Page 54 - TURKRptMay19

Turkey's Foreign Trade
Exports y/y Imports y/y Deficit y/y
($ bn) (%) ($ bn) (%) ($ bn) (%)
2011 2012 2013 2014 2015 2016 2017 2018 Q1/2019
135 18 241 30 -106 48
152 13 237 -2 -84 -21
152 0 252 6 -100 19
158 4 242 -4 -85 -15
144 -9 207 -14 -63 -25
143 -1 199 -4 -56 -12
157 10 234 18 -77 37
168 7 223 -5 -55 -28
45 3 51 -21 -6 -72
Source: tuik, customs and trade ministry
On April 5, the customs ministry released initial data on March’s foreign trade. The figures showed that the foreign trade deficit continued to contract, at a clip of 68% y/y in March to $1.97bn, while the Q1 contraction was recorded at 72% y/y, producing a figure of $5.95bn.
Trade volume between Middle East and Turkey ‘grew 25% in past decade to reach $42.9bn’. Trade volume between Middle Eastern countries and Turkey grew by 25% in the past decade to reach $42.9bn, according to figures from e-commerce platform Turkeyol, cited by Hurriyet Daily News on April 15. The largest growth rates were recorded with Iraq at 141%, Yemen at 105%, Jordan at 97% and Saudi Arabia at 59%. Three-quarters of the trade between Turkey and Middle Eastern countries was with Iraq, United Arab Emirates, Saudi Arabia and Qatar, the data showed. The volume of exports from the Middle Eastern countries to Turkey increased by 40% in the last decade to $17.24bn, Turkeyol added. The products mostly exported to Turkey included plastic products, mineral fuel, oil, gems and jewellery.
Turkey’s trade with Africa valued at $179bn over 2009-2018. Turkey's trade volume with African countries was valued at $179bn between 2009 and 2018, according to figures published by Daily Sabah on April 26. Trade with North African countries reportedly totalled $117.5bn. Also in the given decade, the export of Turkish products to the African continent was valued at $121bn while imports totalled $58bn in value. Egypt was the top African destination for Turkish exports last year, with a cited value of $3.1bn, with energy exports accounting for $592mn of that. Energy was followed by steel at $277mn and machinery at $253.1 million last year. Egypt was followed by Algeria and Morocco in the league of export destinations, with 2018 Turkish exports to these two North African nations totalling $2bn each. In terms of imports from African countries, Egypt was in first place with exports from the country into Turkey hitting $2.2bn last year. South Africa was second at $1.4bn and third was Algeria at $1.1bn.
Biggest hit to German growth in past year attributed to Turkey, not China. The biggest hit to German growth from soft foreign demand in the past year came from Turkey, data from Bloomberg Economics showed on April 11. The collapse in import demand in recession-hit Turkey, which has been profound since last summer’s lira crisis, took towards 0.22 percentage points off German GDP from the first quarter of last year to the first quarter of this
54 TURKEY Country Report May 2019 www.intellinews.com