NEWS ECONOMY NEWS        31/05/2019

Turkey’s foreign trade deficit was USD 3 billion in April 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 2,982 million in April 2019, 55.6% lower than the figure for the same month of the previous year, but 38.5% higher than the figure for the previous month of March 2019. 

 

Exports totalled USD 14,480 million and imports totalled USD 17,462 million in April 2019. The export figure was a 4.6% increase and the import figure a 15.1% decrease on the figures for the same month of the previous year. The export figure was 6.4% down and the import figure 0.9% down on the figures for the previous month.

 

Turkey’s main export item in April 2019 was again road transport vehicles with USD 2,202 million, which is 15.2% of total exports. Automotive exports are followed by machinery with 9.7% of total exports. Turkey’s main import item in April 2019 was energy substances with USD 3,508 million, which is 20.1% of total imports, followed by machinery imports at 10.7% of total imports.

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 6,915 million in April 2019, 1.4% lower than the figure for the same month of the previous year. The share of total Turkish exports to the EU was 47.8% in April 2019, compared with 50.6% in the same month of the previous year. Exports to the EU decreased by 4.7% compared with the previous month of March.

 

Germany, the EU’s largest economy, was the leading recipient of Turkish goods in April 2019, with USD 1,243 million. UK followed with USD 819 million, Italy with USD 777 million, Iraq with USD 754 million, USA with USD 735 million, Spain with USD 687 million, and France with USD 685 million.   


Russia was the leading exporter to Turkey in April 2019 with USD 1,861 million, followed by China with USD 1,458 million, Germany with USD 1,454 million, USA with USD 925 million, Italy with USD 780 million, France with USD 559 million, India with USD 528 million, Iran with 499 million, and BAE with USD 454 million.

 

The percentage of imports covered by exports was 82.9% in April 2019, compared with 67.4% in the same month of the previous year.

 

In 2018, the trade deficit was USD 55,123 million, a 28.2% fall on the figure for the previous year. In 2018, exports increased by 7% to USD 167,924 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 April 2019 was USD 2,806 million, with exports of USD 15,267 million and imports of USD 18,073 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 increases to 14% in August 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