According to recent data compiled by the Turkish Statistics Institute (TurkStat), Turkey's oil expenditures were down $10 billion in the first seven months of the year compared to the same months of 2008, indicating to analysts that the ongoing global financial crisis has dealt a major blow to the country's industrial activities.
In the same period, the TurkStat figures show, Turkey's raw materials imports slumped by 44.7 percent in the January-July period over the same period of 2008, while capital goods imports shrunk by 13.4 and consumer goods imports by 10.4 percent in the same period. The amount of natural gas Turkey imported also declined by 33 percent in the first seven months of the year over the same months of 2008. Turkey spent $6.6 billion on natural gas imports in the given period, while this number was $9.9 billion in the first seven months of 2008.
Iron and steel imports were down by 57.7 percent in the January-July period over the same months of 2008, to $4.8 billion. This number was $9.6 billion last year. Motor vehicle imports were 44.9 percent less in the January-July period than in the same months of 2008, while Turkey's import of spare parts for machinery shrank 36.1 percent.
The highest decline in consumer goods imports was seen in fuel for motor vehicles, with a 41.7 percent decline in the first seven months of the year over the same period of 2008. Turkey spent some $950 million for motor fuel imports in last year's January-July period while this number contracted to $554 million in the same months of this year. Turkey's durable goods imports were also down by 36.9 percent in the mentioned period; the country's expenditures in this field were down to $1.4 billion from $2.2 billion. The number of imported passenger cars was also 26.8 percent less in the given period.
