Oil Price Increase Leads to Increase in Imports

The DTM’s ‘Foreign Trade Scene’ evaluation reminds that compared to the previous year, Turkey’s imports increased 47.5 percent in June 2004 to US$8.45 billion. Imports are up 47.3 percent for the first half of the year, coming in at US$45.34 billion.

Imports of consumer goods more than doubled in the first six months, and the automotive sector increased it reliance on imports by an additional US$3.2 billion.

General imports increased $14.6 billion in the first six months. The US$7.5 billion increase in intermediate goods imports, the US$3.8 billion increase in investment goods, and the US$3.3 billion increase in consumer goods accounted for the overall increase of US$14.6 billion.

From January to April imports of crude oil were up only eight percent from a year ago, but imports jumped 50 percent in May and 51.1 percent in June to reach US$531 million.