23245.30 15.00 USD Million [+]
Exports 15719.44 14413.26 15719.44 7.10 USD Million [+]
External Debt 456961.00 466657.00 466657.00 43911.00 USD Million [+]
Terms of Trade 99.46 101.61 147.63 93.96 Index Points [+]
Capital Flows -3125.00 -1490.00 9186.00 -6849.00 USD Million [+]
Foreign Direct Investment 10900.00 12300.00 22046.00 1800.00 USD Million [+]
Remittances 57.00 32.00 574.00 24.00 USD Million [+]
Tourism Revenues 3686.00 4281.00 4947.00 79.00 USD Million [+]
Tourist Arrivals 3755467.00 4792818.00 5671801.00 213998.00 [+]
Gold Reserves 246.30 236.00 246.30 116.10 Tonnes [+]
Terrorism Index 7.52 6.74 7.52 4.62 [+]
Weapons Sales 244.00 311.00 311.00 3.00 USD Million [+]
Crude Oil Production 57.00 57.00 72.00 38.00 BBL/D/1K [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Turkey Balance of Trade

The Turkish trade balance has been in deficit since 1947. In 2017 the trade gap widened 36.8 percent from the previous year to USD 76.7 billion, as imports jumped 17.7 percent, the sharpest increase since 2011 and exports rose at a slower 10.2 percent. Turkey major exports were road vehicles, textiles, iron and steel, clothing and food, while imports were machinery and transport equipment, manufactured goods, mineral fuels and lubricants and chemicals. The biggest trade deficits were recorded with China, Russia, Germany, South Korea, Switzerland, India, Iran and Japan; and the largest surpluses were recorded with Iraq, the UAE, the UK, Israel, Syria, Northern Cyprus and Azerbaijan. This page provides the latest reported value for - Turkey Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey Balance of Trade - actual data, historical chart and calendar of releases - was last updated on December of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-456.10 -1911.74 24.51 -10453.06 1957 - 2018 USD Million Monthly




Country Last Previous
Argentina 277.00 Oct/18
Australia 2316.00 Oct/18
Brazil 4062.09 Nov/18
Canada -1165.20 Oct/18
China 447.40 Nov/18
Euro Area 13141.70 Sep/18
France -4052.00 Oct/18
Germany 18300.00 Oct/18
India -16670.00 Nov/18
Indonesia -1819.90 Oct/18
Italy 1274.37 Sep/18
Japan -449.26 Oct/18
Mexico -2936.00 Oct/18
Netherlands 4850.00 Oct/18
Russia 19697.00 Oct/18
Saudi Arabia 162782.00 Jun/18
Singapore 4520.91 Oct/18
South Africa -5549.90 Oct/18
South Korea 5139.00 Nov/18
Spain -3297100.00 Sep/18
Switzerland 2637.00 Oct/18
Turkey -456.10 Oct/18
United Kingdom -3300.00 Oct/18
United States -55488.00 Oct/18


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