NEWS ECONOMY NEWS        05/08/2019

Turkey’s trade deficit is USD 3.2 billion in July 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 July 2019 was USD 3,154 million, 47.5% lower than the figure for the same month of the previous year, and 0.7% lower than the USD 3,177 million deficit figure for the previous month of June 2019.

 

Exports were USD 15,238 million in July 2019, 8.5% higher than the figure for the same month of the previous year, and 37.5% higher than the figure for the previous month of June 2019, in which month there was an extended week for the Ramadan religious holiday.

 

Imports were USD 18,392 million in July 2019, 8.3% lower than the figure for the same month of the previous year, but 29% higher than the figure for the previous month of June 2019, in which month there was an extended week for the Ramadan religious holiday.

 

The percentage of imports met by exports was 82.9% in July 2019 compared with 70% in the same month of the previous year.

 

Automotive exports were prominent in Turkey’s total exports with USD 2,547 million in July 2019. This figure was 6.7% higher than the figure for the same month of the previous year and 32.3% higher than the figure for the previous month of June 2019, largely due to the one week Ramadan religious holiday in June. The automotive sector’s share of total exports in July 2019 was 16.7% compared with 17.4% in the previous month of June 2019.

 

The energy sector, with USD 3,421 million, again had the biggest share of imports of 18.6% in July 2019. This energy import figure was 16.5% lower than the figure for the same month of the previous year.

 

The top five countries to which Turkey exported in July 2019 are Germany (USD 1,384 million), UK (USD 1,095 million), Iraq (USD 767 million), France (USD 740 million), and USA (USD 733 million). The top five countries from which Turkey imported in July 2019 are Russia (USD 2,089 million), Germany (USD 1,730 million), China (USD 1,661 million), USA (USD 1,339 million), and Italy (USD 880 million).

 

For the first seven months of 2019, the trade deficit was USD 18,004 million, a 61.5% decrease on the same period of the previous year. Exports in the first seven months of 2019 were USD 98,954 million (a 2.9% increase) and imports were USD 116,958 million (an 18.2% decrease).

 

According to preliminary figures provided by the Trade Ministry based on the General Trade System (GTS), Turkey’s foreign trade deficit for July 2019 was USD 3,330 million, 46.5% lower than the figure for the same month of the previous year, and 4.2% lower than the USD 3,447 million deficit figure for the previous month of June 2019.

 

Exports were USD 15,958 million in July 2019, 8.3% higher than the figure for the same month of the previous year, and 37.6% higher than the figure for the previous month of June 2019. Imports were USD 19,288 million in July 2019, 8% lower than the figure for the same month of the previous year, but 28% higher than the figure for the previous month of June 2019.

 

The percentage of imports met by exports was 82.7% in July 2019 compared with 70.3% in the same month of the previous year.

 

Automotive exports were prominent in Turkey’s total exports with USD 2,602 million in July 2019, representing a 6.7% increase on its figure for the same month of the previous year, and a 36.2% increase on its figure for the previous month of June 2019. The automotive sector’s share of total exports in July 2019 was 16.3% compared with 16.5% in the previous month of June 2019.

 

The energy sector, with USD 3,441 million, again had the biggest share of imports of 17.8% in July 2019. This energy import figure was 15.4% lower than the figure for the same month of the previous year.

 

The top five countries to which Turkey exported in July 2019 are Germany (USD 1,475 million), UK (USD 1,125 million), Iraq (USD 867 million), USA (USD 812 million), and France (USD 768 million). The top five countries from which Turkey imported in July 2019 are Russia (USD 2,110 million), Germany (USD 1,914 million), China (USD 1,750 million), USA (USD 1,360 million), and Italy (USD 953 million).

 

For the first seven months of 2019, the trade deficit was USD 17,279 million, a 64.1% decrease on the same period of the previous year. Exports in the first seven months of 2019 were USD 104,164 million (a 3.1% increase) and imports were USD 121,443 million (an 18.6% 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 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