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International Information Centre for Balkan Studies



Turkish economy data for the first 8 months of 2018

The official reserves of the Turkish Central Bank dropped to $88.9 billion as of Aug. 31, the bank announced on Sept. 28, 2018.

According to the bank’s international reserves and foreign currency liquidity report, total reserve assets fell 11.8 percent in August, versus $100.7 billion at the end of July.         

Foreign currency reserves - in convertible foreign currencies - totaled $68.9 billion, marking a 10.4-percent drop compared to the previous month.         

Last month, the bank’s gold reserves - including gold deposits and, if appropriate, gold swapped - declined by 17.2 percent on a monthly basis to $18.4 billion.

The Central Bank’s reserves decreased by 20.6 percent year-on-year, down from $112 billion at the end of August 2017.         

In mid-December 2013, the bank’s total reserves hit their all-time peak at nearly $136 billion, including some $21 billion in gold reserves.       

Short-term predetermined net drains of the central government and the Central Bank - foreign currency loans, securities, and foreign exchange deposit accounts of residents abroad within the bank - recorded a 12.3-percent monthly hike in August, reaching $12 billion, the bank said.

“Of this amount, $7.8 billion belongs to principal repayments and $4.2 billion to interest repayments.          

“Regarding the maturity breakdown of the principal and interest  payments, $1.4 billion is due in one month, $2.2 billion in 2-3 months, and $8.4 billion in 4-12 months,” it added.         

The Central Bank also said the contingent short-term net drains on foreign currency totaled $36.4 billion in August, going down 36.8 percent from the previous month.         

According to the bank’s definition, the contingent short-term net drains on foreign currency consist of “collateral guarantees on debt due within one year” and “other contingent liabilities,” which are the banking sector’s required reserves in blocked accounts in foreign currency and gold, and the letters of credit items on the Central Bank’s balance sheet.

Turkey’s foreign trade deficit saw an annual fall of 59 percent in August, the country’s statistical authority announced on Sept. 28.

Turkey’s imports decreased by 22.7 percent year-on-year to $14.8 billion in August while exports fell 6.5 percent to $12.4 billion, according to TÜİK.

Last month, the country’s foreign trade deficit amounted to $2.4  billion, down from $5.9 billion in the same month last year.

“In August 2018, exports coverage imports was 83.6 percent while it was 69.1 percent in August 2017,” TÜİK said.

The office noted that the main market for Turkish exports was Germany with $1.12 billion, followed by the U.K. with $900 million, Iraq with $648 million and the U.S. with $637 million.

“In August 2018, the top country for Turkey’s imports was Russia with $1.55 billion,” it said.

China followed with $1.44 billion, Germany with $1.27 billion and the U.S. with $920 million.

The institute noted that the ratio of manufacturing industries products in Turkey’s total exports was 94.9 percent last month, while the figure was 75.5 percent for imports.       

In the eight-month period, exports totaled $108.6 billion with an annual hike of 5.2 percent, and imports were $157.8, going up 5.9 percent year-on-year.         

From January to August, Turkey’s foreign trade balance showed a deficit of $49.2 billion, while the amount was $45.7 billion over the same period last year.

Official figures showed that the European Union was the number one trade partner of Turkey in January-August this year.         

Turkey’s exports to the EU totaled $54.7 billion, accounting for 50.3 percent of all exports, while the country’s imports from the 28-member bloc were $58 billion.

Near and Middle Eastern region was the second largest export market for Turkish products with some $19 billion, followed by the African countries with around $9 billion.         

On the imports side, the EU was followed by the countries in Asia with an amount of $49.8 billion.         

In 2014, Turkey’s exports hit an all-time high of $157.6 billion while the figure was nearly $157 billion last year.

Over the past five years, the highest export-to-import ratio on a yearly basis was recorded in 2016 with 71.8 percent, while Turkey’s foreign trade deficit has fallen from $99.8 billion in 2013 to $76.8 billion in 2017.

 

Source: Anadolu Agency

 

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