Page 25 - TURKRptFeb20

5.2 Balance of payments, current account
Turkey's Balance of Payments
USD mn
Jan-Nov/2018
Jan-Nov/2019
y/y
CURRENT ACCOUNT
-25,632
4,249
-
Exports
160,348
166,572
4%
Imports
200,494
181,709
-9%
Balance on Goods
-40,146
-15,137
-62%
Balance on Goods and Services
-15,429
14,752
-
Primary Income: Credit
5,516
5,507
0%
Primary Income: Debit
16,447
16,910
3%
FINANCIAL ACCOUNT (-)
2,250
-1,906
-
FDI: Net incurrence of liabilities
11,820
7,579
-36%
Portfolio Investment: Net incurrence of liabilities
1,142
3,066
168%
Equity Securities
-1,051
317
-
Debt Securities
2,193
2,749
25%
Loans (-)
6,806
13,684
101%
NET ERRORS AND OMISSIONS
16,582
687
-96%
RESERVE ASSETS
-11,237
6,863
-
source: tcmb
5.2.1 Import/export dynamics
2017
2018
2019
USD bn
y/y (%)
USD bn
y/y (%)
USD bn
y/y (%)
Trade Balance
-77
37
-55
-28
-31
-44
Exports
157
10
168
7
172
2
Imports
234
18
223
-5
203
-9
Capital Goods
33
-8
29
-12
26
-12
Intermediate
171
28
170
-1
158
-7
Consumption
28
2
23
-20
18
-19
source: tuik, trade ministry
Imports rose 14.77% to $19.02bn in December, while exports also moved up, gaining 6.39% to $14.7bn. The Erdogan administration has been pursuing a more substantial opening of the credit taps in recent months to provide economic stimulus. The impacts are starting to manifest as stronger import flows.
The World Bank projects that economic growth in the Eurozone will slow to 1% this year from 1.1% in 2019. Nearly half of Turkey’s exports go to EU member states. Asian nations absorbed some 26% of Turkey’s exports in January-November. According to the World Bank, the East Asia and Pacific region will grow 5.7% this year versus last year’s 5.8%.
25 TURKEY Country Report OUTLOOK 2020 www.intellinews.com