NEWS ECONOMY NEWS        31/07/2019

Turkey’s foreign trade deficit fell 63.6% to USD 14.8 billion in first half of 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 3,177 million in June 2019, 42.5% lower than the figure for the same month of the previous year, but 70.5% higher than the figure for the previous month of May 2019. 

 

Exports totalled USD 11,082 million and imports totalled USD 14,259 million in June 2019. The export figure was a 14.3% decrease and the import figure a 22.7% decrease on the figures for the same month of the previous year. The export figure was 30.5% lower and the import figure 20% lower on the figures for the previous month of May 2019. The export figure of USD 15,956 million for May 2019 was a record high and surpassed the previous record high in October 2018 of USD 15,677 million. The trade activity figures in June were low largely due to the week-long Ramadan religious holiday in that month.

 

The trade deficit for the first half of 2019 was USD 14,849 million, a fall of 63.6% on the same period of the previous year. Total exports were USD 83,716 million, a 1.9% increase, and total imports were USD 98,566 million, a 19.8% fall on the figures for the same period of the previous year.

 

Turkey’s main export item in June 2019 was again road transport vehicles with USD 1,925 million, which is 17.4% of total exports. Automotive exports are followed by machinery with 9.4% of total exports. Turkey’s main import item in June 2019 was energy substances with USD 2,872 million, which is 20.1% of total imports, followed by machinery imports at 11.1% of total imports.

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 5,693 million in June 2019, 13.9% lower than the figure for the same month of the previous year. The share of total Turkish exports to the EU was 51.4% in June 2019, compared with 51.2% in the same month of the previous year. Exports to the EU fell by 24.7% compared with the previous month of May.

 

Germany, the EU’s largest economy, was the leading recipient of Turkish goods in June 2019, with USD 1,074 million. UK followed with USD 685 million, France with USD 640 million, Italy with USD 613 million, Iraq with USD 515 million and the USA with USD 487 million.

 

Russia was the leading exporter to Turkey in June 2019 with USD 1,537 million, followed by China with USD 1,276 million, Germany with USD 1,192 million, USA with USD 919 million, and Italy with USD 652 million.

 

The percentage of imports covered by exports was 77.7% in June 2019, compared with 70.1% 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 June 2019 was USD 3,477 million, with exports of USD 11,594 million and imports of USD 15,071 million. The deficit for the first half of 2019 was USD 13,950 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 drops to 9.26% in September 2019       Turkey’s unemployment rate jumps up to 13.9% in July 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