NEWS ECONOMY NEWS        02/11/2020

Turkey’s foreign trade deficit is USD 40.3 billion in first 10 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 October 2020 was USD 2,396 million, 35.7% higher than the USD 1,766 million deficit figure for the same month of the previous year, but 50.4% lower than the USD 4,828 million deficit figure for the previous month of September 2020.

 

Exports were USD 17,333 million in October 2020, 5.6% higher than the figure for the same month of the previous year, and 8.3% higher than the figure for the previous month of September 2020. Exports have hit an all-time record this month, and represents an outstanding performance in light of the ongoing pandemic and economic recession. Imports were USD 19,729 million in October 2020, 8.5% higher than the figure for the same month of the previous year, but 5.3% lower than the figure for the previous month of September 2020.

 

The percentage of imports met by exports was 87.9% in October 2020 compared with 90.3% in the same month of the previous year.

 

With regards the first ten months of 2020, Turkey’s foreign trade deficit was USD 40,257 million, 76.1% higher than the figure for the same period of the previous year. Exports were USD 135,658 million, 9.1% lower, and imports were USD 175,915 million, 2.2% higher than the figures for the same period of the previous year.

 

The automotive sector led the export table in October 2020 with USD 2,547 million (14.7% of total exports), followed by the machinery and equipment sector with USD 1,681 million (9.7% of total exports). It is pleasing to see the automotive sector’s performance return to its pre-pandemic level.

 

The machinery and mechanical equipment sector led the import table in October 2020 with USD 2,401 million (12.2% of total imports), followed by precious stones and metals sector with USD 2,126 million (10.8% of total imports), the energy sector with USD 2,112 million (10.7% of total imports), the automotive sector with USD 1,912 million (9.7% of total imports) and the machinery and electrical equipment sector with USD 1,710 million (8.7% of total imports).

 

The top five countries to which Turkey exported in October 2020 are Germany (USD 1,620 million), UK (USD 1,495 million), Iraq (USD 966 million), USA (USD 963 million), and Italy (USD 904 million).

 

The top five countries from which Turkey imported in October 2020 are Germany (USD 2,257 million), China (USD 1,919 million), Russia (USD 1,330 million), USA (USD 1,082 million), and France (USD 1,058 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