Merchandise Imports in Turkey
Merchandise imports in Turkey were worth USD 343 billion in 2022, compared to USD 249 billion ten years earlier. Over the last decade, they averaged USD 234 billion. For more imports information, visit our dedicated page.
Turkey Merchandise Imports Chart
Turkey Merchandise Imports Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Merchandise Imports (USD bn) | 220 | 199 | 206 | 254 | 343 |
Merchandise Imports (ann. var. %) | -3.6 | -9.4 | 3.7 | 23.1 | 35.0 |
Current account deficit narrows in December
The current account recorded a USD 2.1 billion deficit in December, improving from the USD 2.8 billion deficit clocked in November (December 2022: USD 6.0 billion deficit). Meanwhile, the 12-month trailing current account deficit improved, coming in at USD 45.2 billion in December (November: USD 49.1 billion deficit). The merchandise trade balance deteriorated from the previous month, recording a USD 4.6 billion shortfall in December (November 2023: USD 4.5 billion deficit). Merchandise exports fell 0.9% annually in December, on the heels of November’s 3.0% rise. Meanwhile, merchandise imports slid 12.0% on an annual basis in December (November: -7.0% yoy).
Analysts at the EIU commented on the outlook: “We expect policy to be sufficiently tight in 2024 to limit domestic demand and lower the current-account deficit to about 3% of GDP, and to attract sufficient capital inflows to finance the deficit […] There is a risk of political pressures for more expansionary policies, particularly before the local elections in March. Weak export markets and/or a rise in global oil prices could also negatively affect the current-account deficit”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Turkish merchandise imports projections for the next ten years from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable merchandise imports forecast available for Turkish merchandise imports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Turkish merchandise imports projections.
Want to get access to the full dataset of Turkish merchandise imports forecasts? Send an email to info@focus-economics.com.
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