Turkey's trade deficit narrowed 63.7 percent to USD 2.1 billion in March 2019 from USD 5.9 billion in the same month of the previous year. Exports fell 0.4 percent while imports slumped 17.8 percent. Balance of Trade in Turkey averaged -1707.74 USD Million from 1957 until 2019, 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 -1000.00 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 800.00 in 12 months time. In the long-term, the Turkey Balance of Trade is projected to trend around 100.00 USD Million in 2020, according to our econometric models.

Turkey Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-01-31 07:00 AM Balance of Trade $-2.67B $-0.66B $-0.2B
2019-02-28 07:00 AM Balance of Trade $-2.5B $-2.72B $-1.2B
2019-03-29 07:00 AM Balance of Trade $-2.13B $-2.5B $-1.7B
2019-04-30 07:00 AM Balance of Trade $-2.14B $-2.15B $-0.6B
2019-05-31 07:00 AM Balance of Trade $-2.14B $-2B
2019-06-28 07:00 AM Balance of Trade $-3.2B
2019-07-31 07:00 AM Balance of Trade $-1B



Turkish Trade Deficit Narrows Sharply in March

Turkey's trade deficit narrowed 63.7 percent to USD 2.1 billion in March 2019 from USD 5.9 billion in the same month of the previous year.

Exports fell 0.4 percent from a year earlier to USD 15.5 billion as sales of manufactured products, which accounted for 94.9 percent of total shipments, decreased 0.1 percent. In addition, exports of agriculture, hunting and forestry plunged 12.2 percent, and those of mining and quarrying dropped 2.6 percent. Among major trade partners, exports declined mainly to Germany (-6.7 percent), the UK (-18.1 percent), Italy (-13.8 percent), the US (-1.6 percent), France (-0.2 percent), and the Netherlands (-15 percent), but rose to Iraq (6 percent), Spain (7.8 percent), Israel (16.1 percent), and Romania (8.1 percent).
 
Imports tumbled 17.8 percent to USD 17.6 billion, as purchases of intermediate goods, which accounted for 79 percent of total imports, dropped 13.3 percent. Additionally, imports of capital and consumption goods fell 26.2 percent and 35.6 percent respectively. Imports were down from all major trade partners: Russia (-8.2 percent), Germany (-23.1 percent), China (-29.8 percent), the US (-8.9 percent), Italy (-31.2 percent), India (-0.4 percent), Iran (-15.5 percent), France (-24.7 percent), the UK (-53.3 percent), and South Korea (-29.8 percent).
 
Considering the first quarter as a whole, the trade deficit narrowed 67.4 percent to USD 6.8 billion from USD 20.8 billion in the same period of 2018.


Turkish Statistical Institute | Joana Ferreira | joana.ferreira@tradingeconomics.com
4/30/2019 7:29:58 AM



Turkey Trade Last Previous Highest Lowest Unit
Balance of Trade -2136.73 -2149.59 24.51 -10453.06 USD Million [+]
Current Account -589.00 -733.00 2639.00 -9407.00 USD Million [+]
Current Account to GDP -3.50 -5.60 1.90 -8.90 percent [+]
Imports 17622.32 15726.74 23245.30 15.00 USD Million [+]
Exports 15485.59 13577.15 15679.14 7.10 USD Million [+]
External Debt 444878.00 448452.00 466657.00 43911.00 USD Million [+]
Terms of Trade 100.96 101.68 147.63 93.96 Index Points [+]
Capital Flows 4892.00 -713.00 9186.00 -6816.00 USD Million [+]
Foreign Direct Investment 13200.00 10900.00 22046.00 1800.00 USD Million [+]
Remittances 15.00 22.00 574.00 15.00 USD Million [+]
Tourism Revenues 1685.00 1359.00 4947.00 79.00 USD Million [+]
Tourist Arrivals 2232358.00 1670238.00 5671801.00 213998.00 [+]
Gold Reserves 261.10 253.50 261.10 116.10 Tonnes [+]
Terrorism Index 7.04 7.52 7.52 4.62 [+]
Weapons Sales 244.00 311.00 311.00 3.00 USD Million [+]
Crude Oil Production 54.00 56.00 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 May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-2136.73 -2149.59 24.51 -10453.06 1957 - 2019 USD Million Monthly




Country Last Previous
Argentina 1131.00 Apr/19
Australia 4949.00 Mar/19
Brazil 6060.00 Apr/19
Canada -3211.20 Mar/19
China 138.34 Apr/19
Euro Area 22532.90 Mar/19
France -5324.00 Mar/19
Germany 22683.00 Mar/19
India -15330.00 Apr/19
Indonesia -2501.90 Apr/19
Italy 4625.00 Mar/19
Japan 60.40 Apr/19
Mexico 1370.00 Apr/19
Netherlands 5330.00 Mar/19
Russia 15537.00 Mar/19
Saudi Arabia 180059.00 Dec/18
Singapore 2782.79 Apr/19
South Africa 5004.63 Mar/19
South Korea 4120.00 Apr/19
Spain -2352600.00 Mar/19
Switzerland 2494.00 Mar/19
Turkey -2136.73 Mar/19
United Kingdom -5408.00 Mar/19
United States -50000.00 Mar/19


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