NEWS ECONOMY NEWS        02/02/2021

Turkey’s foreign trade deficit is USD 3.1 billion in January 2021 per preliminary calculations

According to preliminary figures provided by the Trade Ministry based on the General Trade System (GTS), Turkey’s foreign trade deficit for January 2021 was USD 3,075 million, 32% lower than the USD 4,518 million deficit figure for the same month of the previous year, and 32.1% lower than the USD 4,530 million deficit figure for the previous month of December 2020.

 

Exports were USD 15,048 million in January 2021, 2.5% higher than the figure for the same month of the previous year, but 15.7% lower than the figure for the previous month of December 2020. Imports were USD 18,123 million in January 2021, 5.6% lower than the figure for the same month of the previous year, and 19% lower than the figure for the previous month of December 2020. There was a very significant fall in economic activity of 17.5% from USD 40,231 million in December 2020 to USD 33,171 million in January 2021.

 

The percentage of imports met by exports was 83% in January 2021 compared with 76.5% in the same month of the previous year.

 

With regards the total year of 2020, Turkey’s foreign trade deficit was USD 49,915 million, 69.1% higher than the deficit of USD 29,512 million figure for the previous year of 2019. Exports were USD 169,482 million, 6.3% lower, and imports were USD 219,397 million, 4.3% higher than the figures for the previous year. The percentage of imports met by exports was 77.2% in 2020 compared with 86% in the previous year.

 

The automotive sector led the export table in January 2021 with USD 1,928 million (12.8% of total exports), followed by the machinery and equipment sector with USD 1,505 million (10% of total exports).

 

The energy sector led the import table in January 2021 with USD 2,677 million (14.8% of total imports), followed by the machinery and mechanical equipment sector with USD 2,058 million (11.4% of total imports).

 

The top five countries to which Turkey exported in January 2021 are Germany (USD 1,455 million), USA (USD 933 million), Italy (USD 864 million), UK (USD 814 million), and France (USD 737 million).

 

The top five countries from which Turkey imported in January 2021 are China (USD 2,200 million), Russia (USD 1,871 million), Germany (USD 1,512 million), Iraq (USD 1,042 million), and USA (USD 862 million).



Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 17.53% in June 2021       Turkey’s official unemployment rate decreases to 13.2% in May 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020