The Best Cyprus Community

Skip to content


Turkey's Foreign trade deficit soars by 79.2 percent in June

How can we solve it? (keep it civilized)

Turkey's Foreign trade deficit soars by 79.2 percent in June

Postby Jerry » Sat Jul 30, 2011 11:17 am

Looks like Turkey as well as Cyprus is in the economic shit.

Exports to EU up by 31%, who says Turkey does not need the EU?

More funding cuts for the "trnc" on the way?

http://www.todayszaman.com/news-252034- ... -june.html

Turkey's foreign trade deficit in June increased by 79.2 percent to $10.20 billion compared to the same month in the past year, the Turkish Statistics Institute (TurkStat) data showed on Friday.

According to the unofficial data, the high rise in Turkey's foreign trade deficit emerged from a soar in imports. In this year's June, exports rose by 19.3 percent to $11.39 billion while the increase in imports was 41.7 percent to $21.59 billion, making the foreign trading deficit in the sixth month of the year $10.20 billion. Correspondingly, Turkey's export/import coverage ratio declined from 62.6 percent to 52.8 percent during June. Turks spent $15 billion on intermediary goods, $3.71 billion on capital goods and the remaining $2.76 billion on consumer goods.When looking to the import and export data for the first six months of the year, TurkStat showed that despite Turkey sold 19.9 percent more goods, or in total $65.63 billion, to foreign countries, its purchases totaled to 119.61 billion, or a rise by 43.3 percent, in the January-June period of this year, over the same period in 2010. Respectively, Turkey's foreign trade for the first six months soared by 88.2 percent to $53.98 billion in the mentioned period while the export/import coverage ratio dropped from 65.6 percent to 54.9 percent.According to the TurkStat report, the highest year-on-year exports were seen in the motor vehicles and parts industry with $1.37 billion. This was followed by boilers and machinery ($1 billion), metal and steel exports (919 million), knitted and crocheted goods and accessories (788 million)in February. On the imports side, mineral fuels and oils topped the list with $4.28 billion. Turkey's other major purchases from foreign countries in the same month were boilers and machinery with $2.82 billion, metal and steels with $1.76 billion and motor vehicles with $1.71 billion.Exports to EU countries in June, Turkey's biggest regional trading partner, increased by 31.6 percent to $5.50 billion, making the share of EU's in Turkey's total exports rising to 48.3 percent compared to the same month in 2010. Germany imported the highest quantity of goods from Turkey, amounting to $1.18 billion, representing a 40.2 percent year-on-year increase. Italy came in second with $725 million, followed by the UK, Iraq and France with $673 million, $667 million, and $576 million respectively. However, Germany again topped the list of countries Turkey imported the most. Imports from this country rose by 58.7 percent to $2.20 billion, Germany was followed by China ($1.98 billion), Russia (1.81 billion) and the US (1.49 billion).
Jerry
Main Contributor
Main Contributor
 
Posts: 4638
Joined: Mon May 29, 2006 12:29 pm
Location: UK

Re: Turkey's Foreign trade deficit soars by 79.2 percent in

Postby Kikapu » Sat Jul 30, 2011 12:34 pm

Things are not as rosy as Erdogan claims with the Turkish Economy, and that was before the Turkish Lira started it's downward spiral devaluation recently....................again!

Image

Image

Image

Image

Image
May/11

http://www.tradingeconomics.com/turkey/indicators
User avatar
Kikapu
Leading Contributor
Leading Contributor
 
Posts: 13541
Joined: Sun Apr 16, 2006 6:18 pm

Re: Turkey's Foreign trade deficit soars by 79.2 percent in

Postby B25 » Sat Jul 30, 2011 1:30 pm

Will you please stop upsetting VP :) :)

His dream of Turkey almighty is being shattered!

Thanaks you.

Now you may continue.
User avatar
B25
Main Contributor
Main Contributor
 
Posts: 6078
Joined: Wed Sep 30, 2009 7:03 pm
Location: ** Classified **

Re: Turkey's Foreign trade deficit soars by 79.2 percent in

Postby Mapko » Sat Jul 30, 2011 3:22 pm

You've got to think that Bernie Ecclestone was a Greek Cypriot in a previous life! He gets Turkey to build a brand new race track, by promising Motorbike and Formula 1 Grand Prix events. They build a brand new race track and spend tens of millions of dollars getting everything just right - then everyone pulls the plug on Grand Prix events in Turkey and leaves it in a mess. Bernie, you legend.
Mapko
Contributor
Contributor
 
Posts: 344
Joined: Sat Nov 21, 2009 3:58 pm
Location: Manchester

Re: Turkey's Foreign trade deficit soars by 79.2 percent in

Postby B25 » Sat Jul 30, 2011 3:37 pm

Mapko wrote:You've got to think that Bernie Ecclestone was a Greek Cypriot in a previous life! He gets Turkey to build a brand new race track, by promising Motorbike and Formula 1 Grand Prix events. They build a brand new race track and spend tens of millions of dollars getting everything just right - then everyone pulls the plug on Grand Prix events in Turkey and leaves it in a mess. Bernie, you legend.


Well, it cost them that much, just so that they could put 'Talat' on stage and anounce him as the 'President' of the 'TRNC'. Well that back fired as well, what was the fine again???

recognition via the back door, oops, doesn't work, everyone knows turkey is an invader occupier, simples really.
User avatar
B25
Main Contributor
Main Contributor
 
Posts: 6078
Joined: Wed Sep 30, 2009 7:03 pm
Location: ** Classified **

Re: Turkey's Foreign trade deficit soars by 79.2 percent in

Postby kurupetos » Sat Jul 30, 2011 8:24 pm

Does this mean Turkey is no longer a regional power? :cry:
User avatar
kurupetos
Leading Contributor
Leading Contributor
 
Posts: 17911
Joined: Tue Jul 31, 2007 7:46 pm
Location: Cyprus

Re: Turkey's Foreign trade deficit soars by 79.2 percent in

Postby Viewpoint » Sat Jul 30, 2011 10:27 pm

Thursday, July 28, 2011
Sarah Kendell

The Middle Eastern nation's latest GDP growth figures saw it surpass both Argentina and China to become the fastest growing economy in the world, according to the national statistics authority, Turkstat.

Turkey's Q1 GDP growth was recorded at a staggering 11%, the only country in the world to have achieved double digit growth, and higher than that of Argentina at 9.9% and China at 9.4%. At a diplomatic conference in Istanbul, US Secretary of State Hillary Clinton praised the results as indicative of the nation's status as an economic leader in both Europe and the Middle East.

"The 11 percent growth rate is phenomenal", said Clinton. "What I hope is that Turkey will become an engine for economic growth in the region."

The news has stoked international property buyers' interest in the country, which is already strong due to the country's location straddling Europe and the Middle East, and its scenic beaches and low cost of living. A recent survey by UK-based property investment firm World Property Group saw Turkey named the second most popular country in the world for international property investor interest. The capital of Istanbul is also currently the fastest growing tourist city in the world, with foreign visitor levels having increased 30% so far in 2011.
User avatar
Viewpoint
Leading Contributor
Leading Contributor
 
Posts: 25211
Joined: Sun Feb 20, 2005 2:48 pm
Location: Nicosia/Lefkosa

Re: Turkey's Foreign trade deficit soars by 79.2 percent in

Postby ZoC » Sat Jul 30, 2011 11:09 pm

Viewpoint wrote:Thursday, July 28, 2011
Sarah Kendell

The Middle Eastern nation's latest GDP growth figures saw it surpass both Argentina and China to become the fastest growing economy in the world, according to the national statistics authority, Turkstat.

Turkey's Q1 GDP growth was recorded at a staggering 11%, the only country in the world to have achieved double digit growth, and higher than that of Argentina at 9.9% and China at 9.4%. At a diplomatic conference in Istanbul, US Secretary of State Hillary Clinton praised the results as indicative of the nation's status as an economic leader in both Europe and the Middle East.

"The 11 percent growth rate is phenomenal", said Clinton. "What I hope is that Turkey will become an engine for economic growth in the region."

The news has stoked international property buyers' interest in the country, which is already strong due to the country's location straddling Europe and the Middle East, and its scenic beaches and low cost of living. A recent survey by UK-based property investment firm World Property Group saw Turkey named the second most popular country in the world for international property investor interest. The capital of Istanbul is also currently the fastest growing tourist city in the world, with foreign visitor levels having increased 30% so far in 2011.


if turkey's so f*cking great, then do yourself (and everyone else) a big favour and f*ck off there.
User avatar
ZoC
Main Contributor
Main Contributor
 
Posts: 3280
Joined: Tue Sep 07, 2010 6:29 pm

Re: Turkey's Foreign trade deficit soars by 79.2 percent in

Postby Kikapu » Sun Jul 31, 2011 12:07 am

Viewpoint wrote:Thursday, July 28, 2011
Sarah Kendell

The Middle Eastern nation's latest GDP growth figures saw it surpass both Argentina and China to become the fastest growing economy in the world, according to the national statistics authority, Turkstat.

Turkey's Q1 GDP growth was recorded at a staggering 11%, the only country in the world to have achieved double digit growth, and higher than that of Argentina at 9.9% and China at 9.4%. At a diplomatic conference in Istanbul, US Secretary of State Hillary Clinton praised the results as indicative of the nation's status as an economic leader in both Europe and the Middle East.

"The 11 percent growth rate is phenomenal", said Clinton. "What I hope is that Turkey will become an engine for economic growth in the region."

The news has stoked international property buyers' interest in the country, which is already strong due to the country's location straddling Europe and the Middle East, and its scenic beaches and low cost of living. A recent survey by UK-based property investment firm World Property Group saw Turkey named the second most popular country in the world for international property investor interest. The capital of Istanbul is also currently the fastest growing tourist city in the world, with foreign visitor levels having increased 30% so far in 2011.


You put too much importance on GDP growth alone. First of all, that 11% is before inflation, which with inflation added to the mix, it knocks off 50% of the 11% growth before anything else. Secondly, that 11% is based on the performance of just 1st 1/4. You still have 3/4's to go to reach that 11%, minus the inflation rate, so don't count your chickens before they hatch. It's not how much a country produces so much, but how much they get to make a profit to enrich the country. So far, they are running a huge trade deficit and current account, which means they owe more than they make. That would be like you earning $100 dollars but end up spending $150 dollars, despite your earnings rose by $20, from $80 to $100 from a year ago. You are in a deficit current account, because you are spending more than you are making, despite your 20% increase in earnings from a year ago. Bare that in mind before you go on about Turkey's GDP growth rate. Have you noticed Turkey's GDP rate was much higher in 2008 and 2009 than it was in 2010. If not, look above at one of the charts I posted and also see what her trade balance looks like and her currant account as well as her Import/Export figures. The trend does not look too good for Turkey at all, no matter what her GDP growth is saying. If those charts weren't bad enough, now the Turkish Lira is also on decline, which will make things worse for her, despite she might get a little rise with her Exports, but her Imports will kill her, hence a larger trade balance deficits in the future.
User avatar
Kikapu
Leading Contributor
Leading Contributor
 
Posts: 13541
Joined: Sun Apr 16, 2006 6:18 pm

Re: Turkey's Foreign trade deficit soars by 79.2 percent in

Postby Viewpoint » Sun Jul 31, 2011 12:14 am

Kikapu wrote:
Viewpoint wrote:Thursday, July 28, 2011
Sarah Kendell

The Middle Eastern nation's latest GDP growth figures saw it surpass both Argentina and China to become the fastest growing economy in the world, according to the national statistics authority, Turkstat.

Turkey's Q1 GDP growth was recorded at a staggering 11%, the only country in the world to have achieved double digit growth, and higher than that of Argentina at 9.9% and China at 9.4%. At a diplomatic conference in Istanbul, US Secretary of State Hillary Clinton praised the results as indicative of the nation's status as an economic leader in both Europe and the Middle East.

"The 11 percent growth rate is phenomenal", said Clinton. "What I hope is that Turkey will become an engine for economic growth in the region."

The news has stoked international property buyers' interest in the country, which is already strong due to the country's location straddling Europe and the Middle East, and its scenic beaches and low cost of living. A recent survey by UK-based property investment firm World Property Group saw Turkey named the second most popular country in the world for international property investor interest. The capital of Istanbul is also currently the fastest growing tourist city in the world, with foreign visitor levels having increased 30% so far in 2011.


You put too much importance on GDP growth alone. First of all, that 11% is before inflation, which with inflation added to the mix, it knocks off 50% of the 11% growth before anything else. Secondly, that 11% is based on the performance of just 1st 1/4. You still have 3/4's to go to reach that 11%, minus the inflation rate, so don't count your chickens before they hatch. It's not how much a country produces so much, but how much they get to make a profit to enrich the country. So far, they are running a huge trade deficit and current account, which means they owe more than they make. That would be like you earning $100 dollars but end up spending $150 dollars, despite your earnings rose by $20, from $80 to $100 from a year ago. You are in a deficit current account, because you are spending more than you are making, despite your 20% increase in earnings from a year ago. Bare that in mind before you go on about Turkey's GDP growth rate. Have you noticed Turkey's GDP rate was much higher in 2008 and 2009 than it was in 2010. If not, look above at one of the charts I posted and also see what her trade balance looks like and her currant account as well as her Import/Export figures. The trend does not look too good for Turkey at all, no matter what her GDP growth is saying. If those charts weren't bad enough, now the Turkish Lira is also on decline, which will make things worse for her, despite she might get a little rise with her Exports, but her Imports will kill her, hence a larger trade balance deficits in the future.


Sounds like you are having problems swallowing......doom and gloom merchant.......and to think people on this forum claimed Greece had a better economy than Turkey little did they know what would happen to Greece and few other countries in the ho so shitty EU.
User avatar
Viewpoint
Leading Contributor
Leading Contributor
 
Posts: 25211
Joined: Sun Feb 20, 2005 2:48 pm
Location: Nicosia/Lefkosa

Next

Return to Cyprus Problem

Who is online

Users browsing this forum: No registered users and 0 guests