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According to daily Sabah, the Ministry of Development estimates that fictitious imports overstates Turkey's overall import size by up to USD 5bn per annum. The Ministry also hinted that there will be a downward revision in import figures which will lower the C/A deficit yet there was no mention as to when these revisions would be announced.
Recall that Deputy PM Babacan had previously hinted that there would be a revision in foreign trade figures probably in 2014. Meanwhile, Economy Minister Caglayan reported to daily Sabah that the ministry is working to reach more precise estimates about the fictitious imports and he claims that the number varies through years in the range of USD 1bn and USD 5bn. The Economy Ministry and the Development Ministry are working in coordination to detect the misreporting of imports.
The downward revision of imports would be the second major revision in Turkey's C/A deficit following the upward revision in tourism figures introduced last week. Turkey's 2012 C/A deficit now stands at USD 46.7bn (including the upward revision in tourism revenues) corresponding to 5.9% of GDP. The USD 5bn downward revision in imports would have lowered the C/A deficit by around 0.6% of GDP to 5.3%.
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