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Foreign Trade Statistics of Turkey, April 2017

MuhasebeNews — Mon, 05 Jun 2017 06:50:17 +0000

Exports and imports increased by 7.4% and 9.9%, respectively
According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, in April 2017; exports were 12 billion 839 million dollars with a 7.4% increase and imports were 17 billion 784 million dollars with a 9.9% increase compared with April 2016.

Foreign trade deficit increased by 16.7%
In April 2017 foreign trade deficit was 4 billion 945 million dollars with a 16.7% increase compared with April 2016.

In April 2017, exports coverage imports was 72.2% while it was 73.8% in April 2016.

Seasonally and calendar adjusted exports decreased by 2.7%
Seasonally and calendar adjusted exports decreased by 2.7% while imports increased 1.6% compared with previous month. Calendar adjusted exports and imports increased by 10.5% and 13.2%, respectively compared with April 2016.
Exports to the European Union increased by 2.2%
As compared with the same month of the previous year, exports to the EU-28 increased by 2.2% from 5 billion 652 million dollars to 5 billion 779 million dollars. The proportion of the EU countries was 45% in April 2017 while it was 47.3% in April 2016.

The main partner for exports was Germany
In April 2017, the main partner country for exports was Germany with 1 billion 140 million dollars. The country was followed by UAE with 1 billion 21 million dollars, Iraq with 857 million dollars and the United Kingdom with 737 million dollars.

The top country for imports was China
In April 2017, the top country for Turkey’s imports was China with 1 billion 647 million dollars. The country was followed by Germany with 1 billion 629 million dollars, Russia with 1 billion 495 million dollars and USA with 980 million dollars.
Ratio of exports of high-tech products in manufacturing industries was 3.1%
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 94.1% in April. The ratio of high-technology products in manufacturing industries was 3.1%. The ratio of medium-high-technology products in manufacturing industries’ products was 33.6%.

Ratio of imports of high-tech products in manufacturing industries was 15.1%
The ratio of manufacturing industries’ products in total imports was 80.5%. The ratio of high-technology products in manufacturing industries’ products was 15.1% in April 2017. The ratio of medium-high-technology products in manufacturing industries’ products was 42.8%.

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.

Foreign Trade Statistics of Turkey, March 2017

MuhasebeNews — Fri, 28 Apr 2017 07:45:05 +0000

Exports and imports increased by 13.6% and 6.9%, respectively
According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, in March 2017; exports were 14 billion 496 million dollars with a 13.6% increase and imports were 18 billion 988 million dollars with a 6.9% increase compared with March 2016.

Foreign trade deficit decreased by 10.3%
In March 2017 foreign trade deficit was 4 billion 492 million dollars with a 10.3% decrease compared with March 2016.

In March 2017, exports coverage imports was 76.3% while it was 71.8% in March 2016.

Seasonally and calendar adjusted exports increased by 3.7%
Seasonally and calendar adjusted exports and imports increased by 3.7% and 2.2%, respectively compared with previous month. Calendar adjusted exports and imports increased by 13.5% and 7.1%, respectively compared with March 2016.
Exports to the European Union increased by 8.1%
As compared with the same month of the previous year, exports to the EU-28 increased by 8.1% from 6 billion 267 million dollars to 6 billion 775 million dollars. The proportion of the EU countries was 46.7% in March 2017 while it was 49.1% in March 2016.

The main partner for exports was Germany
In March 2017, the main partner country for exports was Germany with 1 billion 321 million dollars. The country was followed by UAE with 1 billion 28 million dollars, Iraq with 906 million dollars and the United Kingdom with 874 million dollars.

The top country for imports was Germany
In March 2017, the top country for Turkey’s imports was Germany with 1 billion 783 million dollars. The country was followed by China with 1 billion 770 million dollars, Russia with 1 billion 599 million dollars and the USA with 952 million dollars.

Ratio of exports of high-tech products in manufacturing industries was 3.1%
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 94.4% in March. The ratio of high-technology products in manufacturing industries was 3.1%. The ratio of medium-high-technology products in manufacturing industries’ products was 33.9%.

Ratio of imports of high-tech products in manufacturing industries was 13.9%
The ratio of manufacturing industries’ products in total imports was 81%. The ratio of high-technology products in manufacturing industries’ products was 13.9% in March 2017. The ratio of medium-high-technology products in manufacturing industries’ products was 42.2%.

Foreign Trade Statistics in Turkey, February 2017

MuhasebeNews — Tue, 04 Apr 2017 13:49:30 +0000

Exports decreased by 1.9% while imports increased by 1.6%
According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, in February 2017; exports were 12 billion 127 million dollars with a 1.9% decrease and imports were 15 billion 820 million dollars with a 1.6% increase compared with February 2016.

Foreign trade deficit increased by 15%
In February 2017 foreign trade deficit was 3 billion 693 million dollars with a 15% increase compared with February 2016.

In February 2017, exports coverage imports was 76.7% while it was 79.4% in February 2016.

Seasonally and calendar adjusted exports increased by 1.8%
Seasonally and calendar adjusted exports and imports increased by 1.8% and 1.7%, respectively compared with previous month. Calendar adjusted exports and imports increased by 0.7% and 5.5%, respectively compared with February 2016.
Exports to the European Union decreased by 3.2%
As compared with the same month of the previous year, exports to the EU-28 decreased by 3.2% from 5 billion 723 million dollars to 5 billion 539 million dollars. The proportion of the EU countries was 45.7% in February 2017 while it was 46.3% in February 2016.

The main partner for exports was Germany
In February 2017, the main partner country for exports was Germany with 1 billion 119 million dollars. The country was followed by UAE with 938 million dollars, Iraq with 725 million dollars and the United Kingdom with 702 million dollars.

The top country for imports was China
In February 2017, the top country for Turkey’s imports was China with 1 billion 643 million dollars. The country was followed by Germany with 1 billion 439 million dollars, Russia with 1 billion 304 million dollars and France with 767 million dollars.

Ratio of exports of high-tech products in manufacturing industries was 3%
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 93.9% in February. The ratio of high-technology products in manufacturing industries was 3%. The ratio of medium-high-technology products in manufacturing industries’ products was 33.4%.

Ratio of imports of high-tech products in manufacturing industries was 16.1%
The ratio of manufacturing industries’ products in total imports was 80%. The ratio of high-technology products in manufacturing industries’ products was 16.1% in February 2017. The ratio of medium-high-technology products in manufacturing industries’ products was 42.5%.

Foreign Trade Statistics in Turkey, January 2017

MuhasebeNews — Wed, 29 Mar 2017 11:49:17 +0000

Exports and imports increased by 18.1% and 15.9%, respectively
According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, in January 2017; exports were 11 billion 278 million dollars with a 18.1% increase and imports were 15 billion 586 million dollars with a 15.9% increase compared with January 2016.

Foreign trade deficit increased by 10.3%
In January 2017 foreign trade deficit was 4 billion 309 million dollars with a 10.3% increase compared with January 2016.

In January 2017, exports coverage imports was 72.4% while it was 71% in January 2016.

Seasonally and calendar adjusted exports increased by 4.5%
Seasonally and calendar adjusted exports and imports increased by 4.5% and 0.6%, respectively compared with previous month. Calendar adjusted exports and imports increased by 17% and 9%, respectively compared with January 2016.

Exports to the European Union increased by 12%
As compared with the same month of the previous year, exports to the EU-28 increased by 12% from 4 billion 734 million dollars to 5 billion 302 million dollars. The proportion of the EU countries was 47% in January 2017 while it was 49.6% in January 2016.

The main partner for exports was Germany
In January 2017, the main partner country for exports was Germany with 1 billion 122 million dollars. The country was followed by Iraq with 684 million dollars, the United Kingdom with 676 million dollars and United Arab Emirates with 655 million dollars.

The top country for imports was China
In January 2017, the top country for Turkey’s imports was China with 1 billion 851 million dollars. The country was followed by Russia with 1 billion 480 million dollars, Germany with 1 billion 187 million dollars and the United States of America with 734 million dollars.

Ratio of exports of high-tech products in manufacturing industries was 2.7%
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 92.9% in January. The ratio of high-technology products in manufacturing industries was 2.7%. The ratio of medium-high-technology products in manufacturing industries’ products was 33.6%.

Ratio of imports of high-tech products in manufacturing industries was 15.8%
The ratio of manufacturing industries’ products in total imports was 77.5%. The ratio of high-technology products in manufacturing industries’ products was 15.8% in January 2017. The ratio of medium-high-technology products in manufacturing industries’ products was 42.2%.

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.

Economic Overview

MuhasebeNews — Mon, 13 Mar 2017 12:18:38 +0000

The Turkish economy has shown remarkable performance with its steady growth over the last decade. A sound macroeconomic strategy in combination with prudent fiscal policies and major structural reforms in effect since 2002 has integrated the Turkish economy into the globalized world, while transforming the country into one of the major recipients of FDI in its region.

The structural reforms, hastened by Turkey’s EU accession process, have paved the way for comprehensive changes in a number of areas. The main objectives of these efforts were to increase the role of the private sector in the Turkish economy, to enhance the efficiency and resiliency of the financial sector, and to place the social security system on a more solid foundation. As these reforms have strengthened the macroeconomic fundamentals of the country, the economy grew with an average annual real GDP growth rate of 4.7 percent over the period of 2002 to 2014.

Average Annual Real GDP Growth (%) 2002-2013

Source: OECD, Eurostat and national sources

Moreover, Turkey’s impressive economic performance over the past decade has encouraged experts and international institutions to make confident projections about Turkey’s economic future. For example, according to the OECD, Turkey is expected to be one of the fastest growing economies of the OECD members during 2014-2016, with an annual average growth rate of 3.6 percent.

Annual Average Real GDP Growth (%) Forecast in OECD Countries 2014-2016

Source: OECD, February 2015

Together with stable economic growth, Turkey has also reined in its public finances; the EU-defined general government nominal debt stock fell to 33.5 percent from 67.7 percent between 2003 and 2014. Hence, Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, during 2003-2014, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance.

As the GDP levels increased to USD 800 billion in 2014, up from USD 305 billion in 2003, GDP per capita soared to USD 10,404, up from USD 4,565 in the given period.

The visible improvements in the Turkish economy have also boosted foreign trade, while exports reached USD 158 billion by the end of 2014, up from USD 47 billion in 2003. Similarly, tourism revenues, which were around USD 14 billion in 2003, exceeded USD 34.3 billion in 2014.

Significant improvements in such a short period of time have registered Turkey on the world economic scale as an exceptional emerging economy, the 16th largest economy in the world and the 6th largest economy when compared with the EU countries, according to GDP figures (at PPP) in 2013.

a. Institutionalized economy fueled by USD 144 billion of FDI in the past decade
b. 16th largest economy in the world and 6th largest economy compared with EU countries in 2013 (GDP at PPP, IMF-WEO)
c. Robust economic growth with an average annual real GDP growth of 4.7 percent during 2002-2014
d. GDP reached USD 800 billion in 2014, up from USD 305 billion in 2003
e. Sound economic policies with a prudent fiscal discipline
f. Strong financial structure resilient to the global financial crisis

Date: 13 March 2017