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The foreign trade deficit in Turkey increased by 72.0% in February 2020

MuhasebeNews — Tue, 31 Mar 2020 08:40:55 +0000

Foreign Trade Statistics, February 2020 in Turkey

Exports and imports increased by 2.3%, 9.8%, respectively in February 2020

According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Trade, in February 2020; exports were 14 billion 653 million dollars with a 2.3% increase and imports were 17 billion 634 million dollars with a 9.8% increase compared with February 2019.

Exports and imports increased 4.1%, 14.3%, respectively in January-February 2020 period

In January-February 2020 period, exports were 29 billion 357 million dollars with 4.1% increase and imports were 36 billion 841 million dollars with 14.3% increase compared with January-February 2019.

The foreign trade deficit increased by 72.0% in February 2020

In February 2020 foreign trade deficit was 2 billion 981 million dollars with a 72.0% increase compared with February 2019. In February 2020, exports coverage imports was 83.1% while it was 89.2% in February 2019.

The foreign trade deficit increased by 86.0% in January-February 2020

In January-February 2020 period, foreign trade deficit was 7 billion 484 million dollars with a 86.0% increase compared with January-February 2019. In January-February 2020 period, exports coverage imports was 79.7% while it was 87.5% in January-February 2019.

Export, import and balance, February 2020

The ratio of manufacturing industries products in total exports was 95.0% in February 2020

In February 2020, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 95.0%, 3.2%, 1.2%, respectively.

In January-February 2020 period, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.5%, 3.6%, 1.5%, respectively.

The ratio of intermediate goods in total imports was 76.2% in February 2020

In February 2020, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 76.2%, 12.4%, 11.1%, respectively.

In January-February 2020 period, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 77.2%, 12.2%, 10.2%, respectively.

The main partner for exports was Germany in February 2020

In February 2020, the main partner country for exports was Germany with 1 billion 341 million dollars. The country was followed by Iraq with 906 million dollars, the United Kingdom with 857 million dollars, Italy with 766 million dollars and USA with 740 million dollars. The ratio of the first five countries in total exports was 31.5% in February 2020.

In January-February 2020 period, the main partner country for exports was Germany with 2 billion 755 million dollars. The country was followed by the United Kingdom with 1 billion 725 million dollars, Iraq with 1 billion 722 million dollars, Italy with 1 billion 650 million dollars and USA with 1 billion 486 million dollars. The ratio of the first five countries in total exports was 31.8% in January-February 2020.

The main partner for imports was Russia in February 2020

In February 2020, the top country for Turkey’s imports was Russia with 1 billion 714 million dollars. The country was followed by China with 1 billion 712 million dollars, Germany with 1 billion 623 million dollars, USA with 1 billion 133 million dollars and Iraq with 750 million dollars. The ratio of first five countries in total imports was 39.3% in February 2020.

In January-February 2020 period, the top country for Turkey’s imports was Russia with 3 billion 797 million dollars. The country was followed by China with 3 billion 598 million dollars, Germany with 2 billion 971 million dollars, USA with 2 billion 356 million dollars and Iraq with 1 billion 545 million dollars. The ratio of first five countries in total imports was 38.7% in January-February 2020.

Seasonally and calendar adjusted exports decreased by 3.6%

In February 2020, seasonally and calendar adjusted exports and imports decreased by 3.6%, 7.2 %, respectively, compared with previous month. In February 2020 calendar adjusted exports and imports increased by 1.4% and 9.2%, respectively compared with February 2019.

Ratio of exports of high-tech products in manufacturing industries was 3.4%

Foreign trade by technology intensity covers the manufacturing industries’ products in classification of ISIC Rev.4. According to the ISIC Rev.4, the ratio of manufacturing industries products in total exports was 95.0% in February 2020. The ratio of high-technology products in manufacturing industries exports was 3.4%. In January-February 2020 period, the ratio of high-technology products in manufacturing industries exports was 3.2%.

The ratio of manufacturing industries’ products in total imports was 77.9%. The ratio of high-technology products in manufacturing industries’ imports was 12.9% in February 2020. The ratio of high-technology products in manufacturing industries’ imports was 13.0% in January-February 2020.

According to the special trade system, exports were 13 billion 927 million dollars in February

According to the special trade system, in February 2020, exports were 13 billion 927 million dollars with a 2.6% increase and imports were 17 billion 23 million dollars with a 8.2% increase compared with February 2019.

In February 2020 foreign trade deficit was 3 billion 96 million dollars with a 43.6% increase compared with February 2019. Exports coverage imports was 81.8% while it was 86.3 in February 2019.

According to the special trade system, exports were 27 billion 775 million dollars with a 3.8% increase and imports were 35 billion 529 million dollars with a 13.2% increase compared with January-February 2019.

In January-February 2020 period, foreign trade deficit was 7 billion 754 million dollars with a 66.8% increase compared with January-February 2019. Exports coverage imports was 78.2% while it was 85.2 in January-February 2019

The next release on this subject will be on April 30, 2020.

EXPLANATION

Foreign trade statistics are calculated according to two different trade systems, general trade system and special trade system. In the general trade system, goods entering and leaving the economic area of a country are covered. In this system, free zones, customs warehouses and goods entering or leaving the free circulation area, which constitute the economic area of the country, are included in the calculations. In the special trade system, customs warehouses and free zones are not included in the statistics, only goods entering and leaving the country’s free circulation area are covered.

In this context, in order to ensure consistency with economic statistics such as balance of payments and national accounts calculations, foreign trade statistics, which is produced by Turkish Statistical Institute in collaboration with the Ministry of Trade, have been published according to the general trade system in detail from January 2020. In addition, statistics according to the special trade system have been published in the press release and additional tables. Detailed methodological explanation is given in the press release annex.

Source: TurkStat
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Current account gap in Turkey at $1.8 bln in January

MuhasebeNews — Thu, 12 Mar 2020 10:00:55 +0000

Current account gap in Turkey at $1.8 bln in January

According to the news of Hürriyet Daily News, Turkey’s economy ran a current account deficit of $1.8 billion in January, below the median of analysts’ forecasts, the Turkish Central Bank revealed on March 11.

The gap widened $1.5 billion compared to the same month of last year, bringing the 12-month rolling surplus to $6.5 billion, the bank said in a statement.

The median of economists’ forecasts surveyed by Turkey’s state-run Anadolu Agency was $2.4 billion of the current account deficit for January, while the year-end overall current account forecast was $14.3 billion gaps.

The gap was mainly driven by nearly $2 billion year-on-year rise in good deficit which recorded net outflow of $3.2 billion in January.

The net inflow at the services item rose $78 million to $1.6 billion, the bank said.

“Travel item under services recorded a net inflow of $1.1 billion, increasing by $112 million compared to the same month of last year,” it added.

According to the Turkish Statistical Institute (TÜİK), the country’s foreign trade deficit grew 94.3% on an annual basis, reaching $4.45 billion in January.

The bank also made revisions for previous years in line with foreign trade statistics disseminated by TÜİK.

“Current account deficit decreased by $8.4 billion in 2013, $6.1 billion in 2014, $5.0 billion in 2015, $4.7 billion in 2016, $6.0 billion in 2017, $7.5 billion in 2018 and current account surplus increased by $6.3 billion in 2019,” the bank said.

Source: Hürriyet Daily News / link: https://www.hurriyetdailynews.com/current-account-gap-at-1-8-bln-in-january-152900
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Current account posts $518 mln deficit in Turkey

MuhasebeNews — Tue, 14 Jan 2020 11:00:15 +0000

Current account posts $518 mln deficit in Turkey

According to the news of Hürriyet Daily News, Turkey’s current account balance saw a deficit of $518 million in November 2019, official figures revealed on Jan. 13.

The balance posted a $1 billion surplus in the same month of 2018, according to the Central Bank of Turkey (CBRT).

The bank’s balance of payments figures showed the country’s 12-month rolling surplus amounted to $2.7 billion.

An Anadolu Agency survey on Jan. 10 showed that economists had estimated current account balance to post a deficit of $450 million in November.

The forecast of a group of 12 economists hovered between $250 million and $660 million.

“This development is mainly attributable to $1.1 billion deficit recorded in the goods item, against a surplus of $412 million observed in the same month of 2018,” the bank said.

The CBRT data also showed Turkey’s current account deficit — excluding gold and energy — posted a $3.65 billion surplus in November 2019, down $930 million in the same month last year.

Travel items, which constitute a major part of the services account, saw a net inflow of nearly $1.4 billion, increasing by $177 million year-on-year in November.

The country’s new economic program, unveiled last September, forecast a current-account-surplus-to-GDP ratio of 0.1 percent for 2019.

Source: Hürriyet Daily News / link: http://www.hurriyetdailynews.com/current-account-posts-518-mln-deficit-in-november-150901
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Turkey posts nearly $681M trade surplus with EU in September

MuhasebeNews — Mon, 18 Nov 2019 09:00:10 +0000

Turkey posts nearly $681M trade surplus with EU in September

According to the news of Hürriyet Daily News, Turkey posted a surplus of some €618 million ($681 million) in its trade with the European Union in September, the block’s statistical office announced on Nov. 15.

According to the Eurostat data, Turkey’s export to the EU valued at some €6.4 billion ($7 billion) in the month, while the import from the block stood at €5.8 billion ($6.4 billion).

In the first nine months of 2019, Turkey’s export to the EU amounted to €59.7 billion ($66 billion), while its import from the block totaled €53.4 billion ($59 billion), registering a €6.3 billion ($7 billion) trade surplus.

EU’s trade in September

Eurostat also noted that the block’s total exports of goods reached €168.3 billion ($185 billion) in September, up by 4.3% year-on-year.

It added imports of the EU across the world stood at €173.3 billion (nearly $190 billion) in the month, up by 6.4% compared to September 2018.

“As a result, the EU28 recorded a €5 billion deficit in trade in goods with the rest of the world in September 2019, compared with €1.5 billion in September 2018,” it said.

Intra-EU28 trade rose to €301 billion ($332 billion) in September, with a 2.3% rise compared with the same period last year, while the extra-EU28 exports of goods were €168.3 billion ($185 billion), up by 4.3%.

Source: Hürriyet Daily News / link: http://www.hurriyetdailynews.com/turkey-posts-nearly-681m-trade-surplus-with-eu-in-september-148753
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Turkey’s Current Account Deficit Reduces!

MuhasebeNews — Sat, 13 May 2017 09:08:17 +0000

Current account deficit of Turkey reduces $3.1 billion in March, which means a $666 million fall.

With regard to a report prepared by Turkish Central Bank, the 12-month deficit reduced to 33.02 billion dollars in the first quarter of the year, which is less than 33.75 billion dollars in February.

Turkish Central Bank claimed that “This development in the current account is mainly attributable to a 793 million dollars decrease in the deficit in goods item recording 2.8 billion dollars.”

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.