Global| Jan 31 2007Turkey's Trade Deficit Much Smaller in December; Auto Sector Boosts Exports
Summary
The trade deficit in Turkey shrank markedly in December. The Turkish Statistical Institute reported it at $3.08 billion, compared with $4.18 billion in November and $4.44 billion in December 2005. This was the smallest deficit since [...]
The trade deficit in Turkey shrank markedly in December. The Turkish Statistical Institute reported it at $3.08 billion, compared with $4.18 billion in November and $4.44 billion in December 2005. This was the smallest deficit since $3.01 billion in January 2006. After seasonal adjustment by Haver Analytics, the comparison is more distinct. December's $2.03 billion deficit was the lowest since $1.30 billion in November 2003.
Exports totaled $7.87 billion in the month, actually down 8.6% from November, but up 16.6% from a year ago. The largest categories were in the machinery sector, especially including transport equipment. Turkey is growing rapidly as a producer of cars and trucks. In 2006 as a whole, plants in the country produced 916,008 cars and pick-up trucks. Exports of these and other vehicles totaled $11.7 billion, making 13.8% of total goods exports. Total exports grew 15.9% last year, with "road vehicles" up 24.4%.
Imports were $9.90 billion, seasonally adjusted, in December, down from November by $2.9 billion or 22.5%. The unadjusted data were down 9.5% in the month. In most recent years, before seasonal adjustment, imports have spiked in December, then fallen sharply in January. So the outright decline in December's actual figure translated into a sizable cut in the seasonally adjusted result. Sources of the decline included petroleum and natural gas, chemicals, metals and transport equipment. For all of 2006, imports totaled $137.03 billion, up 17.3% from 2005.
Data on Turkey from its official national sources are contained in Haver's EMERGEMA database. That rapidly expanding database now includes 18 Middle East and African countries.
| TURKEY (Mil.$) | Dec 2006 | Nov 2006 | Oct 2006 | Dec 2005 | Monthly Averages|||
|---|---|---|---|---|---|---|---|
| 2006 | 2005 | 2004 | |||||
| Trade Balance, SA | -2,026 | -4,161 | -5,043 | -3,254 | -- | -- | -- |
| NSA | -3,083 | -4,183 | -4,446 | -4,437 | -4,353 | -3,606 | -2,865 |
| Exports, SA | 7,873 | 8,618 | 6,307 | 6,769 | 7,095 | 6,123 | 5,264 |
| Yearly % Chg | +15.9 | +16.3 | +33.7 | ||||
| Imports, SA | 9,899 | 12,779 | 11,350 | 10,023 | 11,419 | 9,731 | 8,128 |
| Yearly % Chg | 17.3 | 19.7 | 40.7 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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