NEWS ECONOMY NEWS        02/10/2020

Turkey’s foreign trade deficit is USD 37.9 billion in first 9 months of 2020 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 September 2020 was USD 4,879 million, 192.7% higher than the USD 1,667 million deficit figure for the same month of the previous year, but 22.3% lower than the USD 6,278 million deficit figure for the previous month of August 2020. Exports have shown a much stronger performance this month, and indicate that they have recovered to their pre-pandemic levels.  

 

Exports were USD 16,013 million in September 2020, 4.8% higher than the figure for the same month of the previous year, and 28.5% higher than the figure for the previous month of August 2020. Imports were USD 20,892 million in September 2020, 23.3% higher than the figure for the same month of the previous year, and 11.5% higher than the figure for the previous month of August 2020.

 

The percentage of imports met by exports was 76.6% in September 2020 compared with 90.2% in the same month of the previous year.

 

With regards the first nine months of 2020, Turkey’s foreign trade deficit was USD 37,884 million, 79.6% higher than the figure for the same period of the previous year. Exports were USD 118,355 million, 10.9% lower, and imports were USD 156,239 million, 1.5% higher than the figures for the same period of the previous year.

 

The automotive sector moved back into first place in the export table in September 2020 with USD 2,249 million (14% of total exports), followed by the machinery and equipment sector with USD 1,587 million (9.9% of total exports). It is pleasing to see the automotive sector’s performance return to its pre-pandemic level.

 

The precious stones and metals sector was again in the leading position in the import table in September 2020 with USD 3,548 million (17% of total imports), followed by the energy sector with USD 2,735 million (13.1% of total imports), and the machinery and mechanical equipment sector with USD 2,453 million (11.7% of total imports).

 

The top five countries to which Turkey exported in September 2020 are Germany (USD 1,517 million), UK (USD 1,143 million), USA (USD 947 million), Italy (USD 800 million), and Iraq (USD 798 million).

 

The top five countries from which Turkey imported in September 2020 are China (USD 2,161 million), Germany (USD 2,072 million), Russia (USD 1,605 million), Switzerland (USD 1,121 million), and UAE (USD 1,083 million).

 

For the year 2019, the trade deficit was USD 29,512 million, a 45.3% decrease on the previous year. Exports in the year 2019 were USD 180,833 million (a 2.1% increase) and imports were USD 210,345 million (a 9% decrease).

 



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 16.19% in March 2021       Turkey’s official unemployment rate jumps to 13.4% in February 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