NEWS ECONOMY NEWS        30/11/2020

Turkey’s foreign trade deficit is USD 2.4 billion in October 2020

According to figures prepared by the Turkish Statistical Institute (TÜİK- TurkStat) in cooperation with Turkey’s Ministry of Trade, and using the General Trade System (GTS) calculation method, Turkey’s foreign trade deficit was USD 2,374 million in October 2020, 34.4% higher than the figure for the same month of the previous year, but 51.1% lower than the deficit for the previous month of September 2020.

 

Exports totalled USD 17,329 million and imports totalled USD 19,703 million in October 2020. The export figure was a 5.6% increase and the import figure a 8.4% increase on the figures for the same month of the previous year. The export figure was 8.4% higher and the import figure 5.4% lower than the respective figures for the previous month of September 2020.

 

For the first ten months of 2020, the trade deficit was USD 40,272 million, 76.2% higher than the figure for the same period of the previous year. Exports totalled USD 135,617 million and imports totalled USD 175,888 million in the first ten months of 2020. The export figure was a 9.1% decrease and the import figure a 2.2% increase on the figures for the same period of the previous year.

 

The trade deficit for the year of 2019 was USD 29,512 million, a fall of 45.3% on the previous year. Total exports were USD 180,833 million, a 2.1% increase, and total imports were USD 210,345 million, a 9% fall on the figures for the previous year.

 

The automotive sector again led in the exports table in October 2020 with USD 2,547 million (14.7% of total exports), followed by the machinery and equipment sector with USD 1,683 million (9.7% of total exports).

 

The machinery and mechanical equipment sector was in the leading position in the imports table in October 2020 with USD 2,400 million (12.2% of total imports), followed by the precious stones and metals sector with USD 2,126 million (10.8% of total imports) and by the energy sector with USD 2,093 million (10.6% of total imports).

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 7,231 million in October 2020, 4.1% higher than the figure for the same month of the previous year, and 6.9% higher than the previous month of September. The share of total Turkish exports to the EU was 41.7% in October 2020 compared with 42.3% in the same month of the previous year. With regards the full year of 2019, Turkey’s exports to the EU were 42.4% of its total exports.

 

Germany, the EU’s largest economy, was the leading recipient of Turkish goods in October 2020, with USD 1,620 million. UK followed with USD 1,495 million, Iraq with USD 966 million, USA with USD 964 million, Italy with USD 904 million, France with USD 753 million, and Spain with USD 736 million. With regards the full year of 2019, rankings were as follows: Germany (USD 16,617 million), UK (USD 11,279 million), Iraq (USD 10,223 million), Italy (USD 9,753 million), USA (USD 8,971 million), Spain (USD 8,139 million), and France (USD 7,946 million).

 

Germany was the leading exporter to Turkey in October 2020 with USD 2,256 million, followed by China with USD 1,919 million, Russia with USD 1,303 million, USA with USD 1,081 million, France with USD 1,058 million, Switzerland with USD 958 million, and Italy with USD 866 million. With regards the full year of 2019, rankings were as follows: Russia (USD 23,115 million), Germany (USD 19,280 million), China (USD 19,128 million), USA (USD 11,847 million), Italy (USD 9,350 million), France (USD 6,760 million), India (USD 6,635 million), South Korea (USD 5,777 million) and UK (USD 5,638 million).

 

The percentage of imports covered by exports was 88% in October 2020, compared with 90.3% in the same month of the previous year. With regards the full year of 2019, the percentage of imports covered by exports was 86%  compared with 76.6% in the previous year.

 

Using the Special Trade System (STS) calculation method of foreign trade, Turkey’s foreign trade deficit in October 2020 was USD 2,281 million, an increase of 24.4% on the same month of the previous year. Exports were USD 16,443 million, an increase of 5.1% on the same month of the previous year, and imports were USD 18,724 million, an increase of 7.2% on the same month of the previous year. The deficit for the full year of 2019 was USD 31,239 million, with exports of USD 171,465 million and imports of USD 202,704 million.



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