Balance of trade

Foreign trade indicators from the first seven months show us that the 2014 growth target of 4 percent will be difficult to achieve. 

Bulgaria’s current and capital account showed a surplus of EUR 582.4 M in June, compared with a surplus of EUR 244.8 M in June 2013, the Bulgarian National Bank said on Thursday.

Greece’s trade deficit recorded a 9.5 percent increase in the January-May period this year compared with the first five months of 2013, data compiled by the Hellenic Statistical Authority (ELSTAT) revealed on Friday. Imports posted a small decline, but this was dwarfed by the drop in exports, which upset the trade balance.

The Turkish current account deficit continued to decrease in May, raising the total five-month contraction to over 38 percent, but deteriorating export conditions cast doubts on the sustainability of the recovery in the country’s Achilles’s heel.

Turkey’s foreign trade deficit has continued to decrease since the start of the New Year. According to recently released data based on the month of May, the monthly foreign trade deficit has now become $7.1 billion.

Today is the last day of the quarterly data-intensive week. In addition to the first quarter GDP figures, which were released on June 10, industrial production and Balance of Payments for April came out on June 9 and 12 respectively.

Turkey’s current account deficit narrowed to $4.79 billion in April, making a four-month deficit of $16.37 billion, $8.28 billion less the same period last year
Turkey’s January-April current account deficit dropped by around half compared to the same period last year thanks to robust trade performance, the Central Bank has announced.

In the period January-March 2014 Bulgarian exports to the EU increased by 0.1% compared to the corresponding period of the previous year and amounted to BGN 6.2B.

Turkey’s gold exports and imports dipped in April, adding to questions over unexplained sharp moves in trading after recording a surprising leap in exports to Switzerland in March.

The Turkish trade deficit further narrowed in April, helped by falling imports and rising exports, particularly led by a recovery in Turkey’s main trade market, Europe, according to official data.