NEWS ECONOMY NEWS        04/09/2019

Turkey’s trade deficit is USD 2.5 billion in August 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 August 2019 was USD 2,450 million, 0.9% lower than the figure for the same month of the previous year, and 23.2% lower than the USD 3,192 million deficit figure for the previous month of July 2019.

 

Exports were USD 12,513 million in August 2019, 1.5% higher than the figure for the same month of the previous year, and 21.1% lower than the figure for the previous month of July 2019.

 

Imports were USD 14,963 million in August 2019, 1.1% higher than the figure for the same month of the previous year, but 22.6% lower than the figure for the previous month of July 2019.

 

The percentage of imports met by exports was 83.6% in August 2019 compared with 83.3% in the same month of the previous year.

 

Automotive exports were prominent in Turkey’s total exports with USD 1,462 million in August 2019. This figure was 13.3% higher than the figure for the same month of the previous year but 42.6% lower than the figure for the previous month of July 2019. The automotive sector’s share of total exports in August 2019 was 11.7% compared with 16.8% in the previous month of July 2019.

 

The energy sector, with USD 3,267 million, again had the biggest share of imports of 21.8% in August 2019. This energy import figure was 6% lower than the figure for the same month of the previous year.

 

The top five countries to which Turkey exported in August 2019 are Germany (USD 1,123 million), UK (USD 1,012 million), Iraq (USD 633 million), USA (USD 617 million), and Spain (USD 579 million). The top five countries from which Turkey imported in August 2019 are Russia (USD 2,027 million), China (USD 1,414 million), Germany (USD 1,266 million), Iraq (USD 828 million), and USA (USD 826 million).

 

For the first eight months of 2019, the trade deficit was USD 20,516 million, a 58.4% decrease on the same period of the previous year. Exports in the first eight months of 2019 were USD 111,364 million (a 2.6% increase) and imports were USD 131,881 million (a 16.4% decrease).

 

According to preliminary figures provided by the Trade Ministry based on the General Trade System (GTS), Turkey’s foreign trade deficit for August 2019 was USD 2,376 million, 9.9% lower than the figure for the same month of the previous year, and 28.8% lower than the USD 3,337 million deficit figure for the previous month of July 2019.

 

Exports were USD 13,150 million in August 2019, 1.7% higher than the figure for the same month of the previous year, but 17.3% lower than the figure for the previous month of July 2019. Imports were USD 15,526 million in August 2019, 0.3% lower than the figure for the same month of the previous year, and 19.3% lower than the figure for the previous month of July 2019.

 

The percentage of imports met by exports was 84.7% in August 2019 compared with 83.1% in the same month of the previous year.

 

Automotive exports were prominent in Turkey’s total exports with USD 1,514 million in August 2019, representing a 12.6% increase on its figure for the same month of the previous year, but a 41.8% decrease on its figure for the previous month of July 2019. The automotive sector’s share of total exports in August 2019 was 11.5% compared with 16.3% in the previous month of July 2019.

 

The energy sector, with USD 3,252 million, again had the biggest share of imports of 20.9% in August 2019. This energy import figure was 4.6% lower than the figure for the same month of the previous year.

 

The top five countries to which Turkey exported in August 2019 are Germany (USD 1,210 million), UK (USD 1,038 million), Iraq (USD 715 million), USA (USD 677 million), and Spain (USD 609 million). The top five countries from which Turkey imported in August 2019 are Russia (USD 2,113 million), China (USD 1,494 million), Germany (USD 1,381 million), USA (USD 900 million), and Iraq (USD 842 million).

 

For the first eight months of 2019, the trade deficit was USD 19,662 million, a 61.3% decrease on the same period of the previous year. Exports in the first eight months of 2019 were USD 117,252 million (a 2.9% increase) and imports were USD 136,914 million (a 16.9% 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 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