Energy prices raise Turkey’s trade deficit
Data from
Turkey's State Institute of Statistics show that the country's trade deficit rose 24.4% year on year to $3.56 billion in April. The market had been expecting a figure closer to $3.3 billion.
April data denote a worsening in the merchandise trade balance as imports rose much faster than exports.
Exports rose 16.4% year on year to $5.9 billion during April, while imports jumped 19.3% to $9.5 billion.
Exports in the major sectors, which fuelled the increase in the first quarter, slowed considerably in April.
Automotive sector exports, which rose 50.4% year on year in the first quarter, rose only 25.7% in April. Also, iron and steel exports rose 4.7% year on year compared to a 38% increase in the first quarter. On the other hand, textile and ready-to-wear export growth remained unchanged at 9%.
Turkey's trade deficit increased 17.8% to $12.1 billion in the first four months of the year, as both exports and imports increased at nearly the same pace. Exports grew 24.1% during the first third of the year, while imports rose 21.9%.
Rising energy prices were to blame for much of the first four months' trade deficit.
Economists indicate that rising crude oil and commodity prices will continue to push up the trade deficit in the coming months.