Turkish Trade Deficit Widens 22.8% in August
Turkey's trade deficit widened by 22.8 percent to USD 5.9 billion in August 2017 from a USD 4.8 billion gap in the same month a year ago. Imports increased 15.3 percent, driven by intermediate goods while exports rose at a slower 12.3 percent, led by manufacturing.
Year-on-year, imports increased 15.3 percent to USD 19.2 billion, driven by higher purchases of intermediate goods (14.5 percent) and capital goods (26.3 percent), and consumption goods (7.9 percent). China was the main import partner (11 percent share), followed by Germany (9.7 percent), Russia (8.3 percent), and Italy (5.1 percent).
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Exports rose 12.3 percent to USD 13.3 billion, mainly boosted by sales of manufacturing (12.3 percent); mining and quarrying (46.9 percent), and fisheries (15.6 percent). Germany was the main export partner (10.1 percent share), followed by Iraq (7.3 percent), the United Kingdom (6.4 percent), and the USA (5.4 percent).
Considering the January to August period, the trade deficit went up 21.1 percent to USD 45.7 billion from USD 37.7 billion in the same period of 2016, as exports rose 10.8 percent and imports surged 13.8 percent.