Turkish Trade Deficit at-9 Month Low in November
Turkey's trade deficit slightly decreased to $4.1 billion in November of 2016, compared to a $4.3 billion gap a year earlier. It was the lowest deficit since February as exports increased a 9.7 percent, mainly driven by manufacturing, mining and quarrying, and fisheries sales. While imports rose a 6 percent, led by manufacturing.
Year-on-year, exports increased to $12.8 billion, mainly bosted by a 9.3 percent rise in sales of manufactured products which accounted for 92.1 percent of total sales. Among manufacturing, medium-low-technology products accounted for 28.1 percent and increased 24.5 percent; high-technology products accounted for 3.7 percent and fell 12 percent; while medium-high-technology products represented 33.9 percent and rose 9.4 percent. In addition shipments of agriculture, hunting and forestry went up 7.8 percent, fisheries (+24.8 percent), and mining and quarrying (+31 percent). Germany was the main export partner (+9.7 percent share), followed by the United Kingdom (6.8 percent), Italy (6.8 percent) and Iraq (6.2 percent).
12/30/2016 12:10:50 PM
Imports rose to USD 16.9 billion, mainly due to a 8.1 percent increase in purchases of manufacturing and a 47.5 percent increase in others. In contrast, imports decreased for agriculture, hunting and forestry (-7 percent) and minning and quarrying (-11.6 percent). China was the main import partner (12.4 percent share), followed by Germany (10.8 percent), Russia (7.6 percent) and Italy (5.2percent).
On a seasonally adjusted basis, exports went down 0.9 percent from the previous month while imports fell 4.6 percent.