trade – Muhasebe News

Total turnover index including industry, construction, trade, and services sectors in Türkiye increased by 68.1% on annual basis

MuhasebeNews — Thu, 13 Apr 2023 07:14:51 +0000

Turnover Indices in Türkiye, February 2023

The calculation of turnover index is based on VAT declarations. In the regions affected by the earthquake disaster in our country, force majeure was declared and VAT declarations were postponed. For this reason, alternative data sources such as industrial production survey, e-invoice and e-archive invoice data and statistical methods were used to impute missing observations in the February 2023 calculations. The share of these estimated observations in the total is 3.52%.

Total turnover increased by 68.1% on annual basis

Total turnover index (2015=100) including industry, construction, trade, and services sectors increased by 68.1% on annual basis in February 2023.

At the detail of the total turnover index; industry increased by 44.9%, construction increased by 136.5%, trade increased by 76.0% and services increased by 86.1% on annual basis in February 2023.

Total turnover annual rate of change (%), February 2023

Turnover indices annual rate of change (%), February 2023

Total turnover decreased by 5.1% on monthly basis

Total turnover index (2015=100) including industry, construction, trade, and services sectors decreased by 5.1% on monthly basis in February 2023.

At the detail of the total turnover index; construction increased by 5.1%, industry decreased by 5.0%, trade decreased by 7.3% and services decreased by 1.5% on monthly basis in February 2023.

Total turnover monthly rate of change (%), February 2023

Turnover indices monthly rate of change (%), February 2023

The next release on this subject will be on May 12, 2023.

____________________________________________________________________________________________
EXPLANATIONS

Due to the earthquake disaster, a methodological application was made to adjust the economic data for seasonal and calendar effects. Details of the application are given in the model table under the heading “Seasonal Adjustment” in the “Metadata” section.

Annual changes refer to the change of calendar adjusted index values compared to the same month of the previous year.

Monthly changes refer to the change in seasonally and calendar adjusted index values compared to the previous month.

Source: TurkStat
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.

Spain’s trade deficit shrinks in January

MuhasebeNews — Fri, 17 Mar 2023 06:54:57 +0000

Spain’s trade imbalance decreased from EUR 6.52 billion in January 2022 to EUR 3.96 billion in January 2023 as a result of a 16.2% increase in exports driven by higher sales of capital goods, chemicals, energy products, and food, beverages, and tobacco. (15.9 percent). Exports were primarily up to the EU (18.8%), the US (19.8%), and Morocco among the main trading partners. (18.3 percent). Meanwhile, imports advanced at a slower 5.3 percent, as increases in purchases of capital goods (20.7 percent), food, beverages and tobacco (20.1 percent), energy products (8.1 percent) and vehicles (15.4 percent) offset declines in imports of both chemicals (-13.7 percent) and non-chemical semi-manufactures (-15.1 percent). Imports rose from the EU (8.9 percent) and China (9.5 percent), but fell from the US (-11.5 percent) and Turkey (-22.6 percent).

Source: Trading Economics
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.

Volume of retail trade up by 0.3% in both the euro area and the EU in January 2023

MuhasebeNews — Wed, 08 Mar 2023 08:31:17 +0000

In January 2023, the seasonally adjusted volume of retail trade increased by 0.3% in both the euro area and the EU, compared with December 2022, according to estimates from Eurostat, the statistical office of the European Union. In December 2022, the retail trade volume decreased by 1.7% in the euro area and by 1.6% in the EU.

In January 2023 compared with January 2022, the calendar adjusted retail sales index decreased by 2.3% in the euro area and by 2.2% in the EU.

Monthly comparison by retail sector and by Member State

In the euro area in January 2023, compared with December 2022, the volume of retail trade increased by 1.8% for food, drinks and tobacco and by 0.8% for non-food products, while it decreased by 1.5% for automotive fuels.

In the EU, the volume of retail trade increased by 1.8% for food, drinks and tobacco and by 1.1% for non-food products, while it decreased by 2.1% for automotive fuels.

Among Member States for which data are available, the highest monthly increases in the total retail trade volume were registered in the Netherlands (+4.9%), Luxembourg (+4.6%) and Slovenia (+4.1%). The largest decreases
were observed in Austria (-9.8%), Slovakia (-1.4%) and Hungary (-0.6%).

Annual comparison by retail sector and by Member State

In the euro area in January 2023, compared with January 2022, the volume of retail trade decreased by 5.0% for food, drinks and tobacco and by 1.0% for non-food products, while it grew by 5.4% for automotive fuels.
In the EU, the retail trade volume decreased by 4.7% for food, drinks and tobacco and by 1.0% for non-food products, while it grew by 5.6% for automotive fuels.

Among Member States for which data are available, the largest yearly decreases in the total retail trade volume were registered in Belgium (-8.9%), Germany (-6.8%), Denmark and Sweden (both -5.8%). The highest increases were observed in Slovenia (+18.5%), Romania (+5.8%) and Malta (+5.7%).

Source: Eurostat
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.

EU trade with Russia continues to decline

MuhasebeNews — Mon, 06 Mar 2023 06:10:13 +0000

EU trade with Russia has been strongly affected following Russia’s invasion of Ukraine, with the EU imposing import and export restrictions on several products. The effects of these measures have been particularly visible in the latest months.

Considering seasonally adjusted values, both exports and imports dropped considerably below the levels prior to Russia’s invasion. Russia’s share in EU’s extra-EU imports fell from 9.5% to 4.3% between February 2022 and December 2022. Over the same period, Russia’s share in the EU’s total extra-EU exports dropped from 4.0% to 2.0%.

The EU’s trade deficit with Russia peaked at €18.2 billion in March 2022 before progressively decreasing to €6.0 billion in December 2022. The value of imports from Russia fell by 53%, from €21.8 billion in March 2022 to €10.3 billion in December 2022.

With Russia being gradually replaced by other trade partners, Russia’s share in extra-EU imports for six key products decreased, with strong declines visible for coal, natural gas, fertilisers, petroleum oil and iron & steel.

In particular, the highest drops have been recorded for coal (from 45% in 2021 to 22% in 2022), natural gas (from 36% to 21%), fertilisers (from 29% to 22%), petroleum oil (from 28% to 21%) and iron & steel (from 16% to 10%).

In 2020, Turkey’s merchandise exports decreased by 6.3% compared to the previous year

MuhasebeNews — Thu, 18 Feb 2021 08:59:24 +0000

Developments in Turkey’s External Merchandise Trade in 2020

In 2020, merchandise exports amounted to 169 billion 482 million US dollars with a decrease of 6.3% compared to the previous year. Meanwhile, merchandise imports increased by 4.3% and reached 219 billion 397 million US dollars. Imports excluding gold fell by 2.4% to 194 billion 213 million US dollars. Foreign trade volume in 2020 realized as 388 billion 879 million US dollars with a slight decline of 0.59% compared to the previous year. In 2020, the export/import coverage ratio was 77.2%. The export/import coverage ratio excluding gold realized as 85.8% (Figure 1).
Since March, the world economies have been dealing with severe economic recession due to the Covid-19 epidemic, which has caused significant contraction in the whole world economy. As a result, Turkish exports declined to 32.4 billion US dollars in the second quarter of 2020. Despite the negative effects of the pandemic, exports started to recover in the third quarter of the year. In the third quarter of the year, exports increased by 33.8 percent compared to the previous quarter and reached 43.3 billion US dollars with a rapid recovery. In the last quarter of the year, the growth phase started and the quarterly exports exceeded 50 billion US dollars for the first time and reached 51.2 billion US dollars, the highest quarterly Turkish export figure ever (Figure 2). In terms of international comparison, Turkey showed strong performance in the second half of 2020 (Figure 3). In December 2020, exports reached the highest monthly value (17 billion 850 million US dollars) in the history of the Republic of Turkey. In the same period, the export/import coverage ratio reached 87.0% excluding gold.

In 2020, the main export destination for Turkish exports was Germany representing an export value of 15 billion 975 million US dollars. Germany was followed by the United Kingdom and the USA with 11 billion 237 million US dollars and 10 billion 184 million US dollars of exports, respectively. In the same year, the top origin for Turkey’s imports was China with 23 billion 20 million US dollars. The country was followed by Germany and Russia with 21 billion 714 million US dollars and 17 billion 859 million US dollars of imports, respectively.

In 2020, according to the broad economic activities categories classification, the export value of intermediate, consumption and capital goods were 80 billion 276 million US dollars, 68 billion 210 million US dollars and 19 billion 782 million US dollars, respectively. In the same year, the import value of intermediate, capital and consumption goods were 162 billion 924 million US dollars, 31 billion 811 million US dollars and 24 billion 95 million US dollars, respectively.
In 2020, Turkey exported motor land vehicles (22 billion 79 million US dollars), machinery (16 billion 783 million US dollars) and electrical machines and devices (9 billion 300 million US dollars) most. In the same year, mineral fuels and oils (28 billion 931 million US dollar), precious or semi-precious stones (26 billion 590 million US dollars) and machinery (25 billion 249 million US dollars) were what Turkey imported most.
In 2020, the number of exporter companies increased by 3.6% compared to the previous year and exceeded 87,400. The number of companies exporting for the first time in 2020 was 18.123.

Source: Republic of Turkey Ministry of Trade
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.

Total turnover index in Turkey including industry, construction, trade, and services sectors increased by 10.4% in June

MuhasebeNews — Fri, 14 Aug 2020 10:15:25 +0000

Turnover Indices, June 2020 in Turkey

Total turnover increased by 10.4% on annual basis

Total turnover index (2015=100) including industry, construction, trade, and services sectors increased by 10.4% on annual basis in June 2020.

At the detail of the total turnover index; industry increased by 8.7%, construction increased by 29.2%, trade increased by 19.3% and services decreased by 18.3% on annual basis in June 2020.

Total turnover annual rate of change (%), June 2020

Turnover indices annual rate of change (%), June 2020

Total turnover increased by 19.5% on monthly basis

Total turnover index (2015=100) including industry, construction, trade, and services sectors increased by 19.5% on monthly basis in June 2020.

At the detail of the total turnover index; industry increased by 19.0%, construction increased by 10.3%, trade increased by 22.6% and services increased by 14.1% on monthly basis in June 2020.

Total turnover monthly rate of change (%), June 2020

Turnover indices monthly rate of change (%), June 2020

The next release on this subject will be on September 14, 2020.
________________________________________________________________________________________________
EXPLANATIONS

Annual changes refer to the change of calendar adjusted index values compared to the same month of the previous year.

Monthly changes refer to the change in seasonally and calendar adjusted index values compared to the previous month.

Total turnover index including industry, construction, trade, and services sectors increased by 5.2% in Turkey

MuhasebeNews — Thu, 14 May 2020 09:15:01 +0000

Turnover Indices, March 2020 in Turkey

Total turnover increased by 5.2% on annual basis

Total turnover index (2015=100) including industry, construction, trade, and services sectors increased by 5.2% on annual basis in March 2020.

At the detail of the total turnover index; industry increased by 5.2%, trade increased by 11.5%, construction decreased by 21.4% and services decreased by 2.2% on annual basis in March 2020

Total turnover annual rate of change (%), March 2020

Turnover indices annual rate of change (%), March 2020

Total turnover decreased by 9.0% on monthly basis

Total turnover index (2015=100) including industry, construction, trade, and services sectors decreased by 9.0% on monthly basis in March 2020.

At the detail of the total turnover index; industry decreased by 5.7%, construction decreased by 16.2%, trade decreased by 7.5% and services decreased by 17.1% on monthly basis in March 2020.

Total turnover monthly rate of change (%), March 2020

Turnover indices monthly rate of change (%), March 2020

The next release on this subject will be on June 12, 2020.
_________________________________________________________________________________

EXPLANATIONS:

Annual changes refer to the change of calendar adjusted index values compared to the same month of the previous year.

Monthly changes refer to the change in seasonally and calendar adjusted index values compared to the previous month.

Value Added Tax (VAT) Declarations are used as the data source in the calculation of Turnover. With the General Communique on Tax Procedure Law No. 518, dated 24 March 2020; The deadlines for submission of March, April and May 2020 VAT Declarations have been extended until the end of Monday, July 27, 2020, and all the VAT Declarations of March 2020 have not been submitted by the relevant parties. For this reason, Turnover Indices for March 2020 were calculated using alternative data sources such as monthly industrial production survey, e-invoice and e-archive invoice, e-ticket, e-self employment invoice, card payment and foreign trade data in addition to VAT declarations in line with international norms and methodologies. After the VAT Declaration data are provided, the published indexes will be revised if necessary.

Total turnover index in Turkey including industry, construction, trade, and services sectors increased by 22.2% on annual

MuhasebeNews — Mon, 13 Apr 2020 09:00:27 +0000

Turnover Indices, February 2020 in Turkey

Total turnover increased by 22.2% on annual basis

Total turnover index (2015=100) including industry, construction, trade, and services sectors increased by 22.2% on annual basis in February 2020.

At the detail of the total turnover index; industry increased by 17.1%, construction increased by 8.3%, trade increased by 28.2% and services increased by 19.8% on annual basis in February 2020.

Total turnover annual rate of change (%), February 2020

Turnover indices annual rate of change (%), February 2020

Total turnover increased by 1.6% on monthly basis

Total turnover index (2015=100) including industry, construction, trade, and services sectors increased by 1.6% on monthly basis in February 2020.

At the detail of the total turnover index; industry increased by 0.1%, construction increased by 9.2%, trade increased by 1.8% and services increased by 1.2% on monthly basis in February 2020.

Total turnover monthly rate of change (%), February 2020

Turnover indices monthly rate of change (%), February 2020

The next release on this subject will be on May 14, 2020.
________________________________________________________________________________________________
EXPLANATIONS

Annual changes refer to the change of calendar adjusted index values compared to the same month of the previous year.

Monthly changes refer to the change in seasonally and calendar adjusted index values compared to the previous month.

Value Added Tax (VAT) Declarations are used as the data source in the calculation of Turnover Indices. With the Tax Procedure Law Circular No. 126, dated 23 March 2020; The deadlines for submission of VAT Declarations, which must be submitted by the end of March 26, 2020, have been extended until the end of Friday, April 24, 2020, and all the VAT Declarations of February 2020 have not been submitted by the relevant parties. For this reason, Turnover Indices for February 2020 were calculated using alternative data sources such as monthly industrial production survey, e-invoice, e-archive invoice, card payment and foreign trade data in addition to VAT declarations in line with international norms and methodologies. After the VAT Declaration data are provided, the published indexes will be revised if necessary.

Coronavirus pushes global textile brands toward Turkey, fueling orders

MuhasebeNews — Fri, 28 Feb 2020 08:40:17 +0000

Coronavirus pushes global textile brands toward Turkey, fueling orders

According to the news of Daily Sabah, global textile giants turned toward Turkish ready-to-wear and textile manufacturers, fueling orders ahead of the upcoming summer season, due to the new coronavirus outbreak in China. The deadly virus has already caused various large brands to withdraw from the Chinese market and halted local production in the East Asian country.

Several brands including large-scale global brands such as Superdry, Inditex, H&M, Hermes-Otto, Debenhams and Ralph Lauren have already diverted their orders to Turkey. The country will have to increase production by doubling the shifts, especially for summer collections.

Istanbul Ready-Made Clothes and Textile Exporters Union Chairman Mustafa Gültepe said the sector is currently working at a capacity of 85%. Brands like H&M, Superdry and Inditex Group, which embodies Zara, Massimo Dutti and Bershka, all of which have a high capacity in terms of importing from Turkey, fueled the orders. With the additional orders, the sector is expected to work at full capacity, he added.

“If the orders continue in this way, we will increase the sector’s capacity,” he noted.

Also speaking on the issue, Hadi Karasu, head of the Turkish Clothing Manufacturers’ Association (TGSD), stressed that many design and retail firms cannot enter the Chinese market due to the epidemic, and many others have halted production. As a result, many renowned brands initiated talks with Turkish manufacturers for the upcoming season, Karasu said.

The new virus outbreak, which is believed to have emerged in the Chinese city of Wuhan in Hubei province in late 2019, has become a pandemic. Outlining the alarming development during a briefing in Geneva, World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus said on Tuesday that there were 2,790 cases and 44 deaths in 37 countries outside of China. The virus has so far killed more than 2,600 people and infected over 77,000 others in mainland China.

The Industry and Technology Minister Mustafa Varank said on Wednesday that the outbreak of the new coronavirus (COVID-19) created uncertainty about the global economic developments given the fact that China is an important global economic player and has a strategic position in supply chains.

“Any financial bottleneck that may occur in supply chains has the power of strongly shaking the global balances. It is also likely that the intermediate goods that are imported from China may be exported from Turkey as well which will be reflected in several sectors such as textiles,” he said.

Cleaning products along with medical masks are also products that are needed by Chinese customers. Demands for those types of products from Turkey have increased up to 40%. China’s furniture importers are another sector where orders have been diverted to Turkey especially after the cancellation of two furniture fairs that were due to be held in China. The sector, which previously announced its export value as $4.5 billion for 2020, updated it to $5 billion due to additional orders coming from Europe.

Source: Daily Sabah / link: https://www.dailysabah.com/business/economy/coronavirus-pushes-global-textile-brands-toward-turkey-fueling-orders
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.

Exports and imports in Turkey increased by 0.1% and 9.7%, respectively

MuhasebeNews — Tue, 31 Dec 2019 07:30:46 +0000

Foreign Trade Statistics, November 2019 in Turkey

Exports and imports increased by 0.1% and 9.7%, respectively

According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Trade, in November 2019; exports were 15 billion 503 million dollars with a 0.1% increase and imports were 17 billion 737 million dollars with a 9.7% increase compared with November 2018.

Foreign trade deficit increased by 232.2%

In November 2019 foreign trade deficit was 2 billion 234 million dollars with a 232.2% increase compared with November 2018. In November 2019, exports coverage imports was 87.4% while it was 95.8% in November 2018.

Seasonally and calendar adjusted exports increased by 1%

Seasonally and calendar adjusted exports and imports increased by 1% and 3.4%, respectively compared with previous month. Calendar adjusted exports and imports increased by 1% and 12.7%, respectively compared with November 2018.

The main partner for exports was Germany

In November 2019, the main partner country for exports was Germany with 1 billion 393 million dollars. The country was followed by Iraq with 956 million dollars, the United Kingdom with 915 million dollars and Italy with 837 million dollars. The top country for Turkey’s imports was Russia with 1 billion 985 million dollars. The country was followed by China with 1 billion 772 million dollars, Germany with 1 billion 656 million dollars and USA with 802 million dollars.

Ratio of exports of high-tech products in manufacturing industries was 4.7%

Foreign trade by technology intensity covers the manufacturing industries’ products in classification of ISIC Rev.3. According to the ISIC Rev.3, the ratio of manufacturing industries products in total exports was 93.1% in November. The ratio of high-technology products in manufacturing industries exports was 4.7%. The ratio of manufacturing industries’ products in total imports was 77.7%. The ratio of high-technology products in manufacturing industries’ imports was 15.9% in November 2019.

According to general trade system exports were 16 billion 221 million dollars

According to the general trade system in November 2019, exports were 16 billion 221 million dollars with a 1.1% decrease and imports were 18 billion 228 million dollars with a 11.8% increase compared with November 2018. Exports coverage imports was 89% in November 2019.

The next release on this subject will be on January 31, 2020.

EXPLANATIONS

Foreign trade statistics are calculated by using two different trading systems, namely the special trade system and the general trade system. In the special trade system, data of customs warehouses and free zones are not included in statistics. However, goods entering in or leaving from the free circulation area of a country are covered. In the special trade system, free zones and customs warehouses are not included in the statistical region of that country. For this reason, goods sent from free zones and warehouses to the country and goods sent from the country to free zones and customs warehouses are covered in the calculations but trade between these regions and third countries aren’t covered in the calculations. In the general trade system, goods entering in or leaving from economic area of the country are covered in statistics. In the general trade system, goods entering in free zones, customs warehouses and free circulation area which constitute the economic area of the country or leaving from these areas are covered in the calculations.

Turkish Statistical Institute will continue to publish detailed foreign trade statistics according to the special trade system. In addition, annual and monthly total foreign trade statistics by the general trade system will be given in a bulletin table and in a statistical table including 2013-2019 period.