NEWS ECONOMY NEWS        29/08/2019

Turkey’s foreign trade deficit fell 46.9% to USD 3.2 billion in July 2019

According to figures prepared by the Turkish Statistical Institute (TÜİK- TurkStat) in cooperation with Turkey’s Ministry of Trade, and using the Special Trade System (STS) calculation method, Turkey’s foreign trade deficit was USD 3,192 million in July 2019, 46.9% lower than the figure for the same month of the previous year, but slightly higher than the figure of USD 3,186 million for the previous month of June 2019. 

 

Exports totalled USD 15,159 million and imports totalled USD 18,351 million in July 2019. The export figure was a 7.9% increase and the import figure a 8.5% decrease on the figures for the same month of the previous year. The export figure was 36.9% higher and the import figure 28.7% higher than the figures for the previous month of June 2019, largely due to the week-long Ramadan religious holiday in June.

 

The trade deficit for the first seven months of 2019 was USD 18,067 million, a fall of 61.4% on the same period of the previous year. Total exports were USD 98,852 million, a 2.7% increase, and total imports were USD 116,918 million, an 18.3% fall on the figures for the same period of the previous year.

 

Turkey’s main export item in July 2019 was again road transport vehicles with USD 2,548 million, which is 16.8% of total exports. Automotive exports are followed by machinery with 9.5% of total exports. Turkey’s main import item in July 2019 was energy substances with USD 3,423 million, which is 18.7% of total imports, followed by machinery imports at 11.3% of total imports.

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 7,417 million in July 2019, 8.5% higher than the figure for the same month of the previous year. The share of total Turkish exports to the EU was 48.9% in July 2019, compared with 48.7% in the same month of the previous year. Exports to the EU increased by 29.9% compared with the previous month of June.

 

Germany, the EU’s largest economy, was the leading recipient of Turkish goods in July 2019, with USD 1,379 million. UK followed with USD 1,091 million, Iraq with USD 770 million, France with USD 741 million, Italy with USD 728 million and the USA with USD 726 million.

 

Russia was the leading exporter to Turkey in July 2019 with USD 2,090 million, followed by Germany with USD 1,728 million, China with USD 1,663 million, USA with USD 1,324 million, and Italy with USD 879 million.

 

The percentage of imports covered by exports was 82.6% in July 2019, compared with 70% in the same month of the previous year.

 

In 2018, the trade deficit was USD 55,126 million, a 28.2% fall on the figure for the previous year. In 2018, exports increased by 7% to USD 167,921 million, and imports decreased by 4.6% to USD 223,047 million compared with the previous year.

 

Using the General Trade System (GTS) calculation method of foreign trade, Turkey’s foreign trade deficit in July 2019 was USD 3,337 million, with exports of USD 15,896 million and imports of USD 19,232 million. The deficit for the first seven months of 2019 was USD 17,287 million.

 



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 falls to 15.01% in August 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