NEWS ECONOMY NEWS        02/07/2019

Turkey’s exports fall 14.2% to USD 11.1 billion in June 2019 per preliminary calculations

According to preliminary figures provided by the Trade Ministry based on the Special Trade System (STS), Turkey’s foreign trade deficit for June 2019 was USD 3,177 million, 42.5% lower than the figure for the same month of the previous year, but 72.9% higher than the USD 1,838 million deficit figure for the previous month of May 2019.

 

Exports were USD 11,089 million in June 2019, 14.2% lower than the figure for the same month of the previous year, and 30.6% lower than the figure for the previous month of May 2019. This is the lowest export figure since the figure of USD 9,850 million of July of 2016, the month of the failed attempted coup. However, there was an extended week for the Ramadan religious holiday in June, which was obviously instrumental in the lower export figure that month. Interestingly, this low export figure follows the record high figure of USD 15,981 million shown in May 2019.

 

Imports were USD 14,265 million in June 2019, 22.7% lower than the figure for the same month of the previous year, and 19.9% lower than the figure for the previous month of May 2019. This is the lowest import figure since the figure of USD 13,452 million of January of 2016. Just as with exports, the extended week for the Ramadan religious holiday in June was obviously instrumental in the lower import figure that month.

 

Total foreign trade activity (exports + imports) was USD 25,354 million in June 2019. This was the lowest figure since the USD 24,545 million recorded in July 2016, the month of the failed attempted coup..

 

The percentage of imports met by exports was 77.7% in June 2019 compared with 70.1% in the same month of the previous year.

 

Automotive exports were prominent in Turkey’s total exports with USD 1,925 million in June 2019. This figure was however 9.7% lower than the figure for the same month of the previous year and 17.6% lower than the figure for the previous month of May 2019, largely due to the one week Ramadan religious holiday in June. The automotive sector’s share of total exports in June 2019 was 17.4% compared with 14.6% in the previous month of May 2019.

 

The energy sector, with USD 2,875 million, again had the biggest share of imports of 20.2% in June 2019. This energy import figure was 16.5% lower than the figure for the same month of the previous year.

 

The top five countries to which Turkey exported in June 2019 are Germany (USD 1,075 million), UK (USD 684 million), France (USD 639 million), Italy (USD 614 million), and Iraq (USD 515 million). The top five countries from which Turkey imported in June 2019 are Russia (USD 1,543 million), China (USD 1,275 million), Germany (USD 1,193 million), USA (USD 919 million), and Italy (USD 652 million).

 

For the first half of 2019, the trade deficit was USD 14,818 million, a 63.7% decrease on the same period of the previous year. Exports in the first half of 2019 were USD 83,755 million (a 1.9% increase) and imports were USD 98,572 million (a 19.8% decrease).

 

According to preliminary figures provided by the Trade Ministry based on the General Trade System (GTS), Turkey’s foreign trade deficit for June 2019 was USD 1,774 million, 78.1% lower than the figure for the same month of the previous year, and 36.8% lower than the USD 2,806 million deficit figure for the previous month of May 2019.

 

Exports were USD 11,597 million in June 2019, 14.9% lower than the figure for the same month of the previous year, and 31% lower than the figure for the previous month of May 2019. Imports were USD 15,086 million in June 2019, 22.8% lower than the figure for the same month of the previous year, and 18.6% lower than the figure for the previous month of May 2019.

 

The percentage of imports met by exports was 76.9% in June 2019 compared with 69.7% in the same month of the previous year.

 

Automotive exports were prominent in Turkey’s total exports with USD 1,910 million in June 2019, representing a 12.6% fall on its figure for the same month of the previous year, and a 20.9% fall on its figure for the previous month of May 2019. The automotive sector’s share of total exports in June 2019 was 16.5% compared with 14.4% in the previous month of May 2019.

 

The energy sector, with USD 2,872 million, again had the biggest share of imports of 19% in June 2019. This energy import figure was 18.2% lower than the figure for the same month of the previous year.

 

The top five countries to which Turkey exported in June 2019 are Germany (USD 1,152 million), UK (USD 711 million), France (USD 657 million), Italy (USD 643 million), and Iraq (USD 591 million). The top five countries from which Turkey imported in June 2019 are Russia (USD 1,581 million), China (USD 1,351 million), Germany (USD 1,330 million), USA (USD 1,016 million), and Italy (USD 726 million).

 

For the first half of 2019, the trade deficit was USD 13.963 million, a 66.7% decrease on the same period of the previous year. Exports in the first half of 2019 were USD 88,207 million (a 2.2% increase) and imports were USD 102,170 million (a 20.3% decrease).



Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate increases to 16.65% in July 2019       Turkey’s unemployment rate decreases to 12.8% in May 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019       Turkey shows surplus of USD 538 million in its 12 month rolling current account balance in June 2019