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 were up 3.4 percent to USD 13.6 billion while imports tumbled 16.9 percent to USD 15.7 billion on the back of a weak lira. 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. Balance of Trade in Turkey averaged -1707.07 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 -600.00 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 -400.00 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
2018-12-31 07:00 AM Balance of Trade $-0.65B $-0.48B $-0.8B
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 $-2.13B $-0.6B
2019-05-31 07:10 AM Balance of Trade $-2B
2019-06-28 07:00 AM Balance of Trade $-3.2B



Turkish Trade Deficit Smallest in 3 Months

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).
 
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.
 
 


Turkish Statistical Institute l Chusnul Ch Manan | chusnul@tradingeconomics.com
3/29/2019 10:29:44 AM



Turkey Trade Last Previous Highest Lowest Unit
Balance of Trade -2134.33 -2480.69 24.51 -10453.06 USD Million [+]
Current Account -718.00 -589.00 2618.00 -9407.00 USD Million [+]
Current Account to GDP -3.50 -5.60 1.90 -8.90 percent [+]
Imports 15727.29 15671.10 23245.30 15.00 USD Million [+]
Exports 13592.96 13190.42 15682.14 7.10 USD Million [+]
External Debt 444878.00 448452.00 466657.00 43911.00 USD Million [+]
Terms of Trade 101.68 101.59 147.63 93.96 Index Points [+]
Capital Flows -680.00 2746.00 9186.00 -6779.00 USD Million [+]
Foreign Direct Investment 13200.00 10900.00 22046.00 1800.00 USD Million [+]
Remittances 22.00 18.00 574.00 18.00 USD Million [+]
Tourism Revenues 1428.00 1795.00 4947.00 79.00 USD Million [+]
Tourist Arrivals 1670238.00 1539496.00 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 56.00 58.00 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 April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-2134.33 -2480.69 24.51 -10453.06 1957 - 2019 USD Million Monthly




Country Last Previous
Argentina 460.00 Feb/19
Australia 4801.00 Feb/19
Brazil 4990.00 Mar/19
Canada -2894.80 Feb/19
China 326.47 Mar/19
Euro Area 17938.00 Feb/19
France -4002.00 Feb/19
Germany 17900.00 Feb/19
India -10890.00 Mar/19
Indonesia 540.20 Mar/19
Italy 3267.83 Feb/19
Japan 528.50 Mar/19
Mexico 1222.00 Feb/19
Netherlands 5130.00 Feb/19
Russia 15671.00 Feb/19
Saudi Arabia 180059.00 Dec/18
Singapore 3615.50 Mar/19
South Africa 3990.00 Feb/19
South Korea 5222.00 Mar/19
Spain -4483276.00 Jan/19
Switzerland 2494.00 Mar/19
Turkey -2134.33 Feb/19
United Kingdom -4860.00 Feb/19
United States -49382.00 Feb/19


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