NEWS ECONOMY NEWS        28/06/2019

Turkey’s foreign trade deficit fell 76.5% to USD 1.8 billion in May 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 1,838 million in May 2019, 76.5% lower than the figure for the same month of the previous year, and 38.6% higher than the figure for the previous month of April 2019. 

 

Exports totalled USD 15,981 million and imports totalled USD 17,819 million in May 2019. The export figure was a 12.1% increase and the import figure a 19.3% decrease on the figures for the same month of the previous year. The export figure was 10.5% higher and the import figure 2.1% higher on the figures for the previous month. The May 2019 export figure was a record high and surpassed the previous record high in October 2018 of USD 15,677 million.

 

Turkey’s main export item in May 2019 was again road transport vehicles with USD 2,336 million, which is 14.6% of total exports. Automotive exports are followed by machinery with 10.1% of total exports. Turkey’s main import item in May 2019 was energy substances with USD 3,599 million, which is 20.2% of total imports, followed by machinery imports at 10.6% of total imports.

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 7,577 million in May 2019, 4.3% higher than the figure for the same month of the previous year. The share of total Turkish exports to the EU was 47.4% in May 2019, compared with 51% in the same month of the previous year. Exports to the EU increased by 9.8% compared with the previous month of April.

 

Germany, the EU’s largest economy, was the leading recipient of Turkish goods in May 2019, with USD 1,467 million. Italy followed with USD 857 million, UK with USD 853 million, Iraq and the USA with USD 784 million apiece, Spain with USD 732 million, and France with USD 716 million.   


Russia was the leading exporter to Turkey in May 2019 with USD 1,890 million, followed by China with USD 1,623 million, Germany with USD 1,619 million, USA with USD 1,003 million, and Italy with USD 809 million.

 

The percentage of imports covered by exports was 89.7% in May 2019, compared with 64.6% 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 May 2019 was USD 1,738 million, with exports of USD 16,803 million and imports of USD 18,541 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