Turkey’s EU exports, imports grow in first five months of 2018

Turkey’s EU exports, imports grow in first five months of 2018

Turkey’s EU exports, imports grow in first five months of 2018

Turkey’s exports to the European Union in January-May 2018 surged 21 percent year-on-year, the Turkish Statistical Institute (TÜİK) announced on June 29.

However the country’s overall trade gap kept growing.

According to TÜİK, exports to the 28-member EU bloc account for some 51.4 percent of Turkey’s overall exports in the five-month period — totaling $35.6 billion — while imports from the EU were $39 billion, up 22 percent on a yearly basis.

Over the same period, Turkey’s overall exports totaled $69.3 billion, a 7.9 percent annual hike, and imports reached $104.5 billion with a 17.2 percent increase.

The country’s foreign trade balance ran a $35.2 billion deficit from January to May, marking a year-on-year rise of 41.4 percent.

Turkey’s largest export markets were Germany with $6.9 billion, the United Kingdom ($4.3 billion) and Italy ($4.2 billion) in the same period.

China ($9.9 billion), Russia ($9.6 billion), and Germany ($9.4 billion) stood as Turkey’s top three import sources.

The country’s top export item was vehicles and their parts — excluding railway or tramway rolling-stock — valuing some $11.6 billion.

Mineral fuels, mineral oils, and their derivative products topped the list of imported items, amounting to $17.1 billion.

The institute also said that the share of manufacturing industries products in overall exports was 93.8 — some $65 billion — in January-May 2018, and intermediate goods claimed the top spot with 76.1 percent in Turkey’s overall imports.

In 2014, Turkey’s exports hit an all-time high of $157.6 billion while the figure was nearly $157 billion last year.

Over the past five years, the highest export-to-import ratio was recorded in 2016 with 71.8 percent, while the country’s foreign trade deficit has fallen from $99.8 billion in 2013 to $76.8 billion in 2017.

In May 2018, exports were $14.3 billion — up 5.3 percent — and imports were $22.6 billion — up 5.5 percent — over the same month last year, the institute noted.

The foreign trade deficit reached $7.7 billion, with a 5.7 percent yearly increase.

It said export to import ratio was 64.8 percent, while it was 64.9 percent in May 2017.

Exports of intermediate goods surged 8.2 percent annually — the biggest rise among broad economic categories — while the country’s imports for consumption goods fell 9.6 percent over May 2017.

In terms of economic activity fields, exports in agriculture, hunting and forestry recorded the best performance in May — a 35 percent yearly hike — while imports in the manufacturing sector saw the biggest increase, up 6.9 percent year-on-year.

“As compared with the same month last year, exports to the EU-28 increased by 19.3 percent from $6.1 billion to $7.3 billion,” TÜİK said. “The proportion of the EU countries was 50.9 percent in May 2018 while it was 45 percent in May 2017.”

Turkish economy, statistics,