NEWS ECONOMY NEWS        05/01/2021

Turkey’s foreign trade deficit is USD 4.6 billion in December 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 December 2020 was USD 4,567 million, 2.2% lower than the USD 4,668 million deficit figure for the same month of the previous year, and 9.3% lower than the USD 5,033 million deficit figure for the previous month of November 2020.

 

Exports were USD 17,844 million in December 2020, an all-time monthly record, 16% higher than the figure for the same month of the previous year, and 10.9% higher than the figure for the previous month of November 2020. This represents an outstanding performance in light of the ongoing pandemic and economic recession. Imports were USD 22,411 million in December 2020, 11.8% higher than the figure for the same month of the previous year, and 6.1% higher than the figure for the previous month of November 2020.

 

The percentage of imports met by exports was 79.6% in December 2020 compared with 76.7% in the same month of the previous year.

 

With regards the total year of 2020, Turkey’s foreign trade deficit was USD 49,911 million, 69.1% higher than the deficit of USD 29,512 million figure for the previous year of 2019. Exports were USD 169,514 million, 6.3% lower, and imports were USD 219,425 million, 4.3% higher than the figures for the previous year.

 

The automotive sector led the export table in December 2020 with USD 2,508 million (14.1% of total exports), followed by the machinery and equipment sector with USD 1,833 million (10.3% of total exports).

 

The machinery and mechanical equipment sector led the import table with USD 2,897 million (12.9% of total imports), followed by the energy sector with USD 2,786 million (12.4% of total imports) and the precious stones and metals sector with USD 2,201 million (9.86% of total imports).

 

The top five countries to which Turkey exported in December 2020 are Germany (USD 1,572 million), UK (USD 1,111 million), USA (USD 1,084 million), Iraq (USD 976 million), and Italy (USD 849 million).

 

The top five countries from which Turkey imported in December 2020 are China (USD 2,482 million), Germany (USD 2,394 million), Russia (USD 2,020 million), Italy (USD 1,063 million), and USA (USD 848 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 19.25% in August 2021       Turkey’s official unemployment rate shoots back up to 12% in July 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