NEWS ECONOMY NEWS        30/10/2020

Turkey’s foreign trade deficit is USD 4.8 billion in September 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 4,828 million in September 2020, 189.6% higher than the figure for the same month of the previous year, but 23.3% lower than the deficit for the previous month of August 2020.

 

Exports totalled USD 16,009 million and imports totalled USD 20,837 million in September 2020. The export figure was a 4.8% increase and the import figure a 23% increase on the figures for the same month of the previous year. The export figure was 28.6% higher and the import figure 11.2% higher than the respective figures for the previous month of August 2020.

 

For the first nine months of 2020, the trade deficit was USD 37,862 million, 79.5% higher than the figure for the same period of the previous year. Exports totalled USD 118,325 million and imports totalled USD 156,186 million in the first nine months of 2020. The export figure was a 10.9% decrease and the import figure a 1.5% 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 moved back into the leading position in the export table in September 2020 with USD 2,249 million (14% of total exports), pushing back the machinery and equipment sector with USD 1,538 million (9.9%) into second place. The automotive sector’s export figure is now back to its pre-pandemic export level.

 

The precious stones and metals sector remained at 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 2,684 million (12.9% of total imports), and the machinery and mechanical equipment sector with USD 2,452 million (11.8% of total imports).

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 6,773 million in September 2020, 5.9% higher than the figure for the same month of the previous year, and 31.6% higher than the previous month of August. The share of total Turkish exports to the EU was 42.3% in September 2020 compared with 41.9% 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 September 2020, with USD 1,517 million. UK followed with USD 1,142 million, USA with USD 947 million, Italy with USD 799 million, Iraq with USD 798 million, France with USD 709 million, and Spain with USD 699 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).

 

China was the leading exporter to Turkey in September 2020 with USD 2,161 million, followed by Germany with USD 2,071 million, Russia with USD 1,553 million, Switzerland with USD 1,122 million, UAE with USD 1,083 million, USA with USD 899 million, Italy with USD 892 million, and UK with USD 765 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 76.8% in September 2020, compared with 90.2% 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 September 2020 was USD 4,781 million, an increase of 129.4% on the same month of the previous year. Exports were USD 15,211 million, an increase of 5.6% on the same month of the previous year, and imports were USD 19,992 million, an increase of 21.2% 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.



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 18.95% in July 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