Turkish May exports down 19%

By bne IntelliNews June 1, 2015

Turkey’s exports fell by 19% y/y to $10.82bn in May, data of the Turkish Exporters’ Assembly (TIM) showed on June 1.

Exports to the EU plunged 21.7% y/y to $4.64bn, while exports to the Middle East and Africa declined by 19.3% y/y and 4.5% y/y, respectively, to $2.2bn and $1.1bn. On a country basis, shipments of manufactured goods to Germany, Turkey’s largest trade partner, declined 16.1% y/y to $5.3bn in May, exports to the second largest market, Iraq, fell by 26.7% y/y to $3.7bn.

The automotive industry’s exports amounted to $1.48bn, representing a 27.4% y/y decline while steel imports fell by 37.1% y/y to $801mn. Turkey’s ready wear & confection exports declined by 16.4% y/y to $1.35bn.

In the first five months of the year, Turkey’s total exports fell by 8.3% y/y to $61.3bn, data of the TIM also showed.

The government foresees a foreign trade deficit of $85bn for 2015. It expects exports and imports to be $173bn and $258bn this year. Turkey’s foreign trade deficit fell 15.3% last year to $84.6bn.

Turkish Exports
	May				January-May
(USD thousand)	2014	2015	y/y, %	share, %	2014	2015	y/y, %	share, %
AGRICULTURE	1,808,454	1,574,729	-12.9	14.6	9,267,687	8,539,411	-7.9	13.9
INDUSTRY	11,089,776	8,838,432	-20.3	81.7	52,243,890	44,907,636	-14.0	73.3
Ready wear & confection	1,612,655	1,348,222	-16.4	12.5	7,827,746	6,712,228	-14.3	11.0
Automotive	2,040,798	1,481,932	-27.4	13.7	9,671,812	8,521,227	-11.9	13.9
Steel	1,272,872	801,019	-37.1	7.4	5,941,080	4,530,885	-23.7	7.4
MINING	465,271	406,289	-12.7	3.8	1,968,579	1,591,378	-19.2	2.6
Overall Exports	13,363,501	10,819,450	-19.0	100.0	66,869,199	61,296,205	-8.3	100.0
source: tim

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